The Barryroe oil field in the North Celtic Sea Basin, offshore Ireland, has significant production potential, according to the latest studies by operator Providence Resources.
Providence, which part-owns the licence (80% stake) along with AIM-listed peer Lansdowne Oil & Gas (20%), recently undertook static and dynamic modelling of the main Basal Wealden oil-bearing reservoir interval.
The work established oil recovery factors ranging from 17% to 43%. Based on a development scenario involving 41 horizontal production and 22 horizontal water-injection wells over a 25-year field life, Providence says that a recovery factor of 31% is modelled.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"These reservoir and dynamic modelling studies have identified significant productive potential in the Basal Wealden reservoir, which is consistent with the test and other data that we have previously announced," said Providence's Technical Director John O'Sullivan.
Meanwhile, Lansdowne's Chief Executive Officer Steve Boldy said: "The latest results from the technical evaluation work on the Barryroe Oil Field announced today by Providence Resources are very encouraging. These results highlight the materiality of this asset in Lansdowne's portfolioand also demonstrate the potential of the Basal Wealden reservoir play in the wider North Celtic Sea Basin context."
