Providence Resources, the oil and gas explorer working in the North Celtic Sea offshore Ireland, says its Barryroe field could have significantly more oil in place than originally thought.
An analysis of data gathered at two new areas within the field suggests there could be the equivalent of an extra 1.165bn barrels of oil available.
The group's technical director, John O'Sullivan said of the results: "it is very encouraging to have identified this additional resource potential at Barryroe. It is clear that more data are required over these intervals, however, the numbers are potentially material and provide room for significant resource growth in the Barryroe project in the longer term."
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
Providence made clear it will continue to focus on bringing its main targets, the Middle and Basal Wealden sands, into production.
The Barryroe project is 80% owned by Providence Resources and 20% by Lansdowne Oil and Gas.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
