Providence Resources said today that a well off the coast of Ireland that flowed oil at rates it believed to be commercial also produced more gas than it had expected.
The exploration company said last week its Barryroe well in waters off the coast of Cork flowed oil at a rate of 3,500 barrels of oil per day (bopd), exceeding the 1,800 barrel rate it said was needed for the oil field to be commercial. The find is 50km out to sea, and 100 metres deep.
Today it said that final test results from the site showed a gas bearing zone produced initial flows of 1,350 bopd, far exceeding expectations.
"We are very pleased to confirm that the gas zone was far more productive than we had anticipated. The well lies just 3 km from installed pipeline infrastructure which may provide a future route to monetise any surplus Barryroe gas production," chief executive Tony O'Reilly said.
Providence has an 80% stake in Barryroe, with Lansdowne Oil & Gas holding the remaining 20%.
Meanwhile, Conroy Gold & Natural Resources has completed the latest phase of infill drilling at its gold prospect at Clontibret, Co Monaghan. Chairman Professor Richard Conroy said he was pleased with the results. The company plans to develop a gold mine at the site.
