Providence Resources says tests from its Barryroe discovery off the coast of Ireland show that the oil there is of better quality than previously thought.
In a statement, the exploration group said that the tests show the Barryroe oil to be a premium light, low sulphur, low acidity and low metal crude.
It said that the wax content has been analysed to be 17% and the nitrogen content is also low.
The company said that a comprehensive programme of post-drill studies is continuing in order to better define the Barryroe oil with regard to recoverable reserves and future field economics.
The Barryroe oil discovery is 50km off the south coast of Ireland in the North Celtic Sea and lies in about 100m of water.
''The results of the Barryroe oil assay vindicate our proposition that high value crudes exist in the shallow waters off the south coast of Ireland. Our well testing results has demonstrated that these crudes can be produced at commercially attractive rates,'' commented Providence's chief executive Tony O'Reilly.
