Providence Resources have told the stock exchange that one of the wells in the Barryroe oil field has a recovery factor of between 17% and 43%.
The well is known as the Basal Wealdon. The Barryroe oil field is in the North Celtic Sea Basin, off the south coast of Ireland.
Based on a development scenario involving 41 horizontal production and 22 horizontal water-injection wells over a 25 year field life, a recovery factor of 31% is modelled.
Providence has said that the Barryroe field could contain up to 1.8 billion barrels of oil.
The company also said today that the Barryroe concept development engineering study contact has been awarded to Procyon Oil and Gas. The study will evaluate a number of preferred development options.
