Irish oil and gas explorer Providence Resources announced Thursday that it has completed the core analysis of the reservoir at its Barryroe discovery, which is located some 30 miles off the south coast of Ireland.
The firm said that permeabilities in the basal oil-bearing reservoir interval have exceeded expectations, while good permeabilities have also been confirmed in secondary logged hydrocarbon-bearing sand.
The permeabilities in the basal oil-bearing interval confirm the high-productivity nature of this reservoir as observed during well-testing operations, said Providence
"It is pleasing to note that the post well analysis from Barryroe keeps on getting better," said Providence technical director John O'Sullivan in a statement.
"The results of the sidewall core analysis are very positive as they confirm the high productivity nature of the main oil bearing basal reservoir interval. The permeability data from the overlying secondary reservoirs is welcome news as previously we had no information as to their potential productivity. These sands are now likely to add further resource potential to Barryroe."
O'Sullivan added that Providence would provide a revised resource update for Barryroe later this summer.
On June 6, when 'high value crudes' were confirmed by Providence, Dublin-based stockbroker Davy said that it had modeled a 100-million barrel recoverable resource as a possible outcome for Barryroe.
Commenting on Thursday's report from Providence, Job Langbroek, an oil analyst at Davy, noted that there is "good evidence from the other wells in the Barryroe structure that the [secondary sands] thicken out to the west" which "has positive implications for recoverable volumes".
Overall, Langbroek described the update as "positive" for both Providence and its partner in the well Lansdowne Oil & Gas.
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