Providence: 311M Barrels of Recoverable Oil at Barryroe

Irish explorer Providence Resources released Friday a technical update concerning its Barryroe discovery in the Celtic Sea south of Ireland, in which the firm stated that gross 2C recoverable resources at the field amount to 346 million barrels of oil equivalent (MMboe).

These resources are comprised of 311 million barrels of oil and 207 billion cubic feet of gas. London-based investment bank Cenkos Securities said the figures were an increase on its previous estimate of 280 million barrels of oil and 196 bcf of gas.

A recent third-part audit by Netherland Sewell & Associates commissioned by Providence found that the Basal Wealden oil reservoir has recoverable resources of 266 million barrels of oil and 187 bcf of associated gas. In 2011, a third-party audit by RPS Energy of the Middle Wealden reported technically recoverable resources of 45 million barrels of oil and 21 bcf of associated gas.

Providence Technical Director John O'Sullivan commented in a company statement:

"This is another very positive step for Barryroe. This third party resource audit by Netherland Sewell & Associates further validates the significant volumetric and recoverable resources of the Basal Wealden oil reservoir in the Barryroe Field, which Providence first reported on last summer. In addition, the audit has demonstrated that there are significant volumes of associated gas in solution.

"Having now completed this audit, and having finalised Phase 2 development planning with Mott MacDonald, we will now proceed with our planned farm out discussions, where we have already received significant international industry interest. Finally, Providence will continue to work on the material resource potential associated with the Lower Wealden and Purbeckian logged hydrocarbon bearing reservoir intervals, which were encountered by previous wells drilled on the field."

Cenkos noted that Barryroe studies outlined to date suggest that a development concept involving horizontal wells has the potential to deliver production peaking at more than 100,000 bopd per platform.



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