Irish exploration group Providence Resources said today its Barryroe oilfield off the south coast of Ireland may be four times bigger than originally anticipated.
In a statement to the Stock Exchange, the company said it now estimated the oilfield contained between 1 and 1.6 billion barrels of oil.
The latest assessment is based on data from six oil wells drilled on Barryroe together with 3D seismic data alongside other regional data.
Drilling at Barryroe, off the Cork coast, had indicated that it contains commercial quantities of both crude oil and natural gas, the company said.
Providence, which is listed on the Dublin's ESM and the AIM in London, owns 80 per cent of the field and intends bringing in a partner to develop it.
Chief executive Tony O’Reilly said: “We are delighted to be in a position to provide such a significant increase in the Barryroe oil in place resources.”
“It is clear that Barryroe is a substantial oil accumulation across multiple stacked horizons with much running room for further resource growth.”
Providence also expects to begin exploratory drilling in its Dalkey Island licence area in the Irish Sea later this year. It has already applied for a foreshore permit.
