Providence and Lansdowne optimistic after Barryroe audit

5th Apr 2013 07:20

Ireland-based oil and gas group Providence Resources and AIM-listed partner Lansdowne have received an audit of their joint-owned Barryroe oil field which confirmed 'significant' volumes and recoverable resources.The field, located in the North Celtic Sea Basin, contains the Basal Wealden and Middle Wealden oil reservoirs, with the former expected to contain greater volumes.Barryroe operator Providence, which owns 80% of the field, said that it will proceed with its planned farm-out discussions.From the audits of both the Basal Wealden and Middle Wealden reservoirs, the total combined audited gross on block 2C recoverable resources at Barryroe amounts to 346m barrels of oil equivalents, comprising 331m barrels of oil and 207bn cubic feet of gas.For contingent resources, the general cumulative terms for low/best/high estimates are denoted as 1C/2C/3C, respectively."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," said Providence's Technical Director John O'Sullivan."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."BC