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Big chief,... many wives hope...,...could you put that in white man's language .....ugh !,,,

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I bet that another well downdip (as they say) might be necessary.....for production purposes....all in all : it could be good news for the irish oil industry...fingers crossed....

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Some of it yes.....but not all as this is a first for Eire and must mean a hell of a lot to them, the fact is that if this is positive then the big boys from the USA will pour capital into the irish oil industry and there are dozens of prospects waiting to be drilled.....another oil province reborn...

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If we get a positive update.....if...., then I reckon that if they decide to drill downdip and if (again)....they get an even bigger payzone, then the recoverable reserves should double !....too much guesswork perhaps.....just hoping that we are not going to be disappointed but the signs look favourable, if some of the sources are reliable.

Seems to be going well!

Mna, Looking for 7Euro/£6 on final issue of flowtests here.

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All boats to be lifted in rising tide of Black Gold!

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Hermana,
Congratulations!

How much does 3514 BOPD equate to in terms of recoverable oil?

Thanks and best wishes.

Big success......Ireland has oil !.....and there is probably a lot more around the other side on the atlantic margin.....great result ....

Providence Resources reveals significantly better than expected results from Barryroe
7:01 am by Ian Lyall

Providence Resources (LON:PVR) weighed in with significantly better than expected drilling results from its appraisal well on the Barryroe Field in Ireland’s Celtic Sea.

The well flowed 3,514 barrels of highly mobile light sweet crude a day, or the equivalent of 4,000 barrels if gas is included.

This is more than double the 1,800 barrel figure deemed to make the field economic.

Providence is the operator of the field with 80 per cent, while Lansdowne Oil & Gas (LON:LGOP) has the remaining 20 per cent.

The results mean Barryroe has delivered the first ever commercial flow rates from an offshore block in Ireland.

Providence chief executive Tony O’Reilly said: “We are pleased to report flow rates of 3,514 barrels of oil a day, which materially exceed our stated pre-drill target of 1,800 barrels.

“The well has also confirmed that the basal sands are laterally continuous, highly productive and that the oils are of a very high quality.

“Our comprehensive wire-line logging programme has revealed the seismic signature of the basal sands and can therefore be used to map these intervals directly in the 3D seismic volume for field volumetric determinations and sidetrack well planning.

“The most recent development planning carried out by RPS Energy cites the use of high angle oil production wells which should provide significant incremental production potential over this simple vertical well.

“Given that we only assumed operatorship of Barryroe in late 2010, I would like to pay tribute to all of the team members who have helped to deliver such a successful outcome to this programme (site survey, 3D acquisition and processing, rig procurement, drilling & testing) within such a challenging 15 month timeline.”

Besides the flow rate, there were a number of other positive surprises in today’s announcement.

The data reveals that the Barryroe discovery is not only bigger than first thought, but also thicker. This of course will have a direct impact when the company updates its reserves.

An independent audit carried out by RPS Energy indicated there are between 373 million barrels of proved and probable reserves and 893 million barrels of proved, probable and possible, or P10 reserves.

Meanwhile, the wax content of the crude was lower than anticipated, while the viscosity at 0.68 centipoises is lower than water.

The latter is an important point as it signals the oil would also be suitable for future water flood of the reservoir, which would materially increase potential recovery rates.

http://www.proactiveinvestors.co.uk/companies/news/40269/providence-resources-reveals-significantly-better-than-expected-results-from-barryroe-40269.html

190mbo.

ASSuming we get only 50% of it (95mbo), and 80% is PVR's (76 mbo) and taking out all other factors (50% = 38mbo)and assuming 30 $/ barrel, we are looking at a revenue of $1billion, am I getting this wrong?

Any comments on this?

Field is estimated 900m barrels with a recoverability factor of 14-16%(conservative). Leaves PVR with a possible 190m barrels.

Someone said share price would double with positive RNS,has not happened, will s.p. increase with future revised valuations etc.,any views.