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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.

From UK Analyst Evening Stockmarket report:

"Ireland is a step closer to increasing its oil production thanks to Providence Resources' (PVR) work in the North Celtic Seas Basin. The Barryroe appraisal well generated stabilised flow rates of 3.500 barrels of oil a day (bopd), almost twice the company's 1,800 bopd target, the minimum required for the well to be classed as commercially viable. Shares in Providence, the operator and 80% owner of the prospect, surged 52p to 482p, while those in 20% shareholder Lansdowne Gas and Oil (LOGP) inched 1p higher to 55.75p. "

Davy Research


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Providence Resources
(PRP ID)
Production up to best expectations and more besides
15 March 2012
Job Langbroek
Closing Price: 515c

FACTS: Providence Resources has announced (March 15th) that the Barryroe well (48/24-10z) has flowed at a rate of 3,514 bopd, rising to 4,000 boepd when the associated gas is taken into account. The oil and gas was produced from a 24ft net reservoir section in the lower Wealden basal sand. The oil has a wax content of 20% but is light, at 42 degrees API. A second gas-bearing interval will also be tested when the gas will be co-mingled with the deeper, more oily section. Providence has an 80% stake in Barryroe with Lansdowne Oil & Gas holding the balance.

ANALYSIS: The Barryroe well was drilled close to a Marathon well (48/24-3) drilled in 1990 which flowed oil at just over 1,500 bopd. Barryroe was designed to provide as much data as possible on this earlier discovery and also to demonstrate that the oil could be produced commercially.

Considerable data has been garnered and the important process of calibrating the recently acquired 3D seismic to the actual rock characteristics in the well can now proceed. However, the really impressive thing about Barryroe is that the viscosity measurement and the much higher-than-expected flow rates suggest that the oil is extremely mobile. While this mobility has been facilitated by the use of vacuum insulated tubing (VIT), which ensures that the oil stays at temperatures well above the pour point, no artificial lift was employed. The oil rate of 3,500 b/d is nearly twice the 1,800 b/d taken as the economic threshold before the well was drilled.

Another important feature of this well is that the thickness of the sand and the ability to demonstrate lateral continuity (by combining the well result with the 3D seismic programme) suggest that the Basal Wealden has the potential for substantial quantities of oil. Pre-drill expectations were based on an independent report which suggested that the combined Barryroe middle and lower Wealden contains close to 59m barrels of recoverable oil (P50 basis) — in fact, the lower Wealden contribution was minimal in this analysis. Given that all the data from this well are actually sourced from the lower Wealden, the current well suggests that this is a conservative estimate.

DAVY VIEW: So far, this well has been up to best expectations and should provide an initial platform to pursue a commercial development of the Barryroe reservoirs. Taking into account its new equity position at 80%, we value Barryroe at 369p per share risked (462p unrisked) using the conservative 59m barrel assumption. However, this is just part of an overall Irish offshore portfolio that should now be more a more attractive overall package. Consequently, we now value the group in total at £11.60 (risked) per share (formerly £9.87). Apart from the much-better-than-hoped-for flow rates, the real success of Barryroe might well be that it kicks-starts the Irish offshore in earnest with all the positive implications that has for Providence and its partners.

Providence says the well result could also have ancillary benefits as other oil companies seek to buy acreage offshore Ireland. O'Reilly expects approaches "because we're the biggest acreage holder offshore Ireland so hopefully people will come and talk to us and that will be good news for our shareholders as well."

Providence is likely to sell part of its 80% stake in the Barryroe field to get it into development, he said, adding that offers have been made. "We see ourselves more as a front-end exploration and initial appraisal company, so we should leverage the relevant capabilities of development-focused companies to help us exploit the resources," O'Reilly said.


I like the bit OFFERS have been made