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UK- and Ireland-focused oil and gas group Providence Resources has announced that testing at its Barryroe well, offshore southern Ireland, has proven the reservoirs to be highly productive. The productivity of the the gas bearing interval on the 48/24-10z Barryroe appraisal well far exceeded expectations and had constrained the ability to fully open the well up to its maximum potential.

DAVY VIEW: The surprisingly strong gas flow throws up a number of interesting options, not least being that Barryroe looks to have a second development incentive based on gas – this all the more so given the relatively close gas production infrastructure associated with the Seven Heads gas field (in fact, a separate calculation suggested a maximum open flow rate from the gas alone of 23m cubic feet). This all adds up to a very successful close to the Barryroe well, which is now being suspended prior to rig release. We value the group in total at £11.60 risked, of which Barryroe makes up £3.69 – assuming a 59m barrel resource only – all the early indications suggest that this is a conservative estimate. For shareholders, this well has been a long-awaited validation of Providence’s Irish offshore strategy. We have a £10 per share price target for the stock.

FoxDavies views from the trading floor – Providence Resources

Great results not yet reflected in share price here...

Had 275,000 shares before,then 100/1 consolidation some time back left me with 2750 i think,but present share price only equates to 5or 6 cent,prior to consolidation.I, recall share topped 12 cents before,what next,any views.

Singleton results and Dragon farmout. Could be a few months for CPR on Barryroe.

Mention in Times today of talk of a 500p placing coming up here!

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Tis 500p at the Offer now....

Are hermana and mnamreh related? Twins perhaps? Smile.
Think of the double-headed eagle.

Not quite amigo!

Nice 5K at 500p at close!

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£5.50 by Easrer break!

Bit of volume creeping in post lunchtime.

Singleton news early doors?

Liberum onboard for US listing and M&A?

Enjoying a good one here today!!!

PVR said a 6-multi well plan underway,Barryroe is the first drill ,what is next on the 6 well program and when,any views.

Dragon in August/September will be next unless Dalkey surprises us with unlocking current delay. Rathlin in early 2013 followed by Spanish Point and Dunquin.