Explorer expands oil field at Barryroe
SHARES in Providence Resources have jumped after the explorer said its Barryroe licence had been expanded.
Providence and partner Lansdowne Oil and Gas have been granted an expansion of their exploration licence on Barryroe, the oil discovery off the coast of Cork that Providence discovered last year.
The area has been expanded by 180 sq km by the Republic's Minister for Communications and Energy, Pat Rabbitte.
The area in question lies about 100m underwater in the North Celtic Sea Basin, 50km off the coast of Cork. Providence has an 80% stake in the licence to explore it, and is the operator of the site, while Lansdowne has a 20% interest.
"The granting of an increase recognises the potential significant volumetric upside that exists at Barryroe," said Providence technical director John O'Sullivan.
About eight months ago, Providence Resources boss Tony O'Reilly said Barryroe could be worth several billion dollars to the company.