Providence Resources

Providence Resources (ISEQ: PZQA, LSE: PVR) is an Irish oil and gas exploration company. It is listed on the London Stock Exchange and the Irish Stock Exchange. Its primary activities are the exploration and development of hydrocarbons offshore Ireland and the United Kingdom. The company chief executive is Tony O'Reilly JR, son of Tony O'Reilly, formerly Ireland's wealthiest man and a previous CEO of the H. J. Heinz Company.

Providence envisaged a $500 million multi-year drilling programme of the coast of Ireland in 2010. In 2012, Providence successfully flow tested a well at Barryroe, with initial flow rates of 3500 bpd, far exceeding expectations. Barryroe is situated approximately 50 km of the Cork coast at a 100m water depth and an independent audit in April 2013 estimated that Barryroe holds in excess of 1.6 billion barrels of oil, of which 346 million barrels equivalent is recoverable.[1]

The company is currently (2012 to 2016..the present) in the process of farming out Barryroe, with a view of producing around 30,000 bpd by 2017-18 and then later increasing flow rates to around 100,000 bpd. Other than Barryroe, Providence Resources also had plans to drill an appraisal well at Spanish Point of the west Irish coast in 2015 along with partners Cairn Energy (38%), Chrysaor (26%) and Sosina (4%).,[2] but didn't.[3] They then said may do so in 2017.[4] Later they indicated they would not and that they would drill "later" than 2017.[5] subject to the licence being extended to allow this.

In 2016 they announced they may drill somewhere else entirely.[6] and in November 2016 they announced that they had contracted a drilling operation in June 2017.[7]

References

  1. ↑ "Archived copy". Archived from the original on 2014-02-23. Retrieved 2014-08-17.
  2. ↑ http://www.irishexaminer.com/business/cairn-energy-drill-programme-in-clare-a-step-closer-257984.html
  3. ↑ "Cairn Delays Spanish Point Appraisal". 10 March 2015. Retrieved 8 December 2016.
  4. ↑ "Spanish Point drilling offshore Ireland pushed back to 2017". 27 October 2015. Retrieved 8 December 2016.
  5. ↑ "Frontier Exploration Licence 2/04". Retrieved 8 December 2016.
  6. ↑ "DRUID and DROMBEG Oil Prospects (80%, Operator)". Retrieved 9 December 2016.
  7. ↑ "Providence signs deal to drill Druid exploration well off Irish coast". The Irish Times. 24 November 2016. Retrieved 9 December 2016.
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