Operations

Ireland - CELTIC SEA Basin

Standard Exploration Licence 1/11 and Licensing Option 12/4

BARRYROE OIL FIELD (80%, Operator)

The Barryroe oil field, which is located in SEL 1/11 (Providence 80.0%,Operator), was the subject of successful appraisal drilling in 2012. The field is situated in c.100 metres of water c.50 km off the south coast of Ireland. Previous operators had drilled 5 wells on the field, all of which logged hydrocarbon bearing intervals, with three being successfully flow tested. In 2011, having acquired a new 3D seismic survey over the field, Providence and 20% partner, Lansdowne, commenced the drilling of a sixth well on this areally extensive field. In March 2012, the partners announced the testing results from this well which far exceeded the pre-drill expectations with oil rates in excess of 3,500 BOPD.

A post-well third party resource study Competent Persons Report (CPR) carried out recently by Netherland Sewell and Associates Inc., utilising the new 3D seismic data, has led to a substantial upgrade in the audited field size to over 1 billion barrels of oil in place, with in excess of 300 million barrels recoverable (2C).

TABLE: Total gross audited on-block Barryroe oil resources.

 1C (MMBO)2C (MMBO)3C (MMBO)
Basal Wealden STOIIP (NSAI) 3387611,135
Basal Wealden Recoverable (NSAI) 85266511
Middle Wealden STOIIP (RPS) 31287706
Middle Wealden Recoverable (RPS) 445113
TOTAL STOIIP 3691,0481,841
TOTAL RECOVERABLE OIL RESOURCES89311624

Note: The table above excludes recoverable solution gas (i.e. 207 BCF or 34.5 MMBOE in the 2C case)

Further incremental resource potential has been identified in logged hydrocarbon bearing intervals within stacked Lower Wealden and Purbeckian sandstones, which Providence has previously estimated to contain total associated P90, P50 & P10 in place oil resources of 456 MMBO, 778 MMBO & 1,165 MMBO, respectively.

With the Conceptual Development Engineering Study and the majority of post-well studies complete, Providence commenced a farm-out process.

 

Barryroe Videos

Providence Resources' Barryroe Oil Field - Oil in Palce Resource Update


Providence Resources' Barryroe Oil Discovery


Barryroe Well Testing. March 14th, 2012. 
 

 
 

Barryroe press releases 

9 Feb 2015
MARKET UPDATE - Farm Out Process

7 Aug 2014 
LICENCE UPDATE
- Extension of first phase
- Change of operator to Exola, subsidary of Providence
 

15 Apr 2014
FARM OUT UPDATE

18 Feb 2014 
LICENCE UPDATE - c. 180 km2 increase of SEL 1/11

25 Jul 2013
NSAI CPR LETTER
FINANCIAL CPR RESULTS

5 Apr 2013
TECHNICAL UPDATE - CPR by NSAI
- NSAI have reported that the Basal Wealden oil reservoir has a 2C in-place gross on-block volume of 761 MMBO with REC resources of 266 MMBO and 187 BCF of associated gas, based on a 35% oil recovery factor
- Total Gross Audited on-block Barryroe 2C REC resources of 346MMBOE, comprising 311 MMBO and 207 BCF

10 Oct 2012
RESERVOIR ANALYSIS UPDATE
- Static and Dynamic basal Wealden Reservoir Analysis Results: Modelled RF of 17-41% utilising horizontal prodcution and water injection wells; 31% to be used for development planning
- Development Concept Engineering Contract awarded
  

5 Sep 2012
ADDITIONAL OIL IN PLACE RESOURCE ESTIMATES FOR 2 NEW RESERVOIR INTERVALS
- P50 778 MMBO
- P10 1165 MMBO
 

9 Aug 2012
PROVIDENCE OFFERED NEW LICENSING OPTION ADJACENT TO BARRYROE
- c.500km2 area North and West of Barryroe Oil Filed
 

25 Jul 2012
OIL IN PLACE RESOURCE UPDATE
- P50 1043 MMBO
- P10 1612 MMBO
 

21 Jun 2012
TECHNICAL UPDATE - GEOLOGICAL DATA
- Permeabilities better in basal oil reservoir – Approx. 600 mD
- Good permeabilities in secondary logged hydrocarbon bearing sands – Approx. 100 mD
- Identification of marine influence in depositional setting in the lower part of the Wealden

6 Jun 2012
TECHNICAL UPDATE - OIL ASSAY COMPLETE
- 43o API; 17% wax; Low TAN; low metal crude
- Higher API and lower wax than previous guidance

24 May 2012
WELL TEST ANALYSIS CONFIRMS PRODUCTIVITY POTENTIAL
- Modeling of potential IP rates using average permeability of 400 md and standard 4.5” OD production tubing
- 1,000 ft. horizontal well delivers 12,500 BOPD + 11 MMSCFGD

10 May 2012
SEISMIC INVERSION STUDY CONFIRMS SIGNIFICANT AREAL RESERVOIR POTENTIAL

23 Mar 2012
BARRYROE FLOW TEST #2
- Gas (upper) 17 ft. section tested
- 1,300 BOPD and 7 MMSCFGD (approx. 2,466 BOEPD)through 36/64” choke at 1,700 psia head pressure without artificial lift
- AOF potential of 23 MMSCFGD
- So calculated combined flow rate potential of nearly 8,000 BOEPD

15 Mar 2012
BARRYROE FLOW TEST #1 
- Flow test results – lower basal sands 24 ft. section
- 3,514 BOPD and 2.93 MMSCFGD (approx. 4,000 BOEPD) through 68/64” choke at 517 psia head pressure without artificial lift
- Seismic signature of the basal sands
- Low viscosity of 0.68 centipoises, GOR of 800 SCF/STBS

27 Feb 2012
BARRYROE APPRAISAL WELL - OPERATIONAL UPDATE

9 Feb 2012
BARRYROE APPRAISAL WELL - OPERATIONAL UPDATE

23 Dec 2011
INCREASE IN EQUITY IN BARRYROE

14 Dec 2011
48/24-10 APPRAISAL WELL UPDATE - DRILLING OF PRIMARY AND SECONDARY OIL OBJECTIVES

21 Nov 2011
COMMENCEMENT OF DRILLING AT BARRYROE

7 Nov 2011
DELIVERY OF ARCTIC III RIG FOR BARRYROE APPRAISAL DRILLING PROGRAMME

19 Oct 2011
2011 CELTIC SEA DRILLING UPDATE

4 Jul 2011
PROVIDENCE COMPLETES BARRYROE 3D SEISMIC SURVEY

8 Jun 2011
PROVIDENCE COMMENCES 3D SEISMIC SURVEY OPERATIONS OVER  BARRYROE

18 Apr 2011
PROVIDENCE SECURES RIG FOR IRISH OFFSHORE DRILLING PROGRAMME

7 Mar 2011
PROVIDENCE CONTRACTS 3D SEISMIC VESSEL FOR SURVEY OVER BARRYROE

18 Feb 2011
NORTH CELTIC SEA OIL RESOURCE UPDATES

7 Feb 2011
PROVIDENCE AND SHELL SIGN MEMORANDUM OF AGREEMENT

3 Dec 2010
PROVIDENCE INCREASES INTEREST IN BARRYROE FOLLOWING ASSET DEALS WITH LANSDOWNE

14 Jul 2008
PROVIDENCE NEW LICENSING OPTION AWARD