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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 (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)||338||761||1,135|
|Basal Wealden Recoverable (NSAI)||85||266||511|
|Middle Wealden STOIIP (RPS)||31||287||706|
|Middle Wealden Recoverable (RPS)||4||45||113|
|TOTAL RECOVERABLE OIL RESOURCES||89||311||624|
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 is now in a position to advance its farm-in discussions with potential co-venturers (farminees). Already, the Company has received significant amount of international industry interest in Barryroe with the farm-in process expected to take several months.
Over the past 12 months, a series of activities have taken place that have allowed for an upgrade of resreves of the Barryroe oil field. These updates have been issued by the Company as follows:
Feb 27th, 2012 RNS – Operational Update – Well at TD/On prognosis
Mar 15th, 2012 RNS – Flow Test # 1
Mar 23rd, 2012 RNS – Flow Test # 2
May 10th, 2012 RNS – Seismic Inversion Study
May 24th, 2012 RNS – Flow Rate Modeling
June 6th, 2012 RNS - Assay Results
June 21st, 2012 RNS – Core Analysis
July 25th, 2012 RNS – Updated STOIIP from combined Middle and Basal Wealden reservoirs
September 5th, 2012 RNS – Updated STOIIP from combined Lower Wealden and Purbeckian reservoirs
October 10th, 2012 RNS – Technical Update - Reservoir Analysis Update
April 5th, 2013 RNS – Technical Update – Barryroe Oil Field