Irish explorer Providence Resources said yesterday that results from its Barryroe oil discovery “vindicated” its belief there was high-value commercial oil off southern Ireland.
The firm said laboratory tests, called an assay, found oil from the well, on a licence 20% owned by Aberdeen-based Lansdowne Oil and Gas, to be “light, sweet, waxy oil”.
Providence chief executive Tony O’Reilly said: “The results of this Barryroe oil assay vindicate our proposition that high-value crudes exist in the shallow waters off the south coast of Ireland.
“Our well-testing results, and subsequent horizontal modelling, has demonstrated that these crudes can be produced at commercially attractive rates.
“Our post-well studies are continuing apace and we look forward to providing further updates over the coming months.”
Westhill-based SeaEnergy has 24.6% of the shares in Lansdowne Oil and Gas.