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16/03/2012
Oil Struck Off The Coast Of Cork
Exploration company, Providence Resources, have struck oil off the coast of Cork.
They announced yesterday that its Barryroe well off the coast of Cork had delivered the first potential commercial flow rate of oil offshore of Ireland.
The find is 50km out to sea, and 100 metres deep and oil and gas is successfully flowing from the well at double the rate expected.
Providence CEO Tony O'Reilly said the flow rates of 3,514 barrels of oil per day (bopd) at the well were well ahead of the company's pre-drilling expectations of 1,800 bopd. He added that drilling had shown that the oils were of a very high quality. Further tests are now planned at the well.
Shares in the company have risen sharply overnight.
(H)
They announced yesterday that its Barryroe well off the coast of Cork had delivered the first potential commercial flow rate of oil offshore of Ireland.
The find is 50km out to sea, and 100 metres deep and oil and gas is successfully flowing from the well at double the rate expected.
Providence CEO Tony O'Reilly said the flow rates of 3,514 barrels of oil per day (bopd) at the well were well ahead of the company's pre-drilling expectations of 1,800 bopd. He added that drilling had shown that the oils were of a very high quality. Further tests are now planned at the well.
Shares in the company have risen sharply overnight.
(H)
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