StockMarketWire.com - Irish energy company Providence Resources has provided an update on the Barryroe field operated by its subsidiary Exola DAC.

It reported Exola DAC has notified APEC that it has commenced the regulatory process required to transfer the 50% equity in Standard Operating Licence (SEL) 1/11, which contains the Barryroe field, currently assigned to APEC, back to the original owners.

This will result in Exola DAC and Lansdowne Celtic Sea reverting to their original 80% and 20% interest respectively on completion.

Exola DAC has recommenced the farm-out process and a number of companies are 'actively assessing' the field data. While following a review of the field's resource potential, which confirmed that there is a considerable gas resource within the Barryroe structure in addition to the recognised oil resource, several additional companies not included within the initial process have since expressed interest in the gas potential.

In the update, Providence said the Barryroe appraisal work programme is expected to include at least two appraisal wells and an extended production test.

Providence Resources said it was assessing the potential for a carbon neutral gas development as an option for the Barryroe field and added that Exola DAC has received approval to apply for a site survey at a third appraisal location on the Barryroe field.

Providence confirmed that following the appointment of a new chief executive in early January, the board and management team are focused in the short to mid-term on the appraisal of the Barryroe field and on finalising plans to facilitate its future development.




At 9:05am: [LON:PVR] Providence Resources PLC share price was +0.15p at 3.05p



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