Providence's Dalkey Island hopes rise

A view of an Irish flag in the crowd, during the match

Flagged up: hopes of a major find off Ireland

Tony Marshall

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Anthea Pitt

 08 April 2010 12:01 GMT

Irish player Providence Resources has flagged up the possibility that the Dalkey Island prospect off Ireland's east coast could hold as much as 870 million barrels of oil.



In an exploration update, issued today, Providence said the figure was derived from seismic data for the Kish Bank basin, which hosts the Dalkey Island prospect.

The prospect is in shallow water close to the shore, but still has a significant risk attached as it is undrilled, Providence said.

Providence has a 50% stake in Dalkey Island. Its partner is Petronas subsidiary Star Energy Group.

"The partners have agreed on a focused work programme aimed at further de-risking this prospect prior to any drilling programme," Providence chief executive Tony O'Reilly said in…

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