DUBLIN-based junior Providence Resources is in the market for a drilling rig to appraise its Barryroe oil discovery in the Celtic Sea off Ireland, writes Iain Esau.

“Last month,” said chief executive Tony O’Reilly, “we issued a request for expressions of interest for the supply of a mobile offshore drilling unit and have started the consent process for drilling.”

The EoI closing date was 30 August with Providence now evaluating the initial responses.

O’Reilly said the company’s board decided to advance drilling at Barryroe “noting the significant value attributable” to the asset as well as low day rates for rigs and associated offshore services.

Initial plans call for one well to be drilled and possibly a sidetrack although no well test will be undertaken.

The probe would be drilled in summer/autumn of 2018 or spring/summer of 2019 with the cost of a vertical well expected to be about US$20 million and a sidetrack $5 million. The well is expected to have a target depth of about 2500 metres.

Netherland, Sewell & Associates estimates Barryroe has contingent proven and probable resources of about 346 million barrels of oil equivalent. Partnered by Irish minnow Lansdowne, London and Dublin-listed Providence currently has an 80% stake in Barryroe, although it is in farm-out talks.

The field is located in the North Celtic Sea basin in licence 1/11 with Providence recently securing an option over adjacent acreage (OPL 1) that may hold additional prospectivity.

Some 400 billion cubic feet of in-place gas resource is estimated to straddle the two permits while two additional plays have been mapped in 1/11, Purbeckian and Lower Wealden, which between them could house in-place oil resources of 778 million barrels.

Located in 100 metres of water, Barryroe has seen five appraisal wells drilled and four tested.

Initial wells tested 30-42 degree API oil with a relatively high wax content of 12%-22%.

Providence acquired the asset in 2010 and drilled an appraisal well two years later, which exceeded expectations, flowing 3514 barrels per day of light oil and 2.93 million cubic feet per day of gas.

Elsewhere off Ireland, China National Offshore Oil Corporation is preparing to spud a wildcat next year on its Iolar prospect in Porcupine basin licence 7/16.

The probe is set to be drilled in water depths beyond 200 metres.

Meanwhile, TGS is more than half way through a major 3D seismic survey in the Porcupine basin. The 5500-square kilometre survey covers Quadrants 34, 35, 43, 44 and is being acquired by Shearwater Geoservices’ Polar Marquis vessel.

Weekly

Barryroe appraisal on cards