Providence flows Irish oil

It's been a while coming but shares in Providence Resources have finally taken off in the wake of a very successful flow test of the Barryroe well off the south coast of Ireland. The well flowed at a stabilised rate of 3,514 barrels of oil per day and 2.93m cubic feet of gas, which is equivalent to around another 4,000 barrels of oil. The flow rate is materially better than had been hoped for before drilling and is the first commercial oil flow to have been demonstrated in offshore Ireland. Testing confirms that this is highly mobile light sweet oil, which should assist development. Providence is operator of the licence and holds an 80 per cent interest with the balance held by Lansdowne Oil & Gas.