Providence Resources PLC said independent assay results indicate that crude oil from the Barryroe discovery in the North Celtic Sea basin offshore Ireland should realize a price close to or better than Brent crude.
The assay of a 20-l. Barryroe oil sample collected during the recent Barryroe well test indicates the oil to be a premium light, 43° gravity, low sulfur, low TAN, and low metal crude. The wax content has been analysed to be c. 17 wt %, and the nitrogen content is also low. The data are an improvement on the previously published PVT fluid analysis.
A comprehensive program of postdrill studies is continuing in order to better define the Barryroe oil in place resource, recoverable reserves, and field economics.
In late May, the latest of these studies detailing results of well test analysis confirmed that the basal hydrocarbon bearing sandstone package is highly permeable and that initial production rates of 12,500 b/d of oil and 11 MMscfd of gas could be achieved with a 1,000-ft horizontal well through a 4.5-in. OD production tubing under natural lift.