Providence Resources
Providence Resources (ISEQ: PZQA, LSE: PVR) is an Irish oil and gas exploration company. It is listed on the London Stock Exchange and the Irish Stock Exchange. Its primary activities are the exploration and development of hydrocarbons offshore Ireland and the United Kingdom. The company chief executive is Tony O'Reilly JR, son of Tony O'Reilly, formerly Ireland's wealthiest man and a previous CEO of the H. J. Heinz Company.
Providence is currently undergoing a $500 million multi-year drilling programme of the coast of Ireland. In 2012, Providence successfully flow tested a well at Barryroe, with initial flow rates of 3500 bpd, far exceeding expectations. Barryroe is situated approximately 50 km of the Cork coast at a 100m water depth and an independent audit in April 2013 estimated that Barryroe holds in excess of 1.6 billion barrels of oil, of which 346 million barrels equivalent is recoverable.[1]
The company is currently in the process of farming out Barryroe, with a view of producing around 30,000 bpd by 2017-18 and then later increasing flow rates to around 100,000 bpd. Other than Barryroe, Providence Resources also has plans to drill an appraisal well at Spanish Point of the west Irish coast in 2015 along with partners Cairn Energy (38%), Chrysaor (26%) and Sosina (4%).[2]
