PROVIDENCE RES. Providence Resources plc : Technical Update - Barryroe Oil Field Reservoir Analysis Update
10 October 2012 - 5:00PM
UK Regulatory
TIDMPVR
Embargo 7am
10 October 2012
TECHNICAL UPDATE
Barryroe Oil Field
Reservoir Analysis Update
* STATIC & DYNAMIC BASAL WEALDEN RESERVOIR ANALYSIS RESULTS
* MODELLED RECOVERY FACTORS OF 17-43% UTILISING HORIZONTAL PRODUCTION &
WATER INJECTION WELLS
* MODELLED RECOVERY FACTOR OF 31% TO BE USED FOR DEVELOPMENT PLANNING
* DEVELOPMENT CONCEPT ENGINEERING CONTRACT AWARDED
Providence Resources P.l.c., ("Providence") the Irish oil and gas exploration
and development company, whose shares are quoted in London (AIM) and Dublin
(ESM), is pleased to provide a further update on its Barryroe oil field in the
North Celtic Sea Basin, offshore Ireland. Providence (80%) operates Barryroe on
behalf of its partner Lansdowne Oil and Gas plc (20%). The area is located in
Standard Exploration Licence (SEL) 1/11 and Licensing Option (LO) 12/4, situated
in c. 100 m water depth and is c. 50 km off the south coast of Ireland.
Providence has recently undertaken static and dynamic modelling of the main
Basal Wealden oil bearing reservoir interval. This work, carried out by RPS
Energy on behalf of the Barryroe partners, incorporated the data from all five
Basal Wealden reservoir penetrations, together with maps derived from the recent
3D seismic survey. This study has established oil recovery factors which range
from 17% to 43%. Based on a development scenario involving 41 horizontal
production and 22 horizontal water-injection wells over a 25 year field life, a
recovery factor of 31% is modeled. These horizontal producer and injector wells
are designed to be 600m in length, with the producers incorporating gas lift.
Providence is also pleased to announce that the Barryroe Concept Development
Engineering Study contract has been awarded to Procyon Oil & Gas. This study
will evaluate a number of preferred development options which were high-graded
during the recently completed development screening study.
Speaking today, John O'Sullivan Technical Director of Providence said;
"These reservoir and dynamic modelling studies have identified significant
productive potential in the Basal Wealden reservoir, which is consistent with
the test and other data that we have previously announced. These results will
now be factored into our ongoing field pre-development work where we have kicked
off a key engineering study to identify and select the optimum development
concept. As part of this study, we will obviously consult and solicit feedback
from both regulatory and local stakeholders on an ongoing basis."
Contacts:
Providence Resources Plc Tel: +353 1 219 4074
John O'Sullivan, Technical Director
Powerscourt Tel: +44 207 250 1446
Lisa Kavanagh / Rob Greening
Murray Consultants Tel: +353 1 498 0300
Pauline McAlester / Pauline Dooley
Cenkos Securities Plc Tel: +44 207 397 8900
Adrian Hargrave / Nick Wells
J&E Davy Tel: + 353 1 679 6363
Eugenee Mulhern
Liberum Tel: +44 203 100 2000
Simon Atkinson / Clayton Bush
NOTES TO EDITORS
ABOUT PROVIDENCE
Providence Resources Plc is an Irish based oil and gas exploration company with
a portfolio of appraisal and exploration assets in Ireland (offshore) and the
United Kingdom (offshore). In 2011, Providence, along with its partners,
commenced a circa $500 million multi-year drilling programme on a number of
exploration and development wells in 6 different basins offshore Ireland. This
programme represents the largest drilling campaign ever carried out offshore
Ireland. www.providenceresources.com.
ABOUT BARRYROE
The Barryroe licence (SEL 1/11) lies in the North Celtic Sea and has had six
wells successfully drilled on the structure. Hydrocarbons have been logged in
all six wells with flow test results from four wells. Four wells were drilled in
the 1970's by Esso with a further appraisal well drilled in 1990. The last well,
48/24-10z, was drilled by Providence in 2011/2012. The field is fully covered by
both 2D and 3D seismic. The reservoir sands are of Cretaceous Middle and Lower
Wealden age located between c. 4,500' TVDSS and 7,550' TVDSS. The oil is light
(43(o) API) with a wax content of c. 17-20%.
As previously reported, the latest oil in place estimate for the two main
reservoir intervals (Middle Wealden and Basal Wealden) are 1,043 MMBO (P50) and
1,612 MMBO (P10). The oil in place estimates for the Lower Wealden and
Purbeckian are 778 MMBO (P50) and 1,165 MMBO (P10), but no recovery factor has
been assessed for these reservoir intervals at this time.
ANNOUNCEMENT
This announcement has been reviewed by John O'Sullivan, Technical Director,
Providence Resources P.l.c. John holds a B.Sc. in Geology from University
College Cork, Ireland, an M.Sc. in Applied Geophysics from the National
University of Ireland, Galway and a M.Sc.in Technology Management from The
Smurfit School of Business at University College Dublin. John is presently
working part-time on a PhD dissertation at Trinity College, Dublin. John has
worked in the offshore business for 20 years and is a fellow of the Geological
Society of London and member of The Petroleum Exploration Society of Great
Britain. Definitions in this press release are consistent with SPE guidelines.
SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in
preparing this announcement
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Providence Resources plc via Thomson Reuters ONE
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