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Lansdowne welcomes positive update on Barryroe well

By BFN News | 09:13 AM | Friday 23 March, 2012


Lansdowne Oil & Gas has welcomed a positive update on the Barryroe appraisal well in the North Celtic Sea by Providence Resource. Providence said the upper gas bearing reservoir had proved to be highly productive. The well had now been suspended and rig demobilisation was under way. Providence chief executive Tony O'Reilly said: "We are very pleased to confirm that the gas zone was far more productive than we had anticipated. "The well lies just 3 km from installed pipeline infrastructure which may provide a future route to monetize any surplus Barryroe gas production. "It is particularly pleasing to note that both the oil and gas zones have far exceeded our pre-drill expectations, both in terms of reservoir development and more importantly, oil and gas flow rates." Lansdowne has a 20% interest in Barryroe. At 9:13am: (LON:LOGP) share price was +0.88p at 46.75p (LON:PVR) PROVIDENCE Resources share price was +10.5p at 490.5p Story provided by StockMarketWire.com

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