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Providence Resources positive on Barryroe tests

By BFN News | 08:18 AM | Friday 23 March, 2012


Providence Resources has provide a final testing update from its Barryroe well, offshore southern Ireland. The 48/24-10z Barryroe appraisal well is located in c. 100 metre water depth, c. 50 kilometres offshore Ireland in Standard Exploration Licence (SEL) 1/11 in the North Celtic Sea Basin. Providence (80%) operates SEL 1/11 on behalf of its partner Lansdowne Oil & Gas plc (20%). Commenting on the successful test, Tony O'Reilly, CEO of Providence 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. I once again wish to express our thanks to all involved in this testing programme, which has demonstrated such a substantial cumulative flow rate potential from this vertical Barryroe appraisal well." At 8:18am: (LON:PVR) PROVIDENCE Resources share price was +10.5p at 490.5p Story provided by StockMarketWire.com

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