PROVIDENCE RES. Providence Resources plc : Technical Update - Barryroe Oil Field Reservoir Analysis Update

 
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: [phone] 
 John O'Sullivan, Technical Director 
 
 
 Powerscourt                           Tel: [phone] 
 Lisa Kavanagh / Rob Greening 
 
 
 Murray Consultants                    Tel: [phone] 
 Pauline McAlester / Pauline Dooley 
 
 
 Cenkos Securities Plc                 Tel: [phone] 
 Adrian Hargrave / Nick Wells 
 
 
 J&E Davy                              Tel: + 353 1 679 6363 
 Eugenee Mulhern 
 
 
 Liberum                               Tel: [phone] 
 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: 
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(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Providence Resources plc via Thomson Reuters ONE 
[HUG#1647887]