View
4
Download
0
Category
Preview:
Citation preview
July 25th 2012
Embargo 7am
BARRYROE
OIL IN PLACE RESOURCE UPDATE
UPDATED OIL IN PLACE ESTIMATES
RESERVOIR INTERVAL P50 (MMBO) P10 (MMBO)
MIDDLE WEALDEN 287 706
BASAL WEALDEN 756 906
TOTAL 1,043 1,612
FURTHER UPSIDE POTENTIAL IN HYDROCARBON BEARING LOWER
WEALDEN AND PURBECKIAN SANDS AS WELL AS IN DEEPER UPPER
JURASSIC EXPLORATION OBJECTIVES
Providence Resources P.l.c., (“Providence”) the Irish oil and gas exploration and production
company, whose shares are quoted in London (AIM) and Dublin (ESM), is pleased to provide a
resource update on the 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, lies in c. 100 metre water depth
and is c. 50 kilometres off the south coast of Ireland.
Following the successful drilling and testing of the Barryroe 48/24-10z well in March 2012,
Providence has now completed a series of comprehensive post-well studies in order to update
the in-place volumetric resource estimate for the Barryroe discovery contained within Standard
Exploration Licence (SEL) 1/11. This assessment has incorporated the data from all 6 wells drilled
on Barryroe, together with the recently acquired/processed 3D seismic data, existing 2D seismic
data, as well as utilizing other regional data.
This analysis demonstrates that the Barryroe trap at Base Wealden level is situated in the
hanging-wall side of an inverted major intra-basinal growth-fault system and covers an area of
several hundred square kilometres. The crest of the structure is located at c. 6,400 ft TVDSS with
a deepest logged hydrocarbons at c. 7,300 ft TVDSS with no evidence of an oil-water contact.
Reservoir fluid data from the recent 48/24-10z well indicate that there is unlikely to be any
primary gas cap present at the crest of the structure in the Basal Wealden Sands.
UPDATED STOIIP – MIDDLE AND BASAL WEALDEN
The lowest closing contour (P10) for the Barryroe structure at Basal Wealden reservoir level is
mapped at c. 7,500 ft TVDSS, just c. 200 ft down-dip from existing well control. A mid-case (P50)
Basal Wealden average net sand thickness of just 23 ft has been assumed across the structure
for volumetric purposes and, when combined with well petrophysical parameters, results in an
in-place P50 of 756 MMBO and P10 of 906 MMBO. The large increase in Basal Wealden
resources versus the previous estimate is based on the ability to use the new high quality 3D
seismic data to image and extend the Basal Wealden sand play across the entire mapped
Barryroe structure. The resource figures for the Middle Wealden (P50 of 287 MMBO and P10 of
706 MMBO) have not been revised and remain as per the previous RPS Energy audit.
ADDITIONAL LOWER WEALDEN & PURBECKIAN RESOURCE POTENTIAL
As in the recent 48/24-10z well, all of the previous Barryroe wells, which were drilled through the
Lower Wealden, encountered a thick c. 1,000 ft section of inter-bedded sands and shales with all
sands logged as hydrocarbon bearing. In the eastern part of Barryroe, these sands are generally
thin in nature however they thicken considerably to the west as evidenced by the previous Esso-
operated 48/23-1 well. That well, which logged c. 120 ft of stacked Lower Wealden hydrocarbon
bearing sands had average porosities of 16% and hydrocarbon saturations of 70%. A failed well
test in 1976 over this interval is now interpreted by the partners to be due to mechanical failure.
The 48/23-1 well also encountered a c. 70 ft logged hydrocarbon bearing sand within the
Purbeckian lacustrine shales underlying the Basal Wealden, which was not tested. Deeper
exploration potential has also been identified under Barryroe at Upper Jurassic level, which is as
yet undrilled. Mapping confirms the Barryroe closure persists to Base Cretaceous level and the
overpressured shales of the Purbeckian should provide an effective seal for any potential
accumulation.
Providence has commenced mapping of these newly prospective zones and plans to provide an
additional resource update once this work has been completed.
Speaking today, Tony O’Reilly, Chief Executive of Providence said,
“We are delighted to be in a position to provide such a significant increase in the Barryroe oil in
place resources. The subsurface mapping and geological modeling results have confirmed that the
Barryroe structure covers a very large area, and comprises four distinct hydrocarbon bearing
reservoir zones. Interestingly, our most recent well was situated c. 900 ft down-dip from the
structural crest and still encountered oil to the base of the primary Basal Wealden Sand. In fact,
the lack of any logged water bearing reservoir intervals in the lower c. 1,500 ft of our recent
48/24-10z attests to the resource potential within the Barryroe structure and strongly suggests
that there may also be material hydrocarbon potential at deeper reservoir intervals within the
structure. It is clear from these studies that Barryroe is a substantial oil accumulation across
multiple stacked horizons with much running room for further resource growth.”
Contacts:
Providence Resources Plc Tel: +353 1 219 4074
Tony O'Reilly, Chief Executive
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
Simon Atkinson/Clayton Bush Tel: +44 203 100 2000
ABOUT PROVIDENCE
Providence Resources Plc is an Irish based oil and gas exploration company whose shares are traded on the London
AIM market and on Dublin’s ESM market. Providence’s portfolio of production, appraisal and exploration assets
includes licence interests in Ireland (offshore) and the United Kingdom (onshore & 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 lies in the North Celtic Sea and 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 (43o API) with a wax content
of c. 17-20%. Providence holds an 80% interest in the licence and operates on behalf of its partner, Lansdowne Oil
and Gas Plc (20%).
GLOSSARY
TVDSS – True Vertical Depth Subsea o API – Measurement Of Oil Gravity
STOIIP – Stock tank Barrels of Oil in Place
MMBO – Million Barrels of Oil
Ft - Feet
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
4848
IslandExpro
PSE KinsaleEnergy
LansdowneCeltic Sea
PSE SevenHeads
48/27
48/2248/17
48/28
48/2348/18
48/29
48/2448/19
48/30
48/2548/20
49/2649/21
49/16
ProvidenceResources 60%
Nautical 40%
ProvidenceResources 80%Lansdowne 20%
LO10/1
StandardEL1/11
KINSALE HEAD
BALLYCOTTON
BARRYROE
48/23-148/28-1
48/24-148/24-3
48/24-2
48/24-10z
48/28-2
48/23-2
48/23-3
48/18-1
48/24-5 48/24-5A
48/24-7A 48/24-7
48/19-1 48/19-1A
48/24-4
48/24-8
48/24-9
48/19-2
48/30-2
48/30-1
48/25-4
48/20-2
48/25-648/25-3 48/25-2
48/20-4
48/25-1
49/26-1 49/26-1A
48/20-1A 48/20-1
49/16-2
48/20-348/20-5
540,000 560,000
5,660
,000
5,680
,000
5,700
,000
8°W8°12'W8°24'W8°36'W
51°2
0'N51
°10'N
Offshore Ireland - Celtic SeaBarryroe Oil Field
45
36
27
55
46
37
28
56
47
38
57
48
58
4950
4142
33
IrelandIreland
109
106107
103 104
94 9593
102
92
6°W
6°W
8°W
8°W
10°W
10°W
52°N 52°N
LegendBarryroe WellWell drilledProvidence Resources LicenceGas Network
Prospects:GasOil - Basal WealdenOil - Middle Wealden
Coordinate System: ED 1950 UTM Zone 29NProjection: Transverse MercatorDatum: European 1950False Easting: 500,000.0000False Northing: 0.0000Central Meridian: -9.0000Scale Factor: 0.9996Latitude Of Origin: 0.0000Units: Meter
0 2 4 6 8 10 121Km
0 1 2 3 4 5 60.5Nautical Mile
1:250,000 1 cm = 2,500 mCenter Point:Long/Lat: 8°17'35.333"W 51°16'29.078"N XY [m]: 549,308 5,680,732
Ref./File Name: 20120724-A4L-BARRYROE STOIIP-2
8°40'49.696"W 5,7
04,982
576,433
51°3'1
3.453"
N
5,656,
4827°53'56.922"W
51°29'
23.125
"N
522,183
Date Saved: 24/07/2012 15:28:53Date Exported: 24/07/2012 15:28:59Drawn by: JC
Scale at A4
TOP PURBECKIAN
TOP PURBECKIAN
UPPER JURASSIC SANDS ?
BASE CRETACEOUS
BASE CRETACEOUS
20 km
48/23-1 48/28-1 48/24-1 48/24-10z48/24-3
SOURCE ROCK
REGIONAL SEAL
REGIONAL SEAL
TOP BASAL WEALDEN
TOP BASAL WEALDEN
BASAL WEALDEN SANDS}
Barryroe Oil FieldUpdated Schematic Cross-section
SOURCE ROCKPURBECKIAN SANDS
LOWER WEALDEN SANDS}
MIDDLE WEALDEN SANDS
July 2012
logged/tested
explorationPROVIDENCE
Recommended