Thursday 20 October 2011

Date set for offshore drilling

PROVIDENCE Resources has announced the middle of November as the expected formal start date for its long-anticipated drilling programme off the coast.

The Tony O’Reilly Jnr-headed exploration firm is set to undertake the biggest drilling campaign ever seen in Irish waters, covering a number of fields over the next two years.

Initial drilling at the Barryroe oil discovery off the Cork coast has been delayed slightly due to the wait for available rig equipment. The relevant equipment is currently being used by another operator in the North Sea, but is expected to be delivered to Providence soon, allowing for a drill start next month.

Drilling will begin at the Barryroe appraisal well — the Government’s latest offshore Ireland exploration licence awards saw Providence gain a larger chunk of the Barryroe field — with the objective to demonstrate commercial flow rates of at least 1,800 barrels of oil per day.

Another Irish exploration company Petroneft also had good news yesterday, announcing a further oil find in its Licence 67 asset in the Tomsk region of Russia, where the company is solely focused.

This marks the company’s third oil discovery this year. The last discovery has the potential to boost the company’s total production levels by 50%.

Elsewhere, Irish mining company Ormonde Mining announced positive gold assay results from the drilling of two holes at its Zamora Gold Project joint venture in Spain, with Aurum Mining.

The joint venture is now planning a follow-up drilling campaign to extend the thicker gold mineralisation.

Irish Examiner

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