“We anticipate that a new appraisal well will provide excellent technical information to enable execution of the first phase of development of hydrocarbon resources at Barryroe.”
The full findings of the review are expected before the end of January.
Adding detail, Providence noted that its team has confirmed that the previously identified well location is optimal and said it has realistic expectations that an appraisal well could be drilled and evaluated during 2023.
“We anticipate that a new appraisal well will provide excellent technical information to enable execution of the first phase of development of hydrocarbon resources at Barryroe,” Providence said in the statement.
“Preliminary conceptual planning has been progressed with a view to a sequenced development within the Central Segments of the overall Barryroe field, with first production envisaged during 2026.”
The appraisal and the initial development work will target the most readily accessible portion of the overall field hydrocarbons, in the field’s Central segments, before further phases of development target resources assessed to be held in other segments of the field.
Restating the importance of appraisal, the Irish oil firm added: “Previous attempts to embark directly on an Early Development Scheme (EDS), without the necessary preparatory appraisal work, have serially proven to be unworkable for both financial and technical reasons.”
Noting the next steps, Providence noted it will secure the lease undertaking, complete its current technical and commercial evaluations and finalise the board’s review process – which is expected to confirm the recommendation to drill an appraisal well – before securing funding for the programme and hiring rig contractors.
Read More: Providence Resources Plc says an appraisal well will be essential at Barryroe