First Commerically Viable Irish Oil Well Discovered

It has been reported that the first viable oil well in Ireland has been discovered just off the coast of County Cork.

According to the Irish company, Providence Resources,its exploratory Barryroe oil well delivered double the amount of oil needed for future full-scale extraction to make commercial sense. The exploratory well yielded almost 4,000 barrels of oil a day.

The company will now seek international investors to help it exploit the well and the surrounding field, which the firm hopes will contain many further viable wells.

The company's Chief Executive Tony O'Reilly said it is not the first time that Barryroe has been used.

"It's an old discovery that was drilled in the 1970s that we've gone back and drilled now."

Mr O'Reilly said flow rates of 3,514 bopd have been discovered at 100-metre depth in the North Celtic Sea Basin.

"We had a pre-drill expectation of 1,800 barrels per day and we delivered nearly double that," he explained.

This is Ireland's very first commercially viable well.

(LB/GK)