Providence Resources said 2012 was a “landmark” year for the company, and announced plans to drill five wells at prospects around the Irish coast.
The exploration firm has shifted its focus to offshore Ireland, selling its UK onshore assets, including the Singleton oil field, Baxter’s Copse development project and Burton Down exploration prospect to IGas Energy for €51.3 million. It said it planned to use the proceeds to clear its corporate debt, with the remaining funds to be invested in drilling off Ireland.
Chief executive Tony O’Reilly said it was a “transformational” year, with the most notable event being the successful drilling and testing of the Barryroe oil field in the Celtic Sea basin.The company said it expected to find up to 1.6 billion barrels of oil at the site, four times the initial estimates.
It now plans to focus on the Dunquin prospect off the west coast of Ireland, followed by a well on Spanish Point in Porcupine.
Other plans for drilling include the Kish Bank basin and St George’s Channel.
