Providence Resources

Last updated

Providence Resources
AIM: PVR
Euronext:  PZQA
Headquarters
Airfield Park, Donnybrook, Dublin
,
Ireland
Key people
Alan Lynn (CEO) [1]
Website www.providenceresources.com

Providence Resources is an Irish oil and gas exploration company. It is listed on the London Stock Exchange and the Irish Stock Exchange. Its primary activities are the exploration and development of hydrocarbons offshore Ireland and the United Kingdom.

The predecessor to Providence, Atlantic Resources, was formed in 1981 by a group led by Tony O'Reilly. [2] Tony O'Reilly, Junior was CEO of Providence from 2005 to 2019. [3]

Projects

Providence drilled Ireland's first commercially-viable oil well at the Barryroe field in 2012. [4] The exploratory well far exceeded expectations with an initial flow rate of 3,500  bpd. [4] Barryroe is situated approximately 50 km south of the Cork coast at a 100m water depth and an independent audit in April 2013 estimated that Barryroe holds in excess of 1.6 billion barrels of oil, of which 346 million barrels equivalent is recoverable. [5] As of 2020, company is still appraising the field and is seeking farmout partners to begin development. [6]

In 2015, Providence planned to drill an appraisal well at Spanish Point of the west Irish coast along with partners Cairn Energy (38%), Chrysaor (26%) and Sosina (4%). [7] Drilling was delayed [8] to 2017 [9] and then to an indefinite time later, [10] subject to the licence being extended to allow this.

In 2016 Providence announced a plan to drill at the Druid and Drombeg prospects south-west of Ireland, [11] and in contracting a drilling operation to begin in June 2017. [12] The 2017 Druid well contained only water. [13]

Providence is a partner (26.8% stake) in the Dunquin oil field in the Porcupine Basin, along with operator Eni, Repsol, and Sosina. [14] ExxonMobil was previously a major partner and operator but exited the project after drilling an unsuccessful well at Dunquin North in 2013. [15]

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References

  1. ↑ "Providence Resources names Linn as its new CEO". RTE. 9 January 2020. Retrieved 29 March 2020.CS1 maint: discouraged parameter (link)
  2. ↑ "History". Providence Resources. Archived from the original on 10 May 2020. Retrieved 10 May 2020.CS1 maint: discouraged parameter (link)
  3. ↑ Percival, Geoff (7 December 2019). "Providence shares see bounce on Tony O'Reilly exit". Irish Examiner. Retrieved 10 May 2020.CS1 maint: discouraged parameter (link)
  4. 1 2 "Ireland's first oil well to yield 4,000 barrels per day". BBC News. 15 March 2012. Retrieved 29 March 2020.CS1 maint: discouraged parameter (link)
  5. ↑ "Ireland Operations". Providence Resources. Archived from the original on 23 February 2014. Retrieved 17 August 2014.CS1 maint: discouraged parameter (link)
  6. ↑ "Providence Resources says has 'sufficient funds' until April". RTE. 13 February 2020. Retrieved 29 March 2020.CS1 maint: discouraged parameter (link)
  7. ↑ Deegan, Gordon (7 February 2014). "Cairn Energy drill programme in Clare a step closer". Irish Examiner. Retrieved 29 March 2020.CS1 maint: discouraged parameter (link)
  8. ↑ "Cairn Delays Spanish Point Appraisal". 10 March 2015. Retrieved 8 December 2016.CS1 maint: discouraged parameter (link)
  9. ↑ "Spanish Point drilling offshore Ireland pushed back to 2017". 27 October 2015. Retrieved 8 December 2016.CS1 maint: discouraged parameter (link)
  10. ↑ "Frontier Exploration Licence 2/04". Providence Resources. Retrieved 8 December 2016.CS1 maint: discouraged parameter (link)
  11. ↑ "DRUID and DROMBEG Oil Prospects (80%, Operator)". Providence Resources. Retrieved 9 December 2016.CS1 maint: discouraged parameter (link)
  12. ↑ "Providence signs deal to drill Druid exploration well off Irish coast". The Irish Times. 24 November 2016. Retrieved 9 December 2016.CS1 maint: discouraged parameter (link)
  13. ↑ "Providence Resources: Shares fall as Druid well consists of water". Irish Independent. Retrieved 26 August 2019.CS1 maint: discouraged parameter (link)
  14. ↑ Whiterow, Philip (13 November 2018). "Dunquin South exploration to move forward after budget approved, says Providence Resources". Proactive Investors. Retrieved 29 March 2020.CS1 maint: discouraged parameter (link)
  15. ↑ Flanagan, Peter (23 July 2013). "Exploration blow as Exxon to leave Irish waters after offshore drill fails". Irish Independent. Retrieved 29 March 2020.CS1 maint: discouraged parameter (link)
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