IRISH oil exploration company Providence Resources says there could be even more oil than first thought in the Barryroe oilfield off the West Cork coast.
The company has just published the initial results of a survey of the oil field that lies 50km of the West Cork coast.
The survey has indicated that the oil field may contain another 778 million barrels of oil in addition to the 1.6 billion barrels already estimated.
The company said that more surveys were needed to establish how much of the oil was likely to be economically viable for extraction and also if there may be further reserves at lower levels than those already discovered.
Providence has an 80 per cent share in the project, with Lansdowne Oil and Gas accounting for 20 per cent.
Providence Technical Director John O’Sullivan said, “Whilst our focus remains firmly fixed on progressing the Middle and Basal Wealden sands into development, it is very encouraging to have identified this additional resource potential at Barryroe.
“It is clear that more data are required over these intervals, however, the numbers are potentially material and provide room for significant resource growth in the Barryroe project in the longer term.
“In the meantime, we look forward to providing shareholders with an update on recovery factors from the dynamic modelling project,” he said.