Barryroe attracting investors for Irish oil firm

A NUMBER of potential investors have approached Irish exploration group Providence Resources about the possibility of joining forces with the company on the development of its Barryroe oilfield off the south coast.

Speaking after the group’s annual general meeting in Dublin yesterday, chief executive Tony O’Reilly jnr said the company had received a number of informal approaches from investors interested in backing what could potentially be Ireland’s first commercial oilfield.

However, Mr O’Reilly said Providence had “pushed them back” and added that the group was not simply going to do a deal for the sake of it.

Drilling at Barryroe, off the Cork coast, had indicated that it contains commercial quantities of both crude oil and natural gas. Providence expects to have an independent report indicating how much oil the field contains by the end of next month.

The company owns 80 per cent of the field and intends bringing in a partner to develop it.

Providence also expects to begin exploratory drilling in its Dalkey Island licence area in the Irish Sea later this year. It has already applied for a foreshore permit.

The westernmost edge of the licence area lies about 10km from Dalkey Island itself. Some local groups have raised concerns about the implications of the field’s development, but Mr O’Reilly pointed out yesterday that Providence is a “long, long way” from that.

In a formal statement issued after the meeting, the company said that it was looking forward to providing updated information on the Barryroe field’s potential later this summer.