Providence Resources says its Barryroe licence may deliver further resources as it completes an evaluation of the area. The surveys have indicated that the Lower Wealden and Purbeckian areas of the oil field could yield 778 million barrels of oil. However, Providence says further data is needed to firm up the final resource estimates.

Technical director John O’Sullivan said the company’s focus would remain on progressing the Middle and Basal Wealden sands into development, but noted the additional resource potential at Barryroe was “encouraging”.

“This news further reinforces the prospectivity of the area,” Davy said in a note. “It also suggests that Barryroe will not be the only development of Purbeckian oil in the Celtic Sea.”