Dublin and London-listed company Providence Resources has announced that it has been awarded a licensing Option over the Baltimore heavy oil discovery located off the south coast of Ireland .
The 48/19-2 discovery well is situated some 30 kilometers off the south coast of Ireland and is located at a depth of approximately 100 metres.
Discovered in 1992, the well is estimated to have an in place resource potential of up to c. 300 MMBO.
Chief Executive of Providence Tony O'Reilly said this morning that "whilst technically challenging" the Baltimore oil accumulation "deserves further review given the current sustained higher oil pricing environment" and recently announced progress on similar oil accumulations in the North Sea.
"As heavy/unconventional oil is a new business focus for Providence, the analysis will be carried out through EXOLA Limited, our new special purpose vehicle, in which any future developments will be financed separately from the parent company" he said. "We look forward to updating our shareholders on what we believe could prove to be a very exciting and valuable addition to our growing business portfolio".
