Exploration firm Providence Resources says tests show significant oil potential in the Rathlin Basin, off the coast of Northern Ireland.
In a statement, the Irish company said newly acquired data, from an airborne survey, has revealed a potential for over 500 million barrels of oil from the field.
The company’s technical director John O'Sullivan: “We continue to be very encouraged by the results of the recent full tensor gradiometry programme, which has exceeded our pre-survey expectations.
The Rathlin Basin has always been considered prospective due to the presence of a rich oil prone source rock, however poor seismic imaging has historically rendered it difficult to determine the basin’s true hydrocarbon entrapment potential.
Providence plans to commence drilling in the field next year.
Mr O’Sullivan said the company’s formed part of Providence’s ongoing multi-basin drilling programme which commenced last year with the successful appraisal of the Barryroe oil field, in the Celtic Sea off the south coast.
Drilling operations planned for 2013 include the upcoming deepwater exploration well on the Dunquin prospest, off the west coat, an appraisal well on the Spanish Point gas condensate discovery and an exploration well in the Kish Bank Basin.