business

Barryroe could have 1.6 billion barrels

Oil exploration company Providence has said the Barryroe Oil Field off the southern Cork coast probably contains over a billion barrels of oil. There's a possibility that it could contain up to 1.6 billion barrels. In a statment to the Stock Exchange, the company said it was up to four times previous expectations.

The assessment was based on data from six oil wells drilled by Barryroe together with 3D seismic data as well as other regional data. Providence is listed on the Dublin's ESM and the AIM in London. Shres in the oil company closed at E8.35 yesterday.