Providence Finds Oil Potential Offshore Dublin

A recent study commissioned by Irish oil and gas exploration company Providence Resources offshore Dublin has revealed the presence of a potential direct hydrocarbon indicator.

In a technical update this morning, the firm said that further analysis has suggested that the area – offshore Dalkey – may also be prospective for oil.

The Dalkey Island prospect is located 10km offshore eastern Ireland.

Providence holds an operated 50pc equity interest in its Licensing Option with its partner, Star Energy Group. The company believes the structure at Dalkey could contain up to 870m barrels of oil ‘in place’. It added that the target is in shallow water, facilitating any possible exploitation.

In its analysis this morning, Davy said that while considerable risk remains, the prize is large.