(Alliance News) - Providence Resources PLC on Monday said an appraisal well is key to the development of Barryroe field, located off the south coast of Ireland.
Lansdowne Oil & Gas PLC, a partner at the asset, noted the announcement.
Shares in Lansdowne were up 13% at 0.53 pence on Monday morning in London. Shares in Providence were up 7.4% at 2.90p.
Barryroe is 80% owned by Providence and 20% owned by Lansdowne. Providence's subsidiary Exola DAC is the operator of the site.
Following a full strategic review of the development potential of Barryroe, Providence said that an appraisal well is required to gain confidence about the extent and characteristics of the hydrocarbons in the first segments to be targeted for initial development.
The appraisal programme is anticipated to substantially reduce the uncertainties impeding the future development of the site, the company added.
Lansdowne said that an application for a lease undertaking for Barryroe, which it added was an essential precursor to returning to operations and moving the project forward, is now under consideration by the Irish Department of the Environment, Climate & Communications.
Lansdowne said that Barryroe contained significant resources of both oil and gas and could play an important role in providing secure indigenous energy supplies for Ireland.
By Heather Rydings; heatherrydings@alliancenews.com
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