Providence has agreed a deal with Petronas subsidiary PSE Kinsale Energy for an option to earn a 60% interest in the southern portion of PL01 (also known as OPL 1 Offshore Petroleum Lease) âOption Areaâ below 4,000 ft (1,219 m) through the 100% funding and drilling of an exploration well in the Option Area to assess the resource potential of the Basal Wealden reservoir interval. PL01 lies adjacent to Providenceâs Barryroe field in SEL 1/11. As of January 2018 the option was still available. Sole discretion is with Providence subsidiary Exola with any future completion of interest change subject to the approval of the Minister of Communications, Energy and Natural Resources. Barryroe was discovered in 1973 by Esso. The field was originally not developed due to the waxy crude and that it was thought to be too compartmentalised. Barryroe lies directly below the Seven Heads gas field. The discovery was appraised in 2011 and tested with flow rates of between 1,300 and 1,600 bo/d. The oil is light (30Â° to 42Â°API) and has a relatively high wax content ranging from 12 to 22%. Following a resource audit for the in-place and recoverable resources for the Basal Wealden reservoir by Netherland Sewell & Associates Inc (NSAI) in April 2013 have revealed that with a recovery factor of 35%, 2P in-place volumes of 761 MMbo with recoverable resources estimated at 266 MMbo and 187 Bcf of associated gas have been derived. These resource calculations, combined with the RPS Energy resource assessment from 2011 of the overlying Middle Wealden, total recoverable resources for the field at 311 MMbo and 207 Bcf (346 MMboe). There is potential for additional resources in the Lower Wealden and Purbeckian Sandstones but Providence states that reservoir information and well test data is limited over these intervals and further data is required before confirming a final resource estimate for Barryroe. If Providence was to execute the option, interest in the southern portion of OPL 1 would be held by PES Kinsale Energy Ltd (40%) and Providence subsidiary EXOLA Ltd (60%).Â  
Providence has agreed a deal with Petronas subsidiary  Kinsale Energy for an option to earn a 60% interest in the southern portion of PL01 block.