Providence announced on 28 March 2018 that it has entered an agreement to farm down 50% interest in Exploration Licence (SEL) 1/11 which contains the Barryroe field to a Chinese Consortium led by APEC Energy Enterprise Limited. In exchange for the 50% interest APEC will pay 50% of all the cost obligations associated with the drilling of three vertical wells including any associated sidetracks and well tests. APEC will provide a drilling unit, operational services and technical assistance to complete the drilling programme. Providence will act as operator for the drilling programme, once the programme completes APEC will have the right to acquire operatorship for the development/production phase. The deal is expected to close in Q3 2018.     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.   In November 2015 the Barryroe partners were granted a two year licence extension to the first phase of the licence to (July 2017) and the second phase (July 2019). The areal extent of the licence was also increased by approximately 118 sq km to accommodate the mapped potential of the field.  Interest in Standard Exploration Licence 1/11 following completion of the deal will be held by Providence Resources (40% + operator) through its subsidiary EXOLA Ltd, APEC Energy Enterprise Limited (50%) and Lansdowne Oil & Gas (10%).
Ireland (North Celtic Sea B. (Celtic Sea Graben System)) Seven Heads