Providence oil: what does it all mean?

Providence Resources shares went through the roof this morning after it announced the latest results from its drilling programme off the Cork coast. So what does it mean and how much is it worth?

15th March, 2012
Providence oil: what does it all mean?
The flare from oil burning at the Barryroe well this week.

The share price of Providence Resources went through the roof this morning after it announced the latest results from its drilling programme off the Cork coast.

In world and historical terms, the Barryroe oil field is not likely to be earth shattering. The biggest finds are measured in billions of barrels of recoverable oil and Barryroe comes in at a (conservatively) estimated 60 million barrels.

In terms of how quickly that oil can be got out...

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