Rathlin could contain 530m barrels of oil - Providence

Providence Resources has said its Rathlin Basin prospect off the Northern Irish coast may contain 530 million barrels of oil and could be drilled from nearby onshore wells.

24th January, 2013
Providence Resources has previously announced significant oil finds at Barryroe (above), off the the Cork coast.

Providence Resources has said its Rathlin Basin prospect off the Northern Irish coast may contain 530 million barrels of oil and could be drilled from nearby onshore wells.

In 2012, Providence acquired a Full Tensor Gradiometry (FTG) and magnetic airborne survey over its acreage, the results of which were released this morning and “exceeded expectations.”

Providence examined an extensive 30 square kilometre structure, known as the Polaris Prospect. It said that all of the elements...

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