Providence Resources (AIM: PVR )
Oil and gas zones have exceeded the Company's pre-drill expectations, both in terms of reservoir development and more importantly, oil and gas flow rates.
PVR believes that a proposed horizontal well could deliver an initial production of about 12,500 bopd.
One broker’s view is that this will be a significant achievement and establish a platform for explosive hydrocarbon production growth. The announcement has further highlighted Barryroe’s Basal sands prospectivity, and with further work imminent in order to better quantify any remaining resource potential and hydrocarbon in place estimates in the licence area, investors can look forward to further news as management look to unlock value within this high productivity system.
Good for Lansdown Oil & Gas (20%) and Seaenergy with its satke in Lansdowne