* Says range of 1-1.6 bln barrels of oil in place
* CEO sees talks with potential partners by end-2012
DUBLIN, July 25 Dublin-based oil explorer
Providence Resources Plc said estimates of oil
found off the coast of southern Ireland have more than trebled,
slightly higher than analysts' had expected, as it eyes
investment from larger players.
Providence said oil in place at the wells stood in a range
of 1 to 1.6 billion barrels of oil, against a range of 373 to
893 million in previous estimates provided by third-party
Analysts at brokerage Liberum had estimated that the
flagship Barryroe project could contain around 1 billion barrels
oil in place and more than 160 mmb in recoverable oil.
"If developed at $15/bbl with Irish fiscal terms, (this)
would be worth around 1,500p per share," said the analysts in a
note ahead of Wednesday's announcement.
Providence will have to partner with a larger player at some
stage to fund further developments at Barryroe, one of its six
"Putting out this new oil in place figure ... is really the
starting point for future discussions," Providence Resources
Chief Executive Tony O'Reilly told Reuters.
"By the end of the year we'll be actively going out into the
market, if the market hasn't already come to us," he said,
citing Premier Oil's $1 billion deal with Rockhopper
a fortnight ago as encouraging.
Shares in Providence closed at 650 pence on Tuesday, valuing
the company at 420 million pounds.
Shares in Providence have surged to nearly four-year highs
this year on the back of the expectations of an estimates
upgrade at Barryroe, in which Providence has an 80 percent
interest. Lansdowne Oil & Gas has a 20 percent