Providence Resources has announced it intends to carry out a study on the possibility of developing the Helvick Head discovery off Ireland.

According to Providence, Helvick is extremely productive, with initial test rates of up to 10,000 barrels per day. But the discovery has an estimated resource of 10 million barrels in place of which 20 per cent to 25 per cent might be recovered, an amount that has “substantial value” given current oil prices, Providence said.