A "significant oil accumulation" has been found off Hook Head in Co Wexford, Irish oil and gas exploration firm Providence Resources reported today.
The oil was discovered some 60 kilometres offshore at a depth of some 240 feet in the North Celtic Sea Basin. The well was drilled to a total depth of 4,880 feet using the semi-submersible drilling rig Petrolia, which Providence and its partners had contracted for a 50-day period.
Providence and its partners have committed to an immediate and detailed evaluation of the well test results with a view to further drilling early in the 2008 drilling season.
Discussions have already commenced regarding the securing of an appropriate rig, the company - whose shares are listed in Dublin and London - has confirmed.
Commenting on the announcement, Mr Tony O'Reilly Jnr., Chief Executive said: "We are very pleased to have confirmed Hook Head as a significant oil accumulation with hydrocarbon bearing reservoirs over a large area."
"This drilling programme has been a major step forward for Providence and its partners as it has met or exceeded our pre-drill objectives, in terms of hydrocarbon type, areal extent and indicative productivity."
"We also were able to obtain important well data and fluid samples, which will be vital for our future planning. We will now move quickly to evaluate all of these data in the context of our further drilling plans and potential development scenarios for Hook Head."