Providence Resources Aims to Drill for Oil Near Bono’s Home

- October 16th, 2012

Forbes reported that Providence Resources plc (LSE:PVR), led by CEO Tony O’Reilly, Junior, hopes to drill for oil 4 miles off the coast of Ireland. The company is already facing environmental opposition, with some also wondering whether celebrities like Bono — who lives nearby the proposed drilling location — will also be against the endeavour.

Forbes reported that Providence Resources plc (LSE:PVR), led by CEO Tony O’Reilly, Junior, hopes to drill for oil 4 miles off the coast of Ireland. The company is already facing environmental opposition, with some also wondering whether celebrities like Bono — who lives nearby the proposed drilling location — will also be against the endeavour.

As quoted in the market news:

Providence already made headlines earlier this year with the discovery of a massive oil field off the southern coast of Ireland. The Barryroe field is now thought to have as much as 500 million barrels of recoverable light oil out of a total reservoir of 1 billion barrels. Providence, in which the O’Reilly family has a roughly 20% stake, owns 80% of the Barryroe license.

But O’Reilly, 46, thinks Ireland has a lot more oily bounty to reveal. Providence (LON:PVR, up 320% in the past 12 months) is spending $500 million exploring choice spots around Ireland.

And one of those spots is right off of Dalkey, where in an interview with the BBC last week, O’Reilly said, “we hope to be drilling that early next year.” The prospect is said to hold a very promising geologic structure, already estimated by some to hold hundreds of millions of barrels of oil.

Click here to read the full Forbes report.

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