Striking it lucky with oil off Dublin's coast

By: MOLLY MULDOON | Published Thursday, November 4, 2010, 5:49 AM | Updated Thursday, November 4, 2010, 6:03 AM

An oil exploration company has said there could be an oil field off the coast of the Dublin suburb of Dalkey.

The oil exploration company Providence Resources have predicted the oil field could contain up to 870 barrels of oil. The same company have been searching for oil wells in Ireland and the U.K. for over ten years.

The company owns a 50 percent stake in the Kish Bank Basin which is situated six miles off the Dalkey coast. The main attraction for the find is the fact that the sea is shallow and the area is relatively close to Dublin shores, which would make extraction cost effective.

Shares in Providence rose 33 percent on the Dublin Stock Exchange on Tuesday.

However long term well known residents of Dalkey such as Bono, Maeve Binchy, and Neil Jordon may not be too pleased to have their seaside village transformed into an oil mining town.

Speaking about the potential oil find earlier this year, Providence chief executive Tony O'Reilly explained:"The Dalkey Island exploration prospect presents the potential for a large oil accumulation in shallow water off the east coast of Ireland.

“The partners have agreed on a focused work

An oil exploration company has said there could be an oil field off the coast of the Dublin suburb of Dalkey.

The oil exploration company Providence Resources have predicted the oil field could contain up to 870 barrels of oil. The same company have been searching for oil wells in Ireland and the U.K. for over ten years.

The company owns a 50 percent stake in the Kish Bank Basin which is situated six miles off the Dalkey coast. The main attraction for the find is the fact that the sea is shallow and the area is relatively close to Dublin shores, which would make extraction cost effective.

Shares in Providence rose 33 percent on the Dublin Stock Exchange on Tuesday.

However long term well known residents of Dalkey such as Bono, Maeve Binchy, and Neil Jordon may not be too pleased to have their seaside village transformed into an oil mining town.

Speaking about the potential oil find earlier this year, Providence chief executive Tony O'Reilly explained:"The Dalkey Island exploration prospect presents the potential for a large oil accumulation in shallow water off the east coast of Ireland.

“The partners have agreed on a focused work