Providence Resources - Re: PVR Stream Log - Interesting article in the Phoenix...

Interesting article in the Phoenix magazine about Providence. It mentions the rough ride shareholders have being on, and the fact that they should have drilled in Barryroe in 2012 when they had the money and oil was very high. Also mentioned are some interesting facts about Barryroe which go something like this. Barryroe is a huge field of about one billion barrels of oil and has a 35% recovery rate, capable of producing 350 million barrels of oil which is worth, at fifty dollars a barrel, over 17 billion dollars. The problem with Barryroe had been that the oil had a very high (20%) wax content. In the earlier wells drilled as the oil came up the pipe and the temperature quickly dropped, the wax actually slowed down the flow rate as it congealed. Using the newly invented insulated drill pipe, this did not happen and the flow-rate quadrupled to over 6,000 barrels of oil equivalent. Moreover, it was discovered that the wax itself could be recovered and that it had significant value in its own right once the logistics of handling it were worked out.