What seems like a significant oil find 50 kms off the Cork Coast in shallow waters. Providence Resources can bring in over 3,500 barrels a day and only needs to draw 2,000 barrels a day to make the field economically viable.
The field is located at Barryrow, off the Cork coast. The same company is also testing for gas. This is the first major oil find by an Irish company in 50 years of searching and the largest find since a find half the size in the 1970's.
The technologies are available now to extract the high quality oil reserves found using horizontal drilling methods from the oil rich basal sands.
So what will this mean for the Irish economy, for Irish jobs and for jobs at sea?
Also, will this mean anything to the price of motor fuel or home heating oil at the pumps?