Providence Resources said had concluded its well site survey in its key Barryroe field off the coast of Cork.
The survey was commissioned by Providence's subsidiary, Exola DAC and was successfully completed on time and under budget by the Marine Institute's Celtic Voyager survey vessel.
"The directors of Providence Resources are very satisfied with the successful completion of the Barryroe site survey," said executive chairman James Menton. "This survey is part of the board's strategic review of Barryroe and the results of the site survey will be interpreted and incorporated into that review."
The company has been carrying out a strategic review into how to develop its Barryroe project, presided over by former KPMG partner Mr Menton, who joined the company as chairman earlier this year. The review, encompassing both Providence's technical strategy and its related financial strategy, is set to be completed by the end of the year and will determine the strategic plan for the development of the field.
The Barryroe field, which is thought to have more than 300 million barrels of recoverable oil, had been led by Tony O'Reilly jnr for more than two decades before he exited in late 2019. It may be the only Irish field that will ever produce oil, after Minister for the Environment, Climate and Communications Eamon Ryan moved earlier this year to ban licences for new exploration and extraction.
