The first Irish commercial oil well has updated its forecast for how much oil is in its well off the Cork coast.

The company now estimates the Cork well has more than 1.6 billion barrels.

Estimates in March put it at a multi-billion Euro discovery with a flow of more than 3,500 barrels a day.

Experts say an oil field off the Cork coast contains 4-times as much oil as previously thought.

Providence Resources estimates their Barryroe well is home to more than 1.6 billion barrels.

It has far exceeded expectations of previous estimates.

The shares of the company are quoted in London (AIM) and Dublin (ESM).

Barryroe lies in the North Celtic Sea and has had 6 wells successfully drilled on the structure.

Newstalk’s Business Editor Ian Guider says it is very promising for the company.