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Sunday 17 December 2017

Providence does Barryroe deal

Oil

Irish oil and gas explorer Providence Resources has reached agreement on a deal aimed at starting commercial drilling at its flagship asset, the Barryroe field off the Cork coast.

The company would not reveal who its partner is, saying the deal is contingent on the partner raising the finance.

Providence also announced it has increased its stake in the Spanish Point field off the west coast by acquiring the Irish arm of UK-based explorer Chrysaor.

"Whilst the project is still at appraisal stage, the recent technical studies have highlighted the upside resource potential at Spanish Point, which, if realised, would confirm the field to be a major hydrocarbon accumulation," Providence chief executive Tony O'Reilly said in a statement.

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