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Friday 15 December 2017

Providence wins North oil licence

OIL and gas exploration firm Providence Resources has been offered a petroleum exploration licence over Northern Ireland's Rathlin Island, the first of its kind in the North.

The firm was granted the five-year licence by the North's Department of Enterprise, Trade and Investment.

The initial licence includes a decision on a well commitment required within three years.

Some oil was recovered there during testing and Rathlin is the company's first exploration licence in Northern Ireland.

Providence will carry out a number of technical studies on the subsurface geology during the first three years to determine the oil potential and will operate the licence with a 100pc equity interest.

Separately, more than 100 jobs are to be created in the border city of Newry by a US technology company, First Derivatives. The firm already has an office in the Co Down city and is expanding its global operations.

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