Providence soars 11pc on drill date
SHARES in Providence Resources surged more than 11pc yesterday after the company said drilling will start at one of its licences within two weeks.
In a statement, the oil-and-gas explorer said it had taken control of a rig that will be used to drill an appraisal well on the Barryroe site off the Wexford coast.
The well will be used to test the commerciality of the site. Providence has a 50pc share in Barryroe.
Drilling will start in about a fortnight, Providence said, with more announcements expected to come in the next few weeks.
Drilling at Barryroe is the first part of a 12-well drilling programme for Providence which could have a huge role in "de-risking" Ireland as a base for offshore drilling.
The announcement was welcomed by Davy Stockbrokers' Job Langbroek.
"Barryroe is complicated by compartmentalisation in this part of the Celtic Sea which tests the commerciality of a field by increasing the number of wells required to recover the oil. A recently completed 3D seismic survey over the area will help position the well," he said.