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Providence hopeful of Irish oil find

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Providence Resources' Barryroe well. Photo: Finbarr O'Rourke.

Providence Resources' Barryroe well. Photo: Finbarr O'Rourke.

Providence Resources' Barryroe well. Photo: Finbarr O'Rourke.

Providence Resources chairman Tony O' Reilly says his firm has seen a rise in the level of interest in the Irish oil and gas industry.

BP, Eni, ExxonMobil and Statoil were among the companies offered new licensing options on the Atlantic margin last year.

The company said it expects to start drilling at its Druid and Drombeg plays in June of this year. Providence recently revealed that it had been granted an extension to its drilling licence at the Kish Bank facility near Dublin.

Providence's price was down 9pc at €0.20 in Dublin yesterday. Shares in the company have risen recently, buoyed by an increase in oil prices.

"We've done various things to de-risk our assets. Now we're in a scenario where industry appears to agree with us about Ireland's potential," Mr O'Reilly said.

Irish Independent