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Energy firms link up

IRISH exploration group Providence Resources has linked up in a partnership with Cairn Energy off the west coast.

The company announced Cairn Energy's farm-in to its Spanish Point acreage off the Atlantic coast.

Cairn is becoming a partner via a deal with Chrysaor and Sosina that will give it a 38pc stake in the asset for meeting 63.33pc of the cost of two wells.

The first well is expected to be drilled in the second quarter of next year, but before that a 3D seismic survey is expected to be carried out.