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Major seismic survey off coast

IRISH company Providence Resources said a 3D seismic survey has started over a 750sqkm area in the Northern Porcupine Basin off the west coast of Ireland.

The oil and gas exploration firm said the area at Spanish Point South is 140 km off the west coast.

Stockbroker Davy said the move highlights the group's efforts to maintain momentum. All of the four wells drilled in the area so far have encountered either gas or oil, Providence said. Providence technical director John O'Sullivan (pictured) said the survey is its third in that area since 2009.

"When combined, these new data will allow for a comprehensive re-evaluation of the total hydrocarbon resource potential of this area," he said.