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Providence 'frustrated'

PROVIDENCE Resources has admitted its "frustration" at the lack of progress in the planned farm-out involving its Barryroe oil field off the coast of Cork.

A farm-out would bring in another company to help cover costs associated with developing the off shore oil field into a producing asset. Chief executive Tony O'Reilly told shareholders at the company's AGM yesterday that the farm-out process was nearing completion. Barryroe is 50 km off the south coast.