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Providence nears deal

Irish oil and gas company Providence Resources is in advanced negotiations on a farm-out deal on its flagship asset, the company said yesterday.

The Barryroe field in the Celtic Sea off the Cork coast is Providence's "main priority", chief executive Tony O'Reilly said.

"We are working hard to satisfactorily conclude this with the objective to return cash to the business and obtain capital funding," Mr O'Reilly added.

The company wants to retain a material stake in Barryroe, with a clearly defined road map for drilling and development of the field.