SHARES in Providence Resources advanced yesterday after it announced it had secured an extension to the exploration phase of one of its licences.
The exploration firm said that following agreement from the Communications Minister, the licence for Barryroe has been extended by a year until July 2015.
Providence also announced that the minister had given permission for a change of operator from Providence to Exola Ltd, a Providence subsidiary.
It also announced it was going to carry out seismic work which will involve a major 2D survey in the Goban Spur basin, 260km off the southwest coast.
Shares were up more than 5pc by mid- afternoon yesterday in London trading.