Providence may sell 40% of oil field this year
The Tony O’Reilly Jnr-headed exploration firm announced better-than-anticipated drilling results at Barryroe — which lies 50km off the Cork coast, in the Celtic Sea — in March, making it Ireland’s first commercially-viable oil find.
It has always been Providence’s intention to enter into a farm-out agreement with an international oil company, regarding the asset, in order to save on production and development costs.