Providence shares rise as new oil well flows

SHARES in Dublin-based energy explorer Providence Resources jumped as much as 15% on Tuesday after the company said a new well at a British oilfield in which it has a 20% stake had come on stream.

And Tullow Oil Plc shares rose as much as 3.1% after the oil and natural gas exploration company and partner Hardman Resources Ltd found oil in Uganda.

The company said the new X-8x well at the Singleton field in southern England, operated by Star Energy, along with the X-9 well that came on stream in December, had boosted the field’s production to about 640 barrels a day from 440.