Providence share price jumps 4c as it doubles Gulf of Mexico production

PROVIDENCE Resources, the Tony O’Reilly Jnr-fronted oil and gas exploration company, has announced a doubling of production levels at its Vermillion 60 field in the Gulf of Mexico.

The Dublin-based company holds a 50% stake in the asset, where – following re-completion activities carried out last month – production levels are now flowing at a rate of 10 million standard cubic feet per day of gas or 600 barrels of oil equivalent (boepd); which is double the level previously reported.

Providence’s share price jumped by more than 22% in Dublin yesterday to rise to 4c.