Providence silent on asset sales talk

PROVIDENCE Resources, the Tony O’Reilly Jnr-led oil and gas exploration company, is being tipped to sell some of its assets this year, although the company is remaining reticent on the issue.

The speculative line was included in a detailed research note on Providence, published by Davy Stockbrokers, yesterday.

While much of the update surrounded the positives and importance surrounding Providence’s recent move into thegas storage market (via its subsidiary Eirgas buying a 40% stake in the Kinsale Head gas field from Malysian oil company, Petronas), Davy suggested debt lowering would loom large on the company’s agenda this year and asset sales could be the way to drive that.