Shareholders back Providence plans

Dublin: Shareholders in Providence Resources, the Irish-based oil and gas exploration and production company which is 20% owned by the Tony O’Reilly family, voted at an extraordinary general meeting in Dublin yesterday to back its plans to drill 10 wells offshore Ireland over the next two years.

Providence has a diversified portfolio of assets from high-impact frontier exploration assets such as Dunquin, appraisal of existing discoveries such as Spanish Point, Barryroe and Hook Head and production at its Singleton field in onshore Britain.

Following the recent successful capital raising of $65 million (€45m), Providence is now in a position to fund its share of an approximate gross $500m 2011-12 high impact exploration and appraisal programme.