Providence ups its stake in Barryroe

EXPLORATION firm, Providence Resources has increased its equity stake in the Barryroe well, off the Cork coast in the Celtic Sea, to 80%.

The company already owned a 50% stake in the asset — which marks the starting point on its wide-reaching drilling campaign offshore Ireland — but is now acquiring the 30% controlled by rival exploration company, San Leon Energy.

San Leon will receive a 4.5% net profit interest in the licence.