Providence shares up 6% over Cork drilling

Shares in Providence Resources rose over 6% after the company announced positive news from its drilling programme 31 miles off the Cork coast.

Providence said the drilling in 100m of water at the Barryroe appraisal well has been delayed due to combination of weather and equipment issues but said it resumed at the beginning of this month.

Davy analyst Job Langbroek said the well was at a depth of 6,969 ft at the base of the 12.5in section of the well bore.