Stock markets respond positively to ‘better than expected’ drill results

Investors in London and Dublin stock markets have reacted very positively to drilling results issued yesterday by exploration company Providence Resources.

While directors are slow to project any monetary value on the well’s estimated 59 million barrels of recoverable oil, yesterday’s “better than expected” reports on oil quality, sand and the accessibility of the oil within its surrounding oil-prone sandstone system have all been very well received by the markets.

On the Irish Stock Exchange, the share price opened at €3.43 and closed 22.5% up at €4.20.