‘Buy’ note for exploration firms

Irish exploration firms Providence Resources, Fastnet, and Tullow have all received strong “buy” recommendations.

A note issued by Numis Securities on Providence Resources is predicting a 34% upside to its earlier 832p/share target price.

This is based on its interpretation of data on the Barryroe oil field off West Cork, which it says “could be significantly larger than an RPS pre-drill estimate”.