Providence abandons Kerry well

The first well to be drilled at the highly anticipated Dunquin oil and gas prospect off the Kerry coast has been abandoned, sending shares in the field’s Irish stakeholder — Providence Resources — plummeting by nearly 10%.

The Dunquin North exploration well was found to be mainly water-based, with no commercially recoverable hydrocarbons contained.

However, the Dublin-based exploration firm — which has a 16% stake in the Dunquin field — has put a positive spin on things, saying the finding de-risks the entire South Porcupine Basin and shows the potential of the adjacent Dunquin South well.