Providence could see 500% share hike

Providence Resources could see a 500% jump in its share price this year if it successfully manages to conclude its mooted 40% farm-out at its highly-rated Barryroe field in the Celtic Sea, according to one London-based exploration analyst.

In a wide-reaching oil and gas report, London-based research house Liberum said it is anticipating world oil prices (Brent Crude), which were hovering around the $106.80 per barrel mark yesterday, to average $110 this year and stay at $100 over the long-term.

The company said that it remains ‘neutral’ on big oil stocks, but sees upside being offered by smaller exploration and production players, amongst them Irish firms like Tullow Oil, Circle Oil, Petroceltic and Providence.