Oil firm agrees farm-in deal

Providence Resources has confirmed it has reached agreement over a farm-in deal at its headline Barryroe asset and has raised its stake in the highly-rated Spanish Point gas field off the west coast.

The Dublin-based exploration firm, headed by Tony O’Reilly Jnr, said that the long-awaited deal on Barryroe is reliant on the proposed partner raising the required level of financing.

The deal will likely see Providence sell around half of its 80% stake in the asset.