Providence sees no reason for slump

A further sharp fall in its shares at one stage yesterday for Providence Resources prompted the owner of the Barryroe oil field to issue a statement to reassure investors that it is still in talks with partners “to farm out” or develop its major asset off the south coast.

The statement came on the day that world crude oil prices traded close to six-year lows, as fears of a supply glut continued to haunt markets.

Shares in Providence fell at one stage yesterday on the the Enterprise Securities Market in Dublin to 17.5c, down 7.9% from Friday’s close. The shares have now slumped by 84%, from 109c, since the start of the year.