Providence may gamble on farm-out timing

Providence Resources may opt to push out the intended farm-out of its stake in the much-anticipated Spanish Point prospect, off the south-west coast, to next year in a bid to take advantage of the recent upsurge in interest in exploration opportunities in Irish waters.

The Tony O’Reilly Jr-led exploration firm shares the prospect with the Scottish explorer Cairn Energy, which holds a 38% stake.

Providence upped its holding by 26%, to 58%, earlier this year when it bought out the interests of junior partner, Chrysaor.