‘Super-majors’ interested in refinanced Providence Resources

A number of so-called ‘super-majors’ — a term typically used to describe the biggest eight, or so, oil companies in the world — have shown interest in offshore assets held by freshly financed Irish explorer Providence Resources, its chief executive said yesterday.

Speaking after an egm, which saw shareholders approve a $70m fundraising via a share sale, Tony O’Reilly Jr said ‘super-major’ interest has been shown in Providence’s ‘Drombeg’ prospect in the Porcupine Basin off the south-west coast of Ireland.

Recent independent studies suggested Drombeg, along with the nearby Druid prospect could hold a combined five billion barrels of oil.