Providence appoints Tullow Oil executive to board

Tony O’Reilly Jr’s Providence Resources has named Tullow Oil’s exploration director Angus McCoss to its board in a non-executive capacity.

Mr McCoss, one of the senior members of the Tullow board, will join Providence as a non-executive director early next month.

It marks the second Tullow-linked board appointment Providence has made in the past year. Last September, the company appointed Tullow’s former chairman, Pat Plunkett, as its chair.

Mr Plunkett also heads up exploration investment firm T5 Oil and Gas, which is reportedly gearing up for a dual IPO in Dublin and London later this year.

Mr Plunkett welcomed the appointment of Mr McCoss, saying he brings “extensive knowledge and relevant exploration experience” and his presence on the board will “assist us in further realising the very significant value in our portfolio”.

This summer is set to be a busy one for Providence.

The company — which holds its agm in Dublin next week — is due to begin drilling, along with partner Cairn Energy, at its Druid and Drombeg prospects off the west coast of Ireland next month.

The prospects hold an estimated combined 5bn barrels of oil.

Providence and its partners are also set to run a fresh rule, via a new seismic study, over its Dunquin prospects off the west coast. The company also remains in talks with prospective development partners regarding a number of its assets.