Providence reports oil discovery off Ireland

Providence Resources Plc has announced a significant oil find off the coast of Ireland.

The oil firm has ended its well testing operations on the Hook Head appraisal well which is located 60km off the coast of the Republic of Ireland, in the North Celtic Sea Basin.

Mr Tony O’Reilly Jnr., Chief Executive said: "We are very pleased to have confirmed Hook Head as a significant oil accumulation with hydrocarbon bearing reservoirs over a large area.

"This drilling programme has been a major step forward for Providence and its partners as it has met or exceeded our pre-drill objectives, in terms of hydrocarbon type, areal extent and indicative productivity.

"We will now move quickly to evaluate all of the data in the context of our further drilling plans and potential development scenarios for Hook Head."