Providence Resources has hit a second major setback in the Porcupine Basin after summer drilling at the Drombeg well 220km off shore failed to hit oil and has been abandoned. The shares, which had one stage plunged by a third, ended the session 16.5% lower.
Tue, 12 Sep, 2017
Shares in plunged by as much as 40% yesterday, wiping around €41m from its market value, after the Irish explorer reported disappointing initial results from its highly-anticipated return to drilling off the west coast of the country.
Sat, 05 Aug, 2017
One of the world’s largest oil companies, France’s Total has signed two commercial development deals with Irish exploration company Providence Resources – a move which sent the latter’s shares soaring as much as 11% yesterday.
Thu, 08 Jun, 2017
Providence Resources boss Tony O’Reilly Jr has said landing a development partner for the company’s headline asset — the Barryroe oil and gas field off the Cork coast — remains the top priority despite a potential deal collapsing in the last few months.
Thu, 25 May, 2017
Providence Resources and Europa Oil and Gas – two of the most active exploration companies in Irish waters – are confident of further deal activity after both landing development partners for assets they hold off the west coast of the country.
Thu, 09 Mar, 2017
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.
Thu, 01 Oct, 2015
Providence Resources has extended its acreage off the west coast, via the Government offering it and its developmental partners a frontier exploration licence for its Spanish Point South option. It requires operators commit to at least one exploration licence at a prospect.
Wed, 22 Jan, 2014