Providence Resources' technical director John O'Sullivan - the company's de-facto second in command to CEO Tony O'Reilly Jr - has left the company as part of a major downsizing of its operations and management structure.

Shares in Irish-headquartered exploration company Falcon Oil and Gas jumped 17 % on the back of latest research showing the enhanced potential of its chief asset in Australia.

Irish onshore exploration company Falcon Oil and Gas has reported itself debt free and in “a strong financial position” ahead of a ruling on whether or not a ban on the practice of fracking in the area of Australia where one of its major assets lies will be lifted.

The number of trades dealt on the Irish Stock Exchange (ISE) stood at 2.2m for the first half of 2014 – an increase of 32% on the same period in 2013, according to new ISE statistics published today.

Finance director of Providence Resources Philip O'Quigley is to step down from his role, the oil and gas exploration company announced.