PROVIDENCE Resources’ chief executive Tony O’Reilly Jnr has said he is confident in the exploration company’s share price belatedly gaining momentum in the wake of it finalising its move into the potentially lucrative gas storage and trading market.

PROVIDENCE Resources is set to enter the lucrative gas storage and trading market and double its daily oil production levels after winning an option to buy a significant share in part of the former Irish assets of international exploration company, Marathon Oil.

THE Irish Offshore Operators’ Association (IOOA), the representative body for the country’s offshore oil and gas exploration industry, has warned of the continuing fragility of gas supply to western Europe, and particularly Ireland.