Exploration company Providence (via its subsidiary Eirgas) has exercised its option to acquire a 40% stake in a group of assets centred on the Kinsale Head gas field from Labuan Energy, a subsidiary of Petronas.

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.