PROVIDENCE Resources has farmed out an initial 25% stake in its Nemo “heavy oil” discovery in the Celtic Sea to London-based company Nautical, with an option for the British company to increase that share to 65% and assume operator status, by the end of next year.

PROVIDENCE Resources – the Irish oil and gas exploration company headed by Tony O’Reilly Jnr – is understood to have finalised a significant farm-out agreement regarding its newest licence in the Celtic Sea.

Dreams of the premier Classic were sparked at Windsor yesterday when The Last Drop showed himself to be a decent middle-distance colt in the making with victory in the Arena Leisure Maiden Stakes.