Providence Resources has confirmed it has reached agreement over a farm-in deal at its headline Barryroe asset and has raised its stake in the highly-rated Spanish Point gas field off the west coast.

Scottish exploration company Cairn Energy has added Ireland to its international regional portfolio; buying into two licences in the Porcupine Basin, off the west coast.

IRELAND has upped its efforts to discover offshore oil by yesterday awarding 13 new licensing options.

PROVIDENCE Resources is planning to start drilling at its much anticipated Spanish Point prospect in 2012, following seismic studies suggesting the licence is likely to become a commercial development.