Providence Resources yesterday said it had signed an “incentivised” technical deal with oil services giant Schlumberger to help it develop its interests in the Southern Porcupine and Goban Spur areas off the south-west coast.

A number of exploration firms are lining up to buy newly available seismic data on key offshore basins ahead of September’s deadline for applications in the Government’s latest licensing round.

The Government has launched its first offshore licensing round for three years, adding that its revised fiscal terms for incoming operators should encourage new investment in Irish waters.

Providence has released it's end of year trading statement for 2007, highlighting a number of key developments.

At Providence’s AGM in Dublin today, shareholders were told the oil and gas exploration company will start appraisal drilling on its Hook Head Project in the Celtic Sea later this summer.