Providence Resources has said that planning for a resumption of drilling at its highly-anticipated Barryroe field off the Cork coast, as well as plans to bring in a development partner for the asset, are at an advanced stage.

Providence Resources is understood to have reached the stage where it is finalising commercial terms with potential development partners for its highly-anticipated Barryroe oil field off the Cork coast.

Shares in Providence Resources fell by almost 10%, yesterday, after the Irish exploration company confirmed that drilling at one of its highly-anticipated assets off the west coast has been postponed.