Under-pressure exploration company Providence Resources has no plans to further develop its newly-created 'green' energy subsidiary for the foreseeable future.

Providence Resources has raised the prospect of looking for new development partners at its flagship Barryroe oil and gas field following another missed funding payment deadline by its current partner.

Shares in Irish oil and gas exploration company Providence Resources fell 16% on news of a further delay to a $9m (€8m) funding advance for its flagship Barryroe field off the Cork coast.

Providence Resources has already been approached by companies interested in coming on board as part of a joint-venture agreement around its newly-formed green energy side project.

Providence Resources now plans to begin its much-anticipated multi-well drilling programme at the Barryroe oil and gas field, off the Cork coast, in the third quarter of next year.

Shares in Irish explorer Providence Resources jumped by over 8% on the back of it formally getting its long-awaited farm-out deal for its flagship Barryroe field over the line and a significant drop in first-half losses.

Shares in Providence Resources have jumped back to the top of their recent range, as the oil explorer confirmed promising seismic survey data in the Porcupine Basin sea for its Dunquin South block.

Drilling for oil off the Cork coast has the potential to become a billion-dollar enterprise in the coming years, with enormous benefits for employment in the region.

Providence Resources is considering a return to drilling for oil and gas in international waters, albeit as part of a long-term growth strategy.

Providence Resources’s boss Tony O’Reilly Jr has said the company has attracted “good industry interest” from potential development partners for its highly-rated Newgrange prospect off the southwest coast.

Providence Resources is hoping to start a multi-well, six-month drilling programme at its Barryroe field off the Cork coast early next year, after finalising a development partner for its flagship asset.

Shares in  plunged by as much as 40% yesterday, wiping around €41m from its market value, after the Irish explorer reported disappointing initial results from its highly-anticipated return to drilling off the west coast of the country.

One of the world’s largest oil companies, France’s Total has signed two commercial development deals with Irish exploration company Providence Resources – a move which sent the latter’s shares soaring as much as 11% yesterday.

Shares in Providence Resources jumped more than 7% yesterday on the back of the Dublin-based explorer reporting a near €4m narrowing of annual losses.

Providence Resources and Europa Oil and Gas – two of the most active exploration companies in Irish waters – are confident of further deal activity after both landing development partners for assets they hold off the west coast of the country.

Irish explorer Providence Resources looks to be close to a deal with a rig contractor as it continues to ready itself for a return to drilling in Irish waters next year.

Irish exploration firm Providence Resources looks set to save around $2.5m (€2.3m) in additional legal costs, arising from its recently concluded legal battle with drilling services firm Transocean.

Exploration company Providence Resources said it has entered the second half of the year with “renewed optimism” after seeing a near halving of its first-half losses and carrying out a company-saving funding round.

Providence Resources — the Tony O’Reilly Jr-led exploration company — has named former Tullow Oil senior executive Pat Plunkett as its chairman.

Providence Resources is eyeing a start date of next June for drilling at its Druid oil prospect in the Porcupine Basin off the south-west coast.

Irish explorer Providence Resources has confirmed the formal elimination of a near $25m (€23m) debt mountain, potentially putting it in a stronger position to land development partners for three of its biggest assets.

A number of so-called ‘super-majors’ — a term typically used to describe the biggest eight, or so, oil companies in the world — have shown interest in offshore assets held by freshly financed Irish explorer Providence Resources, its chief executive said yesterday.

Providence Resources chief Tony O’Reilly Jr has said he remains “hopeful” the company can land a long-awaited development partner for its flagship Barryroe field, in the Celtic Sea, in the next six months.

Providence Resources — the Tony O’Reilly Jr-led exploration firm — has announced plans to raise nearly $74m (€66m) in fresh funds via what is, essentially, a company saving share sale.

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.

Recent research from Morgan Stanley suggested an all-time low for exploration-related M&A activity in the first quarter of 2015. 

The pending farm-out deal for Providence Resources on its Barryroe field in the Celtic Sea, may materialise as a ‘phased’ agreement, initially covering appraisal work, rather than being a full development cost partnership, according to a UK-based analyst.

Operating losses at leading Irish explorer Providence Resources jumped by more than 30% last year, to just over €7.2m.

Providence Resources chief executive Tony O’Reilly Jr has hinted that the company is getting close to naming a farm-out partner for its highly anticipated Barryroe oil field in the Celtic Sea.

The future of Ireland’s only oil refinery, Whitegate in East Cork, is in jeopardy after being put up for sale by its owners, who are also selling the massive oil storage terminal in Bantry Bay.

Providence Resources has said it is likely to submit bids in the next offshore Ireland licensing round, whenever that may be announced.

First oil production from the Barryroe oil field, off the coast of Cork, could start within “three to four years”, according to its majority shareholder, Providence Resources.