EXPLORATION:Providence Resources, the oil and gas explorer, climbed in Dublin trading yesterday after saying it now estimates that it can recover 280 million barrels in oil from its Barryroe prospect off the south coast of Ireland.

Providence rose as much as 4.6 per cent in Dublin.

“It’s a very big field,” said chief executive Tony O’Reilly jnr.

Davy analyst Job Langbroek said it was still early in the process. “The study publically confirms that Barryroe offers recovery rates that make for significant economic value and development potential.”

He added: "In fact, the type of development is not so much the issue; rather it is that an economic quantity of oil exits in a secure north European context, close to markets and in relatively shallow water." – Bloomberg