Shares in Providence jump 6%

Irish oil and gas explorer Providence Resources has been granted an extension of the exploration licence for the Barryroe oil field off the coast of Co.Cork.

The license, which was granted by the Minister of State, at the Department of Communications, Energy & Natural Resource Fergus O'Dowd, covers an area of about 180 square kilometres in the North Celtic Sea Basin and is about 50 km off Co. Cork.

“This increase in the area of SEL 1/11 recognizes potential field extensions of Barryroe to the south and south-east,” the company said in a statement to the stock exchange this morning.

Last month Providence was offered a new licensing option by the State covering Spanish Point South off Co Clare. The new licence award, put forward by the Department of Communications, Energy and Natural Resources, will allow Providence and its partners to convert the Spanish Point South licensing option into a frontier exploration licence.