Providence shares dive as partner pulls plug

Shares in exploration company Providence Resources plummeted 12% on it losing another high profile development partner for one of its offshore Irish drilling prospects.

Providence shares dive as partner pulls plug

Shares in exploration company Providence Resources plummeted 12% on it losing another high profile development partner for one of its offshore Irish drilling prospects.

French oil major Total has relinquished its 50% shareholding in the Avalon exploration prospect in the Porcupine Basin off the west coast, with that holding returning to Providence.

The Tony O’Reilly Jr-headed explorer now owns 80% of the prospect, with London-based Sosina Exploration controlling the remaining 20%.

Mr O’Reilly said Providence and Sosina will continue to evaluate data surrounding Avalon, with a view to starting a fresh farm-out process for a new development partner.

The move confirms Total’s exit from Irish waters; the French company having last month announced its intention to surrender a separate exploration licence it shared with Providence.

Earlier this year, Providence relinquished its highly-rated Newgrange prospect off the west coast having been unable to find a development partner for the asset.

It remains in search of a partner for its flagship Barryroe oil and gas field, off the Cork coast in the Celtic Sea, after promised funding from its previous Chinese partners failed to materialise.

The Government recently said that all future licensing rounds in Irish waters will only be for natural gas and will be closed to oil exploration. However, licence applications already approved will be allowed to proceed and will not be included in its planned phased ban on oil exploration.

more courts articles

Man (25) in court charged with murdering his father and attempted murder of mother Man (25) in court charged with murdering his father and attempted murder of mother
Man appears in court charged with false imprisonment of woman in van Man appears in court charged with false imprisonment of woman in van
Man in court over alleged false imprisonment of woman Man in court over alleged false imprisonment of woman

More in this section

FILE PHOTO The Competition and Consumer Protection Commission has cleared the purchase of Goodbody Stockbrokers by AIB END Goodbody Stockbrokers fined over €1.2m by Central Bank over rules breaches
Nottingham City Centre Stock Irish staff at the Body Shop wait for wages as retailer shuts stores in the Republic
Ryanair comments on Norwegian Ryanair boss O'Leary's spat with Transport Minister over Dublin Airport escalates
IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
ie logo
Puzzles Logo

Play digital puzzles like crosswords, sudoku and a variety of word games including the popular Word Wheel

Lunchtime News
Newsletter

Keep up with the stories of the day with our lunchtime news wrap.

Sign up
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited