Positive drilling result for Providence

9th Feb 2012 11:40

Providence Resources, the Irish oil explorer, has found signs of the black stuff during appraisal drilling in the North Celtic Sea Basin offshore southern Ireland.The original drilling timeline was initially set back by bad weather and by technical problems with the rig but operations started again on February 2nd.Providence has an 80% stake in the venture, with Lansdowne Oil and Gas owning a further 20%.News of the hydrocarbon show has seen Providence gain 2.61% in early trading. Over the last 12 months the stock has risen 9%.BS