Providence rises on delivery of rig

7th Nov 2011 13:14

Oil and gas exploration and production company Providence Resources has taken delivery of the GSF Arctic III semi-submersible drilling rig for the upcoming appraisal drilling programme at Barryroe, off the coast of Ireland. The rig is currently being mobilised to Irish waters from the North Sea, and drilling is expected to commence within the next 2 weeks. Providence holds a 50% interest in the Barryroe licence which it operates on behalf of its partners San Leon Energy and Lansdowne Oil & Gas, which have a 30% and 20% stake, respectively.The share price rose 6.46% to 193.5p by 13:18.NR