Providence raises stake in Barryroe

Friday 23 December 2011 09.12
Providence taking over San Leon's Barryroe stake
Providence taking over San Leon's Barryroe stake

Exploration company Providence Resources is to increase its interest in the Barrryroe licence off the Cork coast.

Providence’s stake will rise from 50% to 80% after an agreement with San Leon Energy to take its 30% stake. In return, San Leon will receive a 4.5% net profit interest in the licence.

Lansdowne Oil & Gas will retain a 20% interest.

Providence is currently carrying out drilling at the Barryroe licence, and chief executive Tony O’Reilly said shareholders would be updated on this in the coming weeks.