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.