Providence Resources said tonight that tests show its Helvick head reservoir in the Celtic Sea does not justify a stand-alone development at this time.
The company said it has other interests in the Celtic Sea which include the Ardmore gas discovery, but that its operations there as a whole are being reviewed as a result of the Helvick decision.
Providence's cash flow is derived from its interests in the offshore UK Claymore oil field, the onshore UK Singleton field and some producing wells in Montana.
