A consortium of exploration interests, led by listed Irish exploration company Providence Resources, has confirmed what it describes a significant oil discovery off the south-east coast.
Providence says test drilling has revealed what it terms as a 'significant oil accumulation', with good quality oil recovered from the area where it is drilling, 60km off Hook Head in the North Celtic Sea Basin.
Providence and its partners have been testing to depths of almost 5,000 feet under the sea bed.
The company, which is headed by Tony O'Reilly jnr, is currently evaluating the drilling results but is describing the development as a major step forward.
However, it cautions that a full testing programme was not carried out because of problems under the sea bed at the drilling location.
Providence has a 43.5% stake in the licence interest being explored. The company is listed on the Dublin and London markets.
Providence shares closed 25% higher at 11 cent on the ISEQ exchange in Dublin.
