Exploration company Providence Resources has confirmed that it has secured government permission to carry out a site survey at its Barryroe site off the Cork coast.

The area lies in around 100 metre water depth in the North Celtic Sea Basin and is located around 50 km off the south coast.

The work is an important step towards preparing the site for drilling. The permission allows the group to undertake a seabed debris clearance, environmental baseline and habitat assessment of the site.

Shares in Providence rose 30% in London yesterday on speculation that permission was to be granted.

Subject to the receipt of funding or alternative funding being put in place, the survey will likely commence later this month.