Exploration company Providence Resources has said it is not involved in any merger discussions.
The Business Post reported yesterday that Providence had been approached by SpotOn, its partner in the development of the Barryroe oil and gas field, about a potential tie up.
In its short statement, Providence said it considers all opportunities to maximise shareholder value.
"While Providence, like any plc, considers all opportunities to maximise shareholder value, we are not currently involved in any merger discussions with any party," it stated.
"We will continue to work closely with SpotOn Energy Limited to deliver the necessary funding to develop the world class Barryroe asset," it added.
SpotOn Energy is a Norwegian company, registered in the UK, which takes a progressive approach to cost effective offshore oil and gas field development.
Providence's Barryroe project is the most advanced and appraised oil project offshore Ireland.
Meanwhile, Providence also said it has received approval to undertake a seabed and shallow geophysical survey and an environmental baseline and habitat assessment survey at the Barryroe field.
It said the offshore survey, when completed later this year, will be the third in a series of surveys.
The company added that further regulatory approvals are needed before any drilling could take place on the Barryroe Field.
"With this approval now in place we can begin the detailed work required to complete the environmental and regulatory approvals for the appraisal and development of the Barryroe oil and gas field, working closely with Irish companies to progress the project," said Alan Linn, CEO of Providence Resources.
"We will also be engaging regularly with the coastal communities on the South coast, keeping them fully involved with project progress."
