We’ve long been believers in the fate of Providence Resources, despite shares in the company consistently trading below brokers’ estimates of the value of its exploration assets offshore Ireland. Finally, the shares are starting to live up to their potential – they’re up 226 per cent so far this year – and look to be still rising ahead of updated oil-in-place and recoverable oil estimates for the company’s recent Barryroe rediscovery in the Celtic Sea.
The company expects to release the update by the end of July, with several brokers predicting – and management confirming – a material increase to the figures. Meanwhile, the company has also announced that the Spanish Point gas condensate discovery, originally drilled 30 years ago, will be the next prospect the company engages on. Modern techniques are expected to release the potential from the prospect. Partner Chrysoar will be lead operator on the prospect.
