Shares digital

Ireland’s Providence Resources (PVR:AIM) has made a gas discovery in the US Gulf of Mexico.

The explorer has a 10.8% stake in Galveston Island Block A-155 and says the field will now undergo a fast-track development using existing infrastructure nearby.

Initial results from the well suggest that it has exceeded pre-drill expectations and the share price crept up in response to the announcement to settle at 6.88p.

Providence’s CEO, Tony O’Reilly Jnr, says: ‘We are very pleased to have had continued success in our Gulf of Mexico drilling programme. This project is part of Providence’s stated objective to increase its daily production rates and we are delighted that the consortium is planning a fast-track development.’

Shares says: This project will help support the company’s production profile.

by: Tom Sieber