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Lansdowne Oil & Gas shares rally as Providence turns back to Barryroe

A new well is being planned at Lansdowne's 20% owned Barryroe project.
oil platform
Barryroe could potentially be a 100,000 bopd field at its peak

Lansdowne Oil & Gas PLC (LON:LOGP) shares jumped more than 25% in Monday’s dealing after Providence Resources PLC (LON:PVR), the operator of the Barryroe field, said it is planning to drill a new appraisal well for the project.

Providence is now focussing on Barrroe following disappointing exploration well results off Ireland’s west coast, it said in a statement.

READ: Lansdowne Oil & Gas's focus now on Barryroe potential

Farm-out deals for Providence’s west coast exploration campaign brought some US$45mln of outside capital and, as the programme was unsuccessful, Lansdowne’s partner has retained enough funds for a well at Barryroe.

Partnership deals are said to have been close to fruition in the past, and in July, Providence repeated that it was in “dialogue with a number of parties regarding advancing the appraisal of Barryroe through to first oil”.

READ: Providence Resources Irish exploration well disappoints

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