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Providence Resources shareholder increases stake amid price volatility

Pageant’s stake in Providence increased on September 11 to 57.95mln shares, or 9.7%.
Oil workers on a well
Providence Resources shares took a hit on Monday as the Drombeg result was announced

A stock market statement on Tuesday Morning revealed that Providence Resources PLC (LON:PVR) shareholder Pageant Holdings increased its stake in the explorer amid yesterday’s share price volatility.

Providence dropped as much as 40% at one point on Monday after it confirmed negative well results, revealing that the Drombeg exploration prospect contained water rather than oil.

READ: Providence Resources to focus on new Barryroe drilling after Drombeg disappointment

Pageant’s stake in Providence increased on September 11 to 57.95mln shares, or 9.7%, up from a prior declaration of a 49.3mln share or 8.25% stake back in August.

The apparent signal of support wasn’t sufficient to move the Providence price into positive territory, with the share down just over 2% on Tuesday to trade at 5.52p. 


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