Lansdowne Oil & Gas (LON: LOGP) has witnessed a rally in its shares after Providence Resources (LON: PVR) said that the Marine Institute's vessel, the Celtic Voyager, has mobilised to the Barryroe Field to carry out a site survey over the K drilling location.
The Barryroe field is located in shallow water of around 100m, some 50km off the south coast of Ireland.
“Providence is pleased to confirm that the Marine Institute’s Celtic Voyager survey vessel mobilised on 24 October to the Barryroe field where it will undertake a seabed, shallow geophysical and environmental baseline survey over the K area of the Barryroe field,” the company said.
Providence owns 80% of the project, with Lansdowne owning 20%. The 2 companies commissioned the survey, which is expected to take up to 7 days.
James Menton, Executive Chairman of Providence Resources, said: “The Directors of Providence Resources believe that we have a compelling proposition with regards to the Barryroe prospect. We continue to focus on moving ahead with this project in these challenging times of energy supply and security.”
Steve Boldy, CEO of Lansdowne Oil & Gas, commented: “Barryroe holds potential resources of both oil and gas and can play a significant role in ensuring security of energy supply for Ireland and we welcome the return to operations.”
Following the news, Lansdowne shares jumped over 17.5% to 0.734p, while Providence's stock price has tumbled 2.94% to 3.3p.
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