Exxon to fund Providence oil prospect off Ireland

Shares in the AIM-listed Providence Resources shot up 27 per cent yesterday on news that ExxonMobil had agreed to finance development of its Dunquin prospect off the west coast of Ireland.

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The deep water Dunquin prospect has potential recoverable volume of some 25 trillion square cubic feet of gas and about 4 billion barrels of oil. If proven, that would put it among the 20 biggest fields in the world.

..Although the existence of large hydrocarbon prospects off the coast of Ireland have been known about for decades, further exploration has been made viable because of the recent high price of oil and gas, and advances in technology.

The Independent