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Irish oil boosts Providence stock
Shares in Providence Resources jumped 12.1 per cent yesterday to 482p after the Dublin-based explorer said its Barryroe discovery off the coast of Ireland contains commercial quantities of oil. The firm said the well was producing oil at a rate of 3,500 barrels per day, almost double the rate needed to make it commercially viable. Estimates for the field could be lifted from 60m barrels following the tests.