Providence Resources expects to sign a partner later this year to cover the up to $1.7 billion cost of developing Ireland's first commercially viable oil field. After years of fruitless searching, interest in the Emerald Isle's oil potential has risen over the last year since tests showed Providence's Barryroe well off Ireland's southern coast was viable.Providence, with a market capitalisation of around 451 million euros ($590 million), is seeking a deep-pocketed partner to take a stake in the field. Barryroe is estimated to contain 311 million barrels of recoverable oil.Describing the process to date as "encouraging", Providence Chief Executive Tony O'Reilly said in an interview on Wednesday that he expects to sign a partner by the end of the third quarter, or in the fourth quarter."We've had quite a lot of people approach us," he said, adding that those interested were international oil companies and state-owned national oil companies.
Providence Resources Corp. (Providence) is a Canada-based exploration stage company engaged in the evaluation and exploration of its interests in the Iron Range property (the property) located in south-eastern British Columbia near the community of Creston. Shares of PV remained unchanged at $0.10. In the past year, the shares have traded as low as $0.07 and as high as $0.33. On average, 5784 shares of PV.V exchange hands on a given day and today's volume is recorded at 0.
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