LONDON (Alliance News) - Providence Resources PLC and Lansdowne Oil & Gas PLC on Tuesday both said a two-year extension has been granted on the licence covering the Barryroe oil field in Ireland.
Providence's Exola Ltd subsidiary has an 80% stake in the licence and is the operator, while Lansdowne owns a 20% stake.
In addition, the size of the licence area has been extended to accommodate potential mapped extensions of the Barryroe prospect.
Lansdowne shares surged early Tuesday following the news, up 31% to 2.45 pence, while Providence shares were down 0.6% to 21.5 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Lansdowne Oil (LOGP)