Providence Resources says UK Supreme Court refuses appeal application

(ShareCast News) - Providence Resources said the UK Supreme Court has refused its application to appeal an earlier court ruling in a legal case against Transocean Drilling UK Ltd, a subsidiary of Transocean Ltd."By order dated 2 November, 2016, the Supreme Court ordered that permission to appeal be refused as the appeal does not raise a point of law of general public importance," Providence Resources said in a statement.It had sought the Supreme Court's permission to appeal a Court of Appeal decision handed down on 13 April, 2016.The litigation arose from the use of the semi-submersible drilling unit, Arctic III, on the Barryroe oilfield offshore Ireland."With this matter behind us, we will continue to develop our very significant portfolio of assets offshore Ireland, with a particular focus on the farm-out processes for Barryroe and Spanish Point as well as our preparations for the planned drilling of Druid in 2017," said chief executive Tony O'Reilly.At about 16:14 GMT, shares in AIM-listed Providence Resources were flat at 10.38p.