drombeg joe brennan shares providence druid friday
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Shares in Providence Resources plummeted by as much as 46 per cent on Friday morning as the oil and gas explorer said that preliminary analysis of drilling of its Druid project 220 kilomoters off the southwest of Ireland indicted the prospected “comprises a porous water-bearing reservoir”.
The company now plans to drill deeper to its so-called Drombeg exploration target, stacked 1,000 meters beneath Druid.
Davy analyst job Lanbroek said that the Druid result “is clearly disappointing, a sentiment likely to be seen in the initial market reaction”.
Shares in Providence slumped to as low as 8.625p per share, valuing the company at £51.5 million (€57 million).