Perseverance holds the key for Providence

The oil exploration company’s shares plunged again last week, but chief executive Alan Linn sees some reasons to be cheerful

Alan Linn, chief executive of Providence Resources, is optimistic about the company’s future: Picture: Fergal Phillips

Long-suffering shareholders in Providence Resources could have been excused for wondering last week if they were ever going to catch a break, as the exploration company’s share price again fell precipitously.

The latest dip followed the much-anticipated announcement of a farm-out deal for its Barryroe oil and gas field off the coast of Cork to a consortium led by Norway’s SpotOn Energy. After years of trying to get a deal over the line and several ...