Providence Resources, an Irish based oil and gas exploration company, has completed their preliminary analysis of its Druid prospect, yielding negative results.
Druid, 220 kilometres off the south west coast of Ireland, had been thought to contain 3.2 billion barrels of oil but preliminary data indicates the Druid prospect comprises of a porous water bearing reservoir.
The findings have resulted in the companies shares dropping to as low as 8.625p per share, valuing the company at £51.5 million (€57 million).
The company now plan to drill 1,000 metres below Druid to assess the deeper Lower Cretaceous Drombeg prospect through a single vertical well.
Providence operates and owns 56% of the licence which contains the two targets. Project partners include Capricorn Ireland and Sosina Exploration.
