Irish oil and gas exploration firm Providence Resources said today that total oil production is expected to rise six-fold this year following the purchase of an onshore UK field.
Providence said total production will be about 720 barrels of oil equivalent a day after it bought 79 per cent of the Singleton oil field in southern England from Star Energy Group.
"This year, we have gone from a company with relatively marginal production to one with a production profile that can generate meaningful cash flow," said chief executive officer Tony O'Reilly jnr.
The deal lifts Providence's share in Singleton to more than 99 per cent and boosts its production from the field to 600 barrels of oil equivalent a day from 120 barrels a day.