Cairn Energy said that it has deferred the planned probe at Frontier Exploration Licence 2/04 pending discussions with partners and the Irish authorities.
Shares in Providence Resources traded down by 8% at £0.23 on London’s Alternative Investments Market on Tuesday morning while Cairn Energy’s stock declined by 7% at £1.84 on the city’s main market.
Providence Resources chief executive Tony O’Reilly said the delay was due to both recent changes in the venture partnership at the licence and the Irish explorer’s efforts to secure financing to drill the well.
“This
