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'Gold coast' the target of new hunt for oil

Exploration company says that up to 870 million barrels of oil could be just 10km off the Dublin coast.

EXPLORATION COMPANY PROVIDENCE Resources say that there could be an oil field off the coast of the Dublin suburb of Dalkey.

The oil field could yield up to 870 million barrels of oil, say Providence, who have been searching for oil in the UK and Ireland for 13 years.

Providence holds a 50 percent stake in the Kish Bank Basin- 10km off the Dalkey coast, with the other half owned by Malaysian-owned firm Petronas.

Shares in Providence rose 33 percent on the Dublin Stock Exchange yesterday, reports the Irish Independent. Davy Stockbrokers say that “While considerable risk remains, the prize is large”.

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