THE SHARE price of Providence Resources rose by over 9 per cent yesterday after the company said it had identified a possible gas find off the south coast.

Mapping carried out by the company’s partner Nautical Petroleum in one of its Baltimore oil licence options off the south coast has discovered a gas field with similar characteristics to the Kinsale field, which was used to supply the Republic’s natural gas networks for two decades.

The news sparked a sharp rise in the company’s share price on the Dublin Stock Exchange yesterday. Its value increased 9.44 per cent to €1.97 from an opening quote of €1.80.

The Marlin prospect, as the area is known, is 10km northwest of the Kinsale field. It extends beyond Providence’s existing licence area.

The company said yesterday that the partners in the prospect have applied to the Minister for Communications, Marine and Natural Resources, Eamon Ryan, for an extension of the area covered by the licence, and including that mapped by Nautical.

Initial findings suggest there could be up to 74 billion cubic feet of natural gas in the field, meaning that it is potentially commercial.

Providence’s technical director John O’Sullivan said yesterday the Marlin prospect was in the same geological setting as other producing fields in the area.

“In particular, the Marlin prospect demonstrates striking similarities to the nearby Ballycotton gas field, which is a highly successful offshore development.”

Providence is listed on the Dublin and London markets. It is exploring for oil and gas in locations in Ireland, Britain, the US and Europe.

Earlier this year the company said it had identified a significant oil prospect with its western edge in the Irish Sea around 10km from Dublin. The field is known as the Dalkey Island prospect.