Liberum Capital today began its coverage on Irish oil firm Providence Resource (LON:PVR) with ‘buy’ recommendation and an ambitious 650p price target, which suggests the shares could more than triple in value from the current price of 202p.

PEOPLE IN the west of Ireland have been urged by a parish priest to inform themselves about the controversial gas extraction method known as “fracking” and not to lose their beautiful landscape “without a fight”.

Despite the mounting swell of criticism from economists, commentators, campaigners and politicians, Pat Rabbitte is stubbornly insisting on granting more exploration licences – on Ireland’s notoriously bad terms – to companies keen to extract Ireland’s oil and gas reserves. In a stunning display of contempt for democracy, he has said that he will go ahead and issue the licences under the current round, regardless of (and even in advance of) the outcome of an upcoming Oireachtas committee review of the issue.

When Shell aren’t spilling oil in Nigeria, they’re finding new ways to otherwise lose it. According to reports, one third of Shell’s daily oil extraction in Nigeria – some 300,000 barrels per day – is currently shut in at the Adibawa oil field in Bayelsa State. Shell declared a “force majeure” on 23 August, suspending global shipments of Nigerian crude oil until the end of October.