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Page last updated at 10:16 GMT, Thursday, 15 March 2012

Ireland's oil find 'good news'

One of Ireland's smallest oil companies has just announced the country's first ever commercial oil find off the coast of County Cork.

Providence Resources told the London Stock Exchange that the well could produce 4,000 barrels of crude a day.

Speaking to the Today programme's Simon Jack, the company's chief executive Tony O'Reilly said that the discovery was a "very good news story for Ireland" and that he hoped it would "put Ireland on the map in oil and gas exploration".

Mr O'Reilly went on to say that he believed the find could get Ireland out of its economic hardship.

"It's about drilling more wells" off the coast of Ireland, he explained.

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