- Ireland-based oil company Providence Resources said chief executive Tony O'Reilly had stood down, with immediate effect.

The company said it had start searching for a replacement.

O'Reilly had agreed to work with the board 'to the extent required' until the end of January to ensure an orderly transfer of his responsibilities, it added

In the interim, his executive functions would be assumed on a temporary basis by chairman Pat Plunkett.

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