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Thu 07 Jul 2007O'Reilly firm builds stake in Island OilIrish oil and gas exploration group Providence Resources, which is headed by Tony O'Reilly jnr, is believed to have built up a stake of 1.5 per cent in Island Oil & Gas.Providence is believed to have bought its shares in May when Island, which is listed on London's Alternative Investment Market, completed a £13.7 million fund-raising from the placing of 35.25 million shares at 39 pence each. This was supported by existing and new private and institutional shareholders.