MCD has announced Oxegen will return this summer, ending months of speculation about the festival's future.

The news was confirmed on Twitter this morning.

We are back!!! Punchestown, Aug Bank hol weekend. First #OXEGEN2013 acts announced on Monday

— Oxegen (@oxegenofficial) April 19, 2013

However it takes place on the August Bank Holiday weekend at Punchestown Racecourse in Co Kildare, instead of it's usual run in July.

The festival is also being scaled down this year from a capacity of 80,000 to 50,000 people.

The line up will be revealed on Monday morning and early bird tickets go on sale next week.