Barryroe Farm-Out Suffers Delay
Summary
The deadline for closing the deal has been extended by two months until the end of April.
by: Joe Murphy
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Barryroe Farm-Out Suffers Delay
Irish explorer Providence Resources has agreed to extend the deadline for closing a farm-out to Norway's SpotOn Energy at the Barryroe oil and gas field off Ireland's south coast by two months until April 30, it said on March 1.
The farm-out, agreed at the start of December, will see SpotOn take a 50% stake in Barryroe, Ireland's largest oil discovery. In return, the company and a group of international service providers will fund, develop and bring the project to production.