Ireland: Providence Resources announces extension of Barryroe farm-out agreement
01 Mar 2021
Providence Resources, the Irish based resource development company, has announced an extension to the farm-out agreement for the
Barryroe licence.
Additional time required to finalise agreement with participants in financing structure
No change to overall development proposal
Providence announces that it has agreed to extend the current farm-out agreement with
SpotOn Energy by an additional two months, until April 30th, 2021. The overall structure of the farm-out as set out below remains and SpotOn’s funding obligations remain unchanged. However, the conditions to be fulfilled to attract investment from the Norwegian Export Credit Agency (GIEK), have altered from those originally proposed. SpotOn are negotiating a restructuring of the funding components and the extension is designed to provide time to complete the funding.
Irish oil and gas explorer Providence Resources has extended the farm-out agreement in respect of Barryroe with Norwegian group SpotOn Energy by two months.
PROVIDENCE Resources says it is “not currently involved in any merger discussions” after a report that the Norwegian firm that is its partner in the Barryroe offshore field had made a merger proposal.
Ireland s Providence Denies Merger Talks
Feb 8, 2021 3:30:pm
Summary The Irish press reported over the weekend that Providence had been approached by Norway s SpotOn Energy, set to become its partner at Barryroe.
by: Joe Murphy
Posted in:
Irish junior Providence Resources has denied holding merger talks, following a report by Ireland s
Business Post on February 7 claiming that the company had been approached by Norway s SpotOn Energy with an offer.
Providence and its partner Lansdowne Oil & Gas reached an agreement in December on farming out a 50% interest in the Barryroe oil and gas field off Ireland s south coast to SpotOn, in order to fund further project work.
PROVIDENCE Resources says it is “not currently involved in any merger discussions” after a report that the Norwegian firm that is its partner in the Barryroe offshore field had made a merger proposal.