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Providence ends farm-out deal with SpotOn Energy


Updated / Thursday, 22 Apr 2021
08:00
Providence s Barryroe project is the most advanced and appraised oil project offshore Ireland
Exploration company Providence Resources said it had terminated the farm-out agreement with SpotOn Energy for the Barryroe Licence off the Irish coast because key financing conditions were not met.
Providence said it will now lead the project development and funding arrangements.
The company said it is progressing arrangements for an alternative funding package to finance 100% of the costs of the early development scheme for the Barryroe license.
SpotOn Energy is a Norwegian company, registered in the UK, which takes a progressive approach to cost effective offshore oil and gas field development. ....

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