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Ireland: Providence terminates farm-out agreement with SpotOn Energy for the Barryroe Licence

Ireland: Providence terminates farm-out agreement with SpotOn Energy for the Barryroe Licence
22 Apr 2021
Providence Resources, the Irish based resource development company, has
terminated the farm-out agreement with SpotOn Energy for the Barryroe Licence and is progressing arrangements for an a
lternative funding package to finance 100% of the costs of the early development scheme ( EDS ) for the Barryroe license (SEL 1/11).
The Barryroe partners have terminated the farm-out agreement with SpotOn because key financing conditions were not met. Providence will now lead the project development and funding arrangements.
Building from the many positive elements of the SpotOn project development and financing model, the Barryroe partners are pursuing a similar development approach, including payment deferrals by individual service providers on equivalent or better terms and a Nordic bond issue. This revised approach will enable Providence to participate in a mu ....

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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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Farm-out Agreement Update

Farm-out Agreement Update
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