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.