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Follow Jamie on: Proactive Oil & Gas weekly highlights: Bahamas Petroleum, Providence Resources, ADM, Union Jack, 88 Energy, Deltic, Advance Energ, Mosman It was another active week in the small-cap oil and gas sector. Bahamas Petroleum Company PLC (LON:BPC) will convene an extraordinary general meeting and it revealed a number of material changes to the business including a £6.9mln capital raise, a new chief executive, and a rebrand to ‘Challenger Energy Group PLC’. Challenger Energy will in the near-term focus on cashflow and production whilst managing a cost cutting initiative to reduce its operational cost by at least 20% to 30%. Eytan Uliel, currently commercial director, will become the company’s new chief executive and Simon Potter is to transition to a non-executive director role, effective from May 20. ....
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 ....
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. ....