Latest Barryroe setback could end up being good news for Providence investors Market Beat: Explorer has yet to deliver on long-standing ‘black gold’ hype
about 5 hours ago
Investors in oil and gas exploration stocks need a strong constitution at the best of times. But followers of Providence Resources have had to be a breed unto themselves.
Shares in the company slumped as much as 22 per cent within an hour of trading getting underway in London on Thursday as the market digested news that a partnership to develop the group’s much-hyped Barryroe oil and gas field 50km off the Cork coastline had fallen through.
Providence to go it alone on Barryroe as third partnership collapses Company has terminated a so-called farm-out agreement with Norway’s SpotOn
about 2 hours ago
Providence Resources said on Thursday it plans to proceed alone to bring its Barryroe oil and gas field south of the Cork coastline to production as a third planned development partnership has fallen through.
The company, led by chief executive Alan Linn, said that it has terminated a so-called farm-out agreement with Norway’s SpotOn, which was supposed to ultimately receive a 50 per cent stake in the project subject to completing a $166 million (€138 million) fundraising to develop the field.
Barryroe Farm-Out Suffers Delay
Summary The deadline for closing the deal has been extended by two months until the end of April.
by: Joe Murphy
Posted in:
Barryroe Farm-Out Suffers Delay
Irish explorer Providence Resources has agreed to extend the deadline for closing a farm-out to Norway s SpotOn Energy at the Barryroe oil and gas field off Ireland s south coast by two months until April 30, it said on March 1.
The farm-out, agreed at the start of December, will see SpotOn take a 50% stake in Barryroe, Ireland s largest oil discovery. In return, the company and a group of international service providers will fund, develop and bring the project to production.
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.