Inactive Instrument

Providence Resources P.l.c.

Equities

BEY

IE00B66B5T26

Oil & Gas Exploration and Production

Providence Resources : P.l.c. - Barryroe Farmout Update

July 20, 2020 at 02:01 am EDT

Barryroe Farmout Update

Development Consortium Information

Dublin and London – July 20, 2020 – Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Energy Company is progressing Farm out discussions with SpotOn Energy on Exploration Licence SEL1/11, which includes the Barryroe Oil and Gas Field.

SpotOn Energy has confirmed that binding term sheets are now in place with the six consortium members participating the Barryroe Field appraisal and development project. The names of the consortium members will be announced separately.

Providence Resources is now working with SpotOn energy and the members of the consortium to finalise the Farmout work programme.

On finalisation of the Farmout agreement, SpotOn Energy will manage the Barryroe Development, working with the consortium, providing innovative project management and delivering value for all partners.

The “Blue Chip” consortium comprises industry service and supply companies with excellent technical and operational credentials, and extensive experience undertaking projects similar in nature to the Barryroe Oil and Gas Field, which is a shallow water conventional development.

CEO Alan Linn commented: “Barryroe is one of the largest undeveloped oil and gas fields in Europe and, having worked with many of the consortium companies over the years, I am confident that we are introducing a high-quality core project development team with both the capability and capacity to deliver a “World Class” project.

“When fully developed, the Barryroe Field can provide Ireland with locally produced long term energy security.

“This will significantly increase the flexibility Ireland has to manage the transition to carbon neutral by 2050 by supporting the local economy and contributing to energy supply stability, both of which are essential for the full benefits of renewable energy sources to be realised”.

INVESTOR ENQUIRIES
Providence Resources P.l.c.	Tel: +353 1 219 4074
Alan S Linn Chief Executive Officer

J&E Davy	Tel: +353 1 679 6363
Anthony Farrell / John Frain

MEDIA ENQUIRIES	Tel: +353 1 498 0300 / +353 87 255 8300
Murray Consultants Pauline McAlester

Latest news about Providence Resources P.l.c.

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United Oil & Gas Appoints Interim CFO; Shares Plunge	Nov. 23	MT
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Reabold confirms it has not received requisition notice	Nov. 03	AN
EARNINGS AND TRADING: EDX Medical reports loss; Brandshield CFO leaves	23-10-02	AN
Barryroe Offshore Energy plc Announces Resignation of Colin Christie as Chief Financial Officer	23-10-02	CI
Barryroe Offshore Energy plc announced that it expects to receive ?6.35 million in funding from Lorsden Limited	23-10-01	CI
Barryroe hires examiner in bid to avoid liquidation	23-07-31	AN
FTSE 100 Closes Up 0.8% Lifted by Banks	23-06-30	DJ
Market Pricing of BOE's Interest-Rate Rises Seen Excessive	23-06-30	DJ
FTSE 100 Rises as UK Economy Avoids Contraction in 1Q	23-06-30	DJ
UK June House Price Slip Shows Buyer Pressures	23-06-30	DJ
Barryroe Offshore Energy plans to wind down business; shares suspended	23-06-19	AN
Barryroe Offshore Energy Plans to Kick Off Creditors Voluntary Liquidation	23-06-19	MT
AIM WINNERS & LOSERS: Barryroe plunges again; NWF to top market view	23-06-09	AN
Barryroe Offshore warns three weeks of working capital left	23-06-08	AN
Barryroe Offshore warns just three works working capital left	23-06-08	AN
FTSE 100 Closes Down 0.3% Amid Increasing Concerns of Fed's Rate Hike	23-06-08	DJ
Shell Needs to Build Upstream Longevity	23-06-08	DJ
AIM WINNERS & LOSERS: Barryroe Offshore falls as cash runs low	23-06-08	AN
Barryroe woes about funding as Ireland refuses license for top project	23-06-08	AN
Shares mixed amid US debt ceiling nerves	23-05-22	AN
Lansdowne Oil & Gas and Barryroe shares plunge on DECC decision	23-05-22	AN
Lansdown Oil & Gas and Barryroe shares plunge on DECC decision	23-05-22	AN
AIM WINNERS & LOSERS: Lansdowne and Barryroe slump after licence blow	23-05-22	AN

Chart Providence Resources P.l.c.

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Company Profile

Barryroe Offshore Energy PLC is an Ireland-based company, which is engaged in oil and gas discovery offshore Ireland. The Companyâs primary focus is to progress the phased commercial development of the Barryroe Oil and Gas Field. The Company holds an 80% working interest in, and is the operator of, SEL 1/11, which contains the Barryroe oil accumulation. The Barryroe Field is located in approximately 100 meters of water, approximately 50 kilometers (km) offshore Cork, close to the Kinsale gas fields. The Barryroe Field is an undeveloped oil and gas field offshore Europe and independently assesses to contain approximately 350 million barrels of recoverable oil/gas. The Companyâs other assets include Celtic Sea Basin (SEL 2/07 & LU), Southern Porcupine Basin (FEL 3/04) and St. George's Basin (SEL 1/07).

Sector

Oil & Gas Exploration and Production

Calendar

2024-06-27 - Q4 2023 Earnings Release (Projected)

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