PROVIDENCE RES. Update On Barryroe Farm-out Transaction
17 June 2019 - 4:00PM
UK Regulatory
TIDMPVR
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
UPDATE ON BARRYROE FARM-OUT TRANSACTION
Dublin and London -- June 17, 2019 - Providence Resources P.l.c. (PVR LN,
PRP ID), the Irish based Energy Company ("Providence" or the "Company"),
today provides a commercial and operational update in relation to
Standard Exploration Licence ("SEL") 1/11 which contains the Barryroe
oil accumulation (the "Barryroe Project"). SEL 1/11 is operated by
EXOLA DAC ("EXOLA" or the "Operator", 40%), a wholly-owned Providence
subsidiary, on behalf of its partners, APEC Energy Enterprises Limited
("APEC") and Lansdowne Celtic Sea Limited ("Lansdowne", 10%). The area
lies in c. 100 metre water depth in the North Celtic Sea Basin and is
located c. 50 km off the south coast of Ireland.
Background
On June 5, 2019, the Company announced that it had agreed certain
amendments to the Farm-Out Agreement (the "Updated FOA") for the
Barryroe Project with APEC Energy Enterprises Limited ("APEC") and,
together with EXOLA and Lansdowne, the "Barryroe Partners", including a
revised backstop date with APEC for receipt of the US$ 9 million loan
advance to June 14, 2019. Pursuant to the terms of the Updated FOA,
this US$ 9 million loan is to cover the costs associated with front-end
well-site survey operations and pre-drill well consenting.
Further Extension Agreed up to July 5, 2019
Due to delays associated with internal transaction processing with their
investors, APEC have formally requested a further extension of time for
the payment of the initial US$ 9 million loan. EXOLA and Lansdowne have
agreed to this further extension of the backstop date to no later than
July 5, 2019.
Well Site Survey Operations
Subject to receipt of all regulatory consents and required financing,
the well-site survey operations are expected to commence Q3 2019. The
Company will issue a further update in due course.
INVESTOR ENQUIRIES
--------------------------------------
Providence Resources P.l.c. Tel: +353 1 219 4074
Tony O'Reilly, Chief Executive Officer
Cenkos Securities plc Tel: +44 131 220 9771
Neil McDonald/Derrick Lee
J&E Davy Tel: +353 1 679 6363
Anthony Farrell
Mirabaud Securities Limited Tel: + 44 20 3167 7221
Peter Krens
MEDIA ENQUIRIES
--------------------------------------
Powerscourt Tel: +44 207 250 1446
Peter Ogden
Murray Consultants Tel: +353 1 498 0300
Pauline McAlester
FORWARD-LOOKING STATEMENTS
This announcement contains certain forward-looking statements. Actual
results may differ materially from those projected or implied in such
forward-looking statements. Such forward-looking information involves
risks and uncertainties that could significantly affect expected
results. No representation is made that any of those statements or
forecasts will come to pass or that any forecast results will be
achieved. You are cautioned not to place any reliance on such statements
or forecasts. Those forward-looking and other statements speak only as
at the date of this announcement. Providence Resources P.l.c undertakes
no obligation to update any forward-looking statements.
ABOUT PROVIDENCE RESOURCES PLC
Providence Resources is an Irish based Oil & Gas Exploration Company
with a portfolio of appraisal and exploration assets located offshore
Ireland. Providence's shares are quoted on the AIM in London and the
Euronext Growth Market in Dublin. Further information on Providence can
be found on
https://www.globenewswire.com/Tracker?data=2bKwIMF7yH7moKkGrQdbMzS52-HGfqJ06daf_iwdJjoK6ub7ubhC23mUZHxNYBf9OhjZ7DYTMQHs58fC1ADJWEeGlFUSuPYtQtNr_h98X3iN8oIvwM0nD7NZVSsdTO1O
www.providenceresources.com
ABOUT APEC ENERGY ENTERPRISE LIMITED
APEC Energy Enterprise Ltd. was established in 2014 as a Hong Kong
registered company with headquarters in Beijing. In addition to its
original focus on offshore oil & gas services, APEC provides upstream
energy acquisition advice and management services in partnership with
Chinese Oil Companies, offshore and onshore service providers, and SOE
investment groups.
https://www.globenewswire.com/Tracker?data=2bKwIMF7yH7moKkGrQdbM7KnFDyyzUFI0ic6odo38vc6mJcn6Own6fix1ef_Uc-yV2Hd6jIKL8Ig5VMGMU90uy0C8-537UkFTbfufUo11WI=
www.apecenergy.com.
ABOUT LANSDOWNE OIL & GAS PLC
Lansdowne Oil & Gas is a North Celtic Sea focussed oil and gas
exploration company quoted on the AIM market and headquartered in
Dublin. Lansdowne holds acreage in the north Celtic Sea Basin, Ireland.
For more information on Lansdowne, please refer to
https://www.globenewswire.com/Tracker?data=2bKwIMF7yH7moKkGrQdbM98uZYizLWvCEUltWF9b3FwT6ElS4ncJJ7plrMdHxoglfYvgxWOQVphhxxIVC7bfkfyWZmsIKUxdNAuOBMVAekyWLhwVgnEpzG9eJqt5ZBJR
www.lansdowneoilandgas.com
(END) Dow Jones Newswires
June 17, 2019 02:00 ET (06:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Providence Resources (LSE:PVR)
Historical Stock Chart
From Apr 2024 to May 2024
Providence Resources (LSE:PVR)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about Providence Resources Plc (London Stock Exchange): 0 recent articles
More Providence Resources Plc News Articles