PROVIDENCE RES. Providence Resources P.L.C.: Exclusivity Extension With Spoton Energy In Sel 1/11 (Barryroe Licence)
30 October 2020 - 6:00PM
UK Regulatory
TIDMPVR
Dublin and London -- 30 October 2020 - Providence Resources P.l.c. (PVR
LN, PRP ID), the Irish based resource development company ("Providence"
or the "Company"), is finalising the commercial terms of a farm-out of
the Barryroe licence with SpotOn Energy. In order to facilitate full
completion of the farmout documentation we have agreed to extend the
exclusivity period to November 30(th) , 2020.
CEO Alan Linn commented;
"Despite the ongoing Covid constraints, we have made excellent progress
in agreeing farmout terms, for an interest in Barryroe, to SpotOn Energy,
and are working very closely with them to finalise the agreement
documentation. The farmout is structured to ensure that the development
is fully funded and includes an Early Development Scheme (EDS) work
programme for the Barryroe oil and gas field located in Standard
Exploration Licence 1/11. It is important that the partnership
agreements and work programme are comprehensively documented and this
process requires some additional time to complete".
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
Murray Consultants Tel: +353 87 6909735
Joe Heron
(END) Dow Jones Newswires
October 30, 2020 03:00 ET (07:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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