Friday, December 13, 2019

Further Delay in Barryroe Project Loan

June 18, 2019

Ireland's offshore Oil and gas company Providence Resources has again pushed back a deadline to receive $9mln of funding from Apec, its farm-in partner in the key Barryroe site off the south west coast.

The loan from Barryroe's Chinese backer was due by June 14. It is now due to be received in July 5, the company said.

"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," it said.

Subject to receipt of all regulatory consents and required financing, the well-site survey operations are expected to commence Q3 2019.  

The Standard Exploration Licence (SEL) 1/11 is operated by EXOLA (40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited and Lansdowne Celtic Sea Limited (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.

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