Irish oil and gas explorer Providence Resources has extended the farm-out agreement in respect of Barryroe with Norwegian group SpotOn Energy by two months. In a statement on Monday Providence said the additional time was required to finalise the agreement with participants in the financing structure. The financing structure has been adjusted to reflect the fact that GIEK is unable to participate in the Barryroe funding consortium in the form originally expected. In November last year the Barryroe partners completed a farm-out agreement with SpotOn Energy, for a 50pc share in SEL 1/11 located off the south coast of Ireland and which includes the undeveloped Barryroe oil and gas field. Providence said today that “the Barryroe partners have been advised that SpotOn is confident of raising the funds set out in the farm-out agreement.”Providence's roots go back to 1981.

Source: Irish Independent March 01, 2021 08:48 UTC