Business Irish

Friday 28 October 2016

Providence Resources 'working with a number of parties' on progressing Barryroe

Published 17/12/2015 | 07:16

OIL MAN: Providence Resources CEO Tony O’Reilly Jr
OIL MAN: Providence Resources CEO Tony O’Reilly Jr

Oil and gas explorer Providence Resources said "work continues with a number of parties" as it seeks a partner to help it get oil out of the ground at its flagship asset - the Barryroe field off the Cork coast.

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In a trading update issued this morning Providence chief executive Tony O'Reilly Jr said that despite falling commodity prices the company has seen a marked increase in interest in its portfolio.

"The drop in costs, most notably drilling costs, which are now at a 7-year low, is helping to drive this activity.  We are encouraged by ongoing discussions and hope to be in a position to update further in the new year," Mr O'Reilly said.

He said Providence had "agreed the basis" for extending a loan facility with Melody Finance to 2018, and that it would next year seek a farm-out partner for its assets in the Atlantic Margin.

Previously Providence had secured a partner for Barryroe but the deal did not proceed because the unnamed partner was unable to secure the required finance.

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