Monday 27 January 2020

Providence offers new CEO share options

Providence's Barryroe site
Providence's Barryroe site
Ellie Donnelly

Ellie Donnelly

Irish oil and gas explorer Providence Resources has offered its new CEO, Alan Linn, the option of buying shares in the group at a price of four pence each, subject to shareholder approval.

The company has agreed to award Mr Linn 15,000,000 options over ordinary shares, equalling a value of £600,000 (€701,182).

The options will be issued under the Providence Resources Employee Share Option Plan 2020, which is being established. However, the award is conditional on the approval of the company's shareholders at a forthcoming extraordinary general meeting.

The options for Mr Linn will vest in three equal tranches on each of the first, second and third anniversaries of the grant date with an exercise price of four pence per share.

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Mr Linn was appointed CEO of the troubled explorer last week.

He replaces Tony O'Reilly Jnr, who stepped down in December after funding of $9m (€8m) from Chinese group Apec, which was to be utilised at Providence's Barryroe prospect, failed to materialise.

Mr Linn has over 35 years of oil and gas industry experience. Having established his career in the UK, he subsequently worked internationally with Lasmo, Cairn Energy, Tullow Oil, Roc Oil, and with Afren as part of a restructuring process. He joins Providence from Third Energy Onshore, where he was CEO.

Following a disastrous 2019 for the company, Providence has no day-to-day business and almost no employees. Its shares traded at around 4.3 pence yesterday, up 3pc.

Irish Independent

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