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Providence Resources adds to its board

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Barryroe

Barryroe

Barryroe

Irish oil and gas explorer Providence Resources has appointed Andrew Mackay as a non-executive director, effective immediately.

Mr Mackay (69) has over 40 years’ experience in the industry.

He founded NRG Group in 1988 and served as CEO since.

He has extensive experience in the upstream oil and gas business, including service company engineering positions in the early years, through senior drilling engineering positions for Saudi Aramco, followed by four years in the UK government’s oil and gas division.

Pat Plunkett, chairman of Providence Resources said:"The board is delighted that Andrew has agreed to join our board.

Andrew’s depth of knowledge, experience and contacts in the oil and gas sector will be very important as we move forward with Barryroe. He will be a valuable addition to the board, and we look forward to working with him going forward.”

Late last year Providence paid Tony O’Reilly jnr €493,500 to terminate his contract, as losses at the company shot up and shareholders were forced to raise cash to bailout the company.

At year-end December 31 Providence had losses of €26m, while net assets were €59m.

In October last year Providence said it would no longer extend the deadline to receive a $9m loan from Chinese backer Apec, in what was the latest in a series of delays with the money being transferred.

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