27th Aug 2019 13:38
(Alliance News) - Lansdowne Oil & Gas PLC said on Tuesday the partners in the Barryroe oil project have agreed to issue yet another extension to the loan backstop date, this time to September 2.
Lansdowne owns 10% of Barryroe, while operator Providence Resources PLC's stake is 40%, through its subsidiary EXOLA DAC. China's APEC Energy Enterprises, which owes the loan, holds the remaining stake.
APEC agreed to give a USD9 million cash injection to fund work on the field, located offshore, about 50 kilometres from the south coast of Ireland.
The farm-out agreement initially included a provision for APEC to provide the loan by June 14, though the backstop has been extended several times since, eventually to next Monday.
Lansdowne said EXOLA has not received any funds from APEC but has been given assurances that the loan is in the process of being paid.
Shares in Lansdowne were down 8.6% at 1.48 pence each in London on Tuesday afternoon. Providence was down 5.5% at 6.86p.
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