29th Jul 2019 11:35
(Alliance News) - Lansdowne Oil & Gas PLC on Monday said the payment from a Chinese partner in the Barryroe oilfield is being processed and the backstop date for the farm-in agreement has been extended again.
Shares in Lansdowne were up 5.4% at 2.16 pence in morning trade in London.
Lansdowne has a 10% stake in Barryroe, located around 50 kilometres off the south coast of Ireland, and noted an announcement from 40% owner Providence Resources PLC.
APEC Energy Enterprises, which owns the rest and agreed to provide funds, missed a payment date as part of a farm-in agreement for Barryroe and the deadline was extended more than once, including to Friday last week.
While, at Friday close, no funds had been received in Providence's account, documentation has been provided by HSBC which showed the USD10 million has been debited from APEC for payment to Providence.
"The documentation confirms that the payment date is still pending due to final processing by HSBC," said Providence.
As such, the partners in the Barryroe project have agreed a further extension to Friday this week.
Shares in Providence were down 1.0% at 11.38 pence on Monday.
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