27th Nov 2020 13:09
(Alliance News) - Providence Resources PLC and Lansdowne Oil & Gas PLC on Friday said they remain in exclusive discussions with SpotOn Energy in relation to a farm out of standard exploration license 1/11.
The standard exploration license 1/11 contains the Barryroe oil and gas field in which the Providence has an 80% stake and Lansdowne has a 20% stake.
In 2019, the oil & gas firms terminated a farm-out agreement with Chinese investors APEC Energy, which failed to provide USD9.0 million in financing for the Barryroe oil project. In July, they announced farmout discussions with SpotOn, stating at the time that binding sheets were in place with all members of SpotOn consortium. In October, both parties extended the exclusivity period to finalise farmout terms to November 30.
Shares in Providence were trading 8.0% higher at 7.72 pence each on Friday morning in London. Lansdowne shares were trading 6.2% higher at 2.15p each.
By Ife Taiwo; [email protected]
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