30th Oct 2020 15:58
(Alliance News) - Providence Resources PLC on Friday said it has extended the exclusivity period with SpotOn Energy to agree a farmout at the Barryoe oil field in the North Celtic Sea basin.
Lansdowne Oil & Gas PLC, also a partner at Barryroe, noted the announcement.
The exclusivity period to finalise farmout terms has been extended to November 30.
Providence Chief Executive Officer Alan Linn said: "Despite the ongoing Covid constraints, we have made excellent progress in agreeing farmout terms, for an interest in Barryroe, to SpotOn Energy, and are working very closely with them to finalise the agreement documentation."
Providence shares were 12% lower at 6.00 pence each in London on Friday afternoon. Lansdowne Oil was down 3.9% at 1.73p.
By Eric Cunha; [email protected]
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