9th Aug 2019 11:48
(Alliance News) - Providence Resources PLC on Friday said that regulators have approved a site survey of the Barryroe oil field located in the Celtic Sea.
Providence, through its subsidiary EXOLA DAC, operates the Barryroe field alongside APEC Energy Enterprises Ltd and London-listed Lansdowne Oil & Gas PLC.
Following the approval from the Irish Department of Communications, Climate Action & Environment, the Barryroe operators will undertake a seabed debris clearance, and an environmental and habitat assessment.
In November 2018, An Taisce, the National Trust for Ireland, requested a judicial review to challenge the legality of the Barryroe operators being awarded permission to perform the survey.
The site survey is expected to commence later in August once Providence receives an outstanding USD9.0 million payment from APEC, as part of a farm-out agreement, or unless alternative financing arrangements are made before then.
The deadline for the financing was on Monday extended to August 12 from August 2, due to the loan payment still going through final processing by bankers HSBC, Providence said.
Shares in Providence were up 2.9% at 9.00 pence each in London on Friday morning and shares in Lansdowe were up 0.5% at 2.06p each.
Related Shares:
PVR.LLansdowne Oil