11th Jul 2019 09:33
(Alliance News) - Shares in Providence Resources PLC and Lansdowne Oil & Gas PLC fell Thursday as the Barryroe partners once again failed to receive funding from a partner.
Providence shares were 9.9% lower in London on Thursday morning at 10.50 pence each, with Lansdowne shares 12% lower at 1.86p.
Lansdowne said APEC Energy Enterprises Ltd has missed the July 10 deadline to provide USD9 million for work at Barryroe in the Irish sea on the 1/11 exploration licence.
Lansdowne said the partners have agreed to extend the deadline to Friday, but if they do not get the funds by then or proof money arrives "as a matter of urgency", it will not be extended.
In March 2018, they signed a 50% farm-out with China's APEC, which will pay half of the costs of drilling wells at Barryroe. There have been repeated delays since then in receiving the cash from APEC.
Providence, which didn't put out its own statement on the matter Thursday, owns 40% of the licence, with Lansdowne holding 10% and APEC the rest.
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PVR.LLansdowne Oil