Share Name Share Symbol Market Type Share ISIN Share Description
PROVIDENCE RESOURCES PLC NEX:PVR.GB NEX Ordinary Share IE00B66B5T26
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 7.50p 0.00p 0.00p 7.50p 7.202p 7.50p 52,973 16:30:07
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

PROVIDENCE RES. Providence Resources P.L.C. - Update On Barryroe Farm-Out - Further Extension To Backstop Date

11/07/2019 7:10am

UK Regulatory (RNS & others)


 
TIDMPVR 
 
 
   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 
 
   FOR IMMEDIATE RELEASE 
 
   UPDATE ON BARRYROE FARM-OUT TRANSACTION 
 
   Dublin and London -- July 11, 2019 - Providence Resources P.l.c. (PVR LN, 
PRP ID), the Irish based Energy Company ("Providence" or the "Company"), 
today provides a commercial and operational update in relation to 
Standard Exploration Licence ("SEL") 1/11 which contains the Barryroe 
oil accumulation (the "Barryroe Project").  SEL 1/11 is operated by 
EXOLA DAC ("EXOLA" or the "Operator", 40%), a wholly-owned Providence 
subsidiary, on behalf of its partners, APEC Energy Enterprises Limited 
("APEC") and Lansdowne Celtic Sea Limited ("Lansdowne", 10%).  The area 
lies in c. 100 metre water depth in the North Celtic Sea Basin and is 
located c. 50 km off the south coast of Ireland. 
 
   Background 
 
   On June 5, 2019, the Company announced that it had agreed certain 
amendments to the Farm-Out Agreement (the "Updated FOA") for the 
Barryroe Project with APEC Energy Enterprises Limited ("APEC") and, 
together with EXOLA and Lansdowne, the "Barryroe Partners", including a 
revised backstop date with APEC for receipt of the US$ 9 million loan 
advance to June 14, 2019, which was subsequently extended to July 5, 
2019.  On July 8, 2019, the Company advised that it had received a 
remittance notification dated July 5, 2019 from APEC's funder for the 
transfer of US$ 10 million in favour of Providence's bank account in 
Dublin with a payment date of July 9, 2019.  Of this amount, US$ 9 
million was to cover EXOLA front-end and pre-drill costs with US$ 1 
million to cover APEC costs. Therefore, a backstop extension to July 10, 
2019 was agreed with APEC to allow for the receipt of funds. 
 
   Non-Receipt of Funds and Extension of Backstop Date 
 
   As of the close of business yesterday, no funds had been received in the 
Company's account and the Company has not received any additional 
paperwork from the APEC funder nor its corresponding bank as to verify 
the actual transfer of funds.  However, the Company has been given 
assurances that the transfer process is underway, but as of last night 
was not complete.  The Barryroe Partners are seeking immediate 
clarification from APEC's funders and its banks on the precise status of 
the transfer.  Accordingly, to facilitate this, the Barryroe Partners 
have agreed to extend the backstop date to close of business on Friday, 
July 12, 2019.  Should EXOLA and Lansdowne either not receive the 
required funds or adequate evidence that the transfer will be processed 
as a matter of urgency, the Board do not envisage giving any further 
extensions to the backstop date. 
 
   Further announcements will be issued when and as appropriate. 
 
 
 
 
INVESTOR ENQUIRIES 
-------------------------------------- 
Providence Resources P.l.c.             Tel: +353 1 219 4074 
Tony O'Reilly, Chief Executive Officer 
 
Cenkos Securities plc                   Tel: +44 131 220 9771 
Neil McDonald/Derrick Lee 
 
J&E Davy                                Tel: +353 1 679 6363 
Anthony Farrell 
 
Mirabaud Securities Limited             Tel: + 44 20 3167 7221 
Peter Krens 
 
 
MEDIA ENQUIRIES 
-------------------------------------- 
Powerscourt                             Tel: +44 207 250 1446 
Peter Ogden 
 
Murray Consultants                      Tel: +353 1 498 0300 
Pauline McAlester 
 
 
   ANNOUNCEMENT & FORWARD-LOOKING STATEMENTS 
 
   This announcement contains certain forward-looking statements. Actual 
results may differ materially from those projected or implied in such 
forward-looking statements. Such forward-looking information involves 
risks and uncertainties that could significantly affect expected 
results. No representation is made that any of those statements or 
forecasts will come to pass or that any forecast results will be 
achieved. You are cautioned not to place any reliance on such statements 
or forecasts. Those forward-looking and other statements speak only as 
at the date of this announcement. Providence Resources P.l.c undertakes 
no obligation to update any forward-looking statements. 
 
   This announcement has been reviewed by Dr John O'Sullivan, Technical 
Director, Providence Resources P.l.c.  John is a geology graduate of 
University College, Cork and holds a Masters in Applied Geophysics from 
the National University of Ireland, Galway. He also holds a Masters in 
Technology Management from the Smurfit Graduate School of Business at 
University College Dublin and a doctorate in Geology from Trinity 
College Dublin.  John is a Chartered Geologist and a Fellow of the 
Geological Society of London.  He is also a member of the Petroleum 
Exploration Society of Great Britain, the Society of Petroleum Engineers 
and the Geophysical Association of Ireland. John has more than 25 years 
of experience in the oil and gas exploration and production industry 
having previously worked with both Mobil and Marathon Oil.  John is a 
qualified person as defined in the guidance note for Mining Oil & Gas 
Companies, March 2006 of the London Stock Exchange. Definitions in this 
press release are consistent with SPE guidelines. SPE/WPC/AAPG/SPEE 
Petroleum Resource Management System 2007 has been used in preparing 
this announcement. 
 
   ABOUT PROVIDENCE RESOURCES PLC 
 
   Providence Resources is an Irish based Oil & Gas Energy Company with a 
portfolio of appraisal and exploration assets located offshore Ireland. 
Providence's shares are quoted on the AIM in London and the Euronext 
Growth Market in Dublin. Further information on Providence can be found 
on 
https://www.globenewswire.com/Tracker?data=bh0fDM1aP5B_6NHSHYZFUmdoxqEl5-f-a6PcRM-E7fvI-2fp5567oQ6UW9tm9fKAR1XITQnBDBCXb4jE8Dgdvi2QjQsnqbmYhT8u3FePH4rU_MFMWK3Ghvj_qQhbp576 
www.providenceresources.com 
 
   ABOUT APEC ENERGY ENTERPRISE LIMITED 
 
   APEC Energy Enterprise Ltd. was established in 2014 as a Hong Kong 
registered company with headquarters in Beijing. In addition to its 
original focus on offshore oil & gas services, APEC provides upstream 
energy acquisition advice and management services in partnership with 
Chinese Oil Companies, offshore and onshore service providers, and SOE 
investment groups. 
https://www.globenewswire.com/Tracker?data=bh0fDM1aP5B_6NHSHYZFUlvJKnJByEAKlOtbfvok0q8WZZEtY3jrLtj1H47SrAcHItxoibU4ELAC2-fgaS1FqUZybOkqfL33YqQIQK0CJYQ= 
www.apecenergy.com. 
 
   ABOUT LANSDOWNE OIL & GAS PLC 
 
   Lansdowne Oil & Gas is a North Celtic Sea focussed oil and gas 
exploration company quoted on the AIM market and headquartered in 
Dublin. Lansdowne holds acreage in the north Celtic Sea Basin, Ireland. 
For more information on Lansdowne, please refer to 
https://www.globenewswire.com/Tracker?data=bh0fDM1aP5B_6NHSHYZFUt2VOCwKenYgAb9PA3sk6wxyNxuZgdbGEskOU7nFPlsylB4-vrSGpEScdThT3zXTsszkTTnd5hmbg5wsECcLTf9BVBxTEVMnULFnNd4wxwSC 
www.lansdowneoilandgas.com 
 
 
 
 
 
 

(END) Dow Jones Newswires

July 11, 2019 02:10 ET (06:10 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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