Tel: +353 1 219 4074. Alan S Linn, Chief Executive Officer. A Pageant Holdings spokesperson said:"We remain committed to the development of the Barryroe field and bringing this extremely attractive project into production. "To maintain development pace and demonstrate their continuing and material support for the project, Pageant Holdings, a substantial shareholder, has made an offer to underwrite a capital raise for US$2.5m at 3p per share. Ireland-based oil and gas firm Providence Resources has terminated the farm-out agreement with SpotOn Energy for the offshore block in Ireland containing the Barryroe oil and gas discovery. Enbridge Inc. kept its Line 5 crude oil pipeline operating May 12 as the company fought in court against Gov. OE Staff the farm-out agreement with SpotOn Energy for the offshore block in Ireland containing the Barryroe oil and gas discovery. Providence Resources, the Irish based resource development company, has announced an extension to the farm-out agreement for the Barryroe licence. Comet Ridge Ltd., Brisbane, has been awarded a new exploration permit in the Bowen basin of Queensland directly east of its three permits and two production licences in the region. Barryroe Farmout Update Development Consortium Information Dublin and London – July 20, 2020 – Providence Resources P.l.c. Providence shares slumped as much as 22 per cent within an hour on Thursday as the market digested news that a partnership to develop Barryroe. Processing capability will include oil-water separation, gas injection-power generation, and flow assurance. Providence has government approval to undertake an offshore site survey at the K-site location. Providence will now lead the project development and funding arrangements. Providence Resources denies media speculation of SpotOn merger 8 th Feb 2021; Providence Resources progresses talks with SpotOn over Barryroe investment 20 th Jul 2020; Providence Resources provides update on Barryroe field 13 th Feb 2020 Providence Resources CEO Alan Scott Linn presents at the Proactive One2One Virtual Investor Forum Providence Resources – Fast Tracking Barryroe Development Providence Resources 'offering investors a unique opportunity' ahead of next wave of activity The early development scheme will be of considerable benefit to the local economy and contribute to Ireland’s energy security as we move towards a low carbon economy.”. The work is scheduled to be complete before end 2021 ahead of a planned drilling program during second-half 2022. The interim funding offer from Pageant Holdings is very welcome and a confirmation of their continuing support for the value potential of the development. "Building from the many positive elements of the SpotOn project development and financing model, the Barryroe partners are pursuing a similar development approach, including payment deferrals by individual service providers on equivalent or better terms and a Nordic bond issue. The prior Chinese farm-out and development plan was centred on the project’s oil potential, but, according to Providence, Barryroe also has a meaningful gas element – which may have strategic implications for the company, Ireland and the government. During 2017, the Barryroe partners were granted a 2-year extension to the current phase of the Barryroe licence (SEL 1/11) to July 2019 as well as an extension to the term of the 2nd phase to July 2021. J&E Davy. Under the agreement signed last year, SpotOn was to become the operator of the block, and was expected, with its consortium of leading oilfield services providers including Schlumberger, Maersk Drilling, Keppel FELS and Aker Solutions, Aibel, and AGR, to fund a 100% of the early development program costs and the full field development. Oil and gas company Providence Resources has terminated its farm-out agreement with SpotOn Energy for the Barryroe project off Ireland because the key financing conditions have not been met.. Providence, as the operator of the project, signed the farm-out agreement with SpotOn Energy for the offshore block in Ireland containing the Barryroe oil and … EDS is based upon the economic recovery of 48 million bbl oil or 16% of the independently assessed 2C resources within the license area. Processing capability will include oil processing/water and gas injection/power generation and flow assurance facilities. Providence Resources' Barryroe Oil Field - Oil in Place Resource Update Providence Resources' Barryroe Oil Discovery The newly-increased holding puts the pair in the top five holders of shares in Providence as the company embarks on a major push to finally develop its Barryroe oil discovery. TC Energy Corp., Calgary, has named Joel Hunter to succeed Don Marchand as executive vice-president and chief financial officer, effective Aug. 1. Providence owns 80 per cent of Barryroe; Landsdowne Oil and Gas the other 20. After nearly a year of robust supply restraint from OPEC and its allies, bloated world oil inventories that built up during last year’s COVID-19 demand shock have returned to more normal levels, according to the IEA's latest monthly Oil Market Report. Providence CEO Alan Linn commented: “Having actively supported SpotOn over the past year it is disappointing that it’s become necessary to terminate the farm-out process with them. Providence Resources PLC terminated the Barryroe license (SEL 1/11) farm-out agreement with SpotOn Energy and is pursuing alternative funding to finance the early development scheme (EDS). Providence Resources PLC (LON:PVR) shares recovered strongly through Thursday’s trade as investors warmed somewhat to the company’s new self-help strategy to take forward the Barryroe oil project. All rights reserved. Providence Resources P.l.c., (‘Providence’) the Irish oil and gas exploration and development company, whose shares are quoted in London (AIM) and Dublin (ESM), has provide a resource update on the Barryroe oil field in the North Celtic Sea Basin, offshore Ireland. Providence Resources is a Public Limited Company. Providence Resources P.l.c.. Government consent for Barryroe site survey. (PVR LN, PRP ID), the Irish based resource development company (“Providence” or the “Company”), is pleased to announce Government approval to undertake a seabed and shallow geophysical survey and an environmental baseline … Providence was independently verified as containing large volumes of both gas and oil. ", The Barryroe early development scheme is an attractive investment which offers excellent returns, even in a low oil price environment. Providence, with its partner Lansdowne, had in November 2020 agreed to farm out a 50% working interest in SEL 1/11 offshore license containing the Barryroe field to the Norwegian firm SpotOn, months after it started the farm-out talks. "Providence will now lead the project development and funding arrangements," Providence said. SEL 1/11 is operated by Exola DAC (80%), a wholly owned subsidiary of Providence, on behalf of partner Lansdowne Celtic Sea Ltd. (20%). Development Consortium Information – Market Release. Fri, Apr 23, 2021, 15:46. Providence Resources has said the development of its Barryroe oil and gas field, off the Cork coast, remains on track despite the breakdown of its … In 2015 it attempted partnership with Sequa Resources, and in 2018–2020 partnered with Chinese APEC Energy, both without success. This revised approach will enable Providence to participate in a much greater share of the value of the Barryroe asset than was proposed under the SpotOn structure," Providence said. Petronas Energy Canada Ltd. (PECL) will purchase 10% interest in the North Montney (NM) joint venture from Japan Petroleum Exploration Co. Ltd. (JAPEX) subsidiary JAPEX Montney Ltd. A Senate committee once again heard testimony about problems created by the moratorium on federal oil and gas leasing, this time with a focus on the offshore, but the senators came no closer to eliciting clarity on when the moratorium will end. The latest farm-out deal has come and gone, and now Providence says it will lead project development and funding arrangements. "Subject to a successful completion of the various technical workflows and funding plus various government approvals, the Barryroe partners remain confident that the overall project schedule will be achieved," Providence said.The early development scheme includes three production wells with horizontal completions into the A-sand reservoir; One water injection well into the A-sand reservoir; Subsea production trees with manifold and umbilicals tied back to a leased FPSO. For context, though, the 48mln barrels represents only 16% of the whole Barryroe oil resource. According to Providence, the Barryroe early development scheme has the potential to deliver "exceptional value" for Providence. Providence Resources says going solo at Barryroe will be very beneficial for shareholders. Providence Resources P.l.c. Ampol (formerly Caltex Australia) and Viva Energy will keep their oil refineries operating until at least 2027 following a $2.3 billion (Aus.) April 22, 2021. The farm-out was terminated because key financing conditions were not met. The Early Oil Development Scheme is based upon the economic recovery of approximately 48 million barrels of oil or 16% of the independently assessed 2C resources within the SEL 1/11 license area. Barryroe Description Barryroe, located in the north Celtic Sea Basin, off the south coast of Ireland, has had six wells successfully drilled on the structure. DUBLIN, Ireland – Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based resource development company (“Providence” or the “Company”), announces an extension to the farm-out agreement for the Barryroe licence. Equinor and Algerian state-owned Sonatrach signed a memorandum of understanding (MoU) to examine cooperation regarding oil and gas exploration and production in Algeria and internationally. (PVR LN, PRP ID), the … Dublin and London – 8 February - Providence Resources P.l.c. Barryroe, located around 50 km off the south coast of Ireland in shallow water (around 100 meters water-depth) has been dubbed one of the largest undeveloped oil and gas discoveries offshore Europe. Providence Resources – Fast Tracking Barryroe Development Click here to view more Providence Resources is an Irish based Oil and Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland. subsidy deal with the Australian government. "We have been encouraged by the support we are receiving from service providers and banks and the commitments being offered to work with us in progressing the project. An unknown pair of investors have boosted their stake in Providence Resources, the beleaguered Irish oil and gas exploration company. Barryroe Farmout Update. Ireland-based oil and gas firm Providence Resources has terminated the farm-out agreement with SpotOn Energy for the offshore block in … Estimates for the project envisage Barryroe is worth US$560mln (net present value) to Providence based on the recovery of some 48mln barrels of crude and assuming an oil price of around US$60 per barrel. We are currently working with key service providers to structure direct long-term partnerships on a risk/ reward basis and we are also in discussions with brokers to raise a Nordic bond. Providence, with its partner Lansdowne, had in November 2020 agreed to farm out a 50% working interest in SEL 1/11 offshore license containing the Barryroe field to the Norwegian firm SpotOn, months after it started the farm-out talks. Dublin-based explorer Providence Resources has enlisted the world’s largest oil-field services company, Schlumberger, as part of a consortium to develop the Barryroe … The Barryroe well: Providence Resources has stated that Barryroe could yield 350 million barrels of oil, enough to supply all the Republic’s needs … Providence Resources Plc Questions and Answers Why have the Barryroe partners terminated the agreement with SpotOn? SpotOn Energy gains exclusivity for Barryroe farm-in. EOG Resources Inc. has promoted Jeffrey R. Leitzell to executive vice-president, exploration and production, joining the executive management team effective immediately. Barryroe—in the North Celtic Sea basin about 50 km off the south coast of Ireland in 100 m of water—is one of the largest undeveloped oil and gas fields offshore Europe (OGJ Online, Dec. 1, 2020). the farm-out agreement with SpotOn Energy for the offshore block in Ireland containing the Barryroe oil and gas discovery. Higher crude oil prices have yet to trigger rebound in US shale oil, according to International Energy Agency (IEA) analysis. Providence Resources P.l.c., ("Providence") the Irish oil and gas exploration and production company, whose shares are quoted in London (AIM) and Dublin (ESM), is pleased to provide a resource update on the Barryroe oil field in the North Celtic Sea Basin, offshore Ireland (Xetra: A0Q8L3 - news) . Murray Consultants With the calibre of the service groups engaged in the project, coupled with strong capital markets, we believe this attractive asset will finally be developed.”The planProvidence has an existing government approval to undertake an offshore site survey at the K- site location, and this work is scheduled to be completed before the end of 2021, ahead of a planned drilling program during 2H 2022. The Pageant Offer remains open until June 30, 2021. Dublin and London – 30 October 2020 - Providence Resources P.l.c. 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