Providence gets permission for Barryroe site survey

Irish oil and gas company Providence Resources has received permission from Irish authorities to undertake a site survey at its operated Barryroe project located offshore Ireland.

The Barryroe oil accumulation is located in Standard Exploration Licence (SEL) 1/11.

SEL 1/11 is operated by EXOLA (40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited and Lansdowne (10%). The area lies in c. 100 meter water depth in the North Celtic Sea Basin and is located c. 50 km off the south coast of Ireland.

The Barryroe partners confirmed on Friday that they had received permission from the Minister of State at the Department of Communications, Climate Action and Environment to undertake a seabed debris clearance, environmental baseline and habitat assessment site survey over the area of the Barryroe field within SEL 1/11.

Providence said that, pursuant to the terms of the updated farm-out agreement with APEC, and subject to the receipt of funding from APEC or alternative financing arrangements being put in place, the site survey is expected to start later this month.

On June 5, 2019, Providence announced that APEC, EXOLA, and Lansdowne had agreed certain amendments to the farm-out agreement for the Barryroe Project, including a revised backstop date with APEC for receipt of the $9 million loan advance to June 14, 2019, which was subsequently extended through various extensions to August 2, 2019.

Earlier this week, the Barryroe Partners agreed to a further backstop extension of on or before August 12, 2019.

In addition, Providence announced it would lay off all of its technical and support staff and downsize its board while waiting on the loan to cover the costs of the Barryroe survey and pre-drill well consenting.


Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply