Providence extends backstop date for Barryroe payment again
By Josh White
Date: Monday 22 Jul 2019
(Sharecast News) - Providence Resources updated the market on Standard Exploration Licence 1/11 on Monday, which contains the Barryroe oil accumulation.
The AIM-traded firm said SEL 1/11 was operated by EXOLA - a wholly-owned Providence subsidiary - on behalf of its partners APEC Energy Enterprises and Lansdowne Celtic Sea.
It said the area lay in around 100-metre water depth in the North Celtic Sea Basin, and was located about 50 kilometres off the south coast of Ireland.
On 5 June, the company announced that it had agreed to certain amendments to the farm-out agreement for the Barryroe Project with APEC Energy Enterprises and, together with EXOLA and Lansdowne, a revised backstop date with APEC for receipt of the $9m loan advance to 14 June, which was subsequently extended through various extensions to 19 July.
"The company has received further documentation showing the mechanics of the transfer of $10m to Providence's account," the board said in its statement.
"However, due to ongoing banking processing delays, the funds have yet to be credited to Providence's account.
"Accordingly, to facilitate this, the Barryroe Partners have agreed to a backstop extension of on or before 26 July."
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