PROVIDENCE RES. Providence Resources P.L.C. - Update On Barryroe Farm-Out Transaction
July 15 2019 - 1:21AM
UK Regulatory
TIDMPVR
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
UPDATE ON BARRYROE FARM-OUT TRANSACTION
Dublin and London -- July 15, 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 agreed an extension
to July 10(th) and subsequently to July 12, 2019.
Update and Extension of Backstop Date
The Company can confirm that it has received a letter from the legal
representatives of APEC's funder advising that on July 9, 2019, the
funder arranged for the remittance of $US 10 million from HSBC to
Providence's account. The legal representatives further advise that the
remittance is expected to be completed shortly pending compliance checks
by the bank. Accordingly, to facilitate this, the Barryroe Partners
have agreed to a backstop extension of on or before July 19, 2019.
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=GSoSKCDCh8kdKd5Mp8mfU4y6OVQUjEBu8_ry1ZcniPin83RgtAV1uJVYzZOKCFC5f3mm8ZjM8EuS5Ksgb1CtrWWuXMEhCOFhi-vSORP9SeuPq6XwyruDPAdOyB8hJfL0
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=GSoSKCDCh8kdKd5Mp8mfU8u1VLj9Q3-aEWgdKw6i4IKDw02TX8AC5qUqIQJW35MSPWj8eq4QmjhvDoCuPDgB5Txda7Ehw0UNnX8ynTEhIUg=
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=GSoSKCDCh8kdKd5Mp8mfUwn1fIgK2MFOflUQ4gJeLR-vqu_AHf5_Wv_692UF8PKcBrGVEdXpMaa9fdr6hSZHnmbMqJQbgrBJgsTUYJnkNuBkymaiMropYmPS5xnANcYy
www.lansdowneoilandgas.com
(END) Dow Jones Newswires
July 15, 2019 02:21 ET (06:21 GMT)
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