Providence Resources (PVR) announced receipt of the outstanding £200,000 from SpotOn Energy and progress with the farm-out of Barryroe is back on. It’s not clear why PVR needs SpotOn as an intermediary, but the important point is can a deal with a well-financed, larger oil company be done. If so, it will be good news for 20% partners, Lansdowne Oil & Gas (LOGP) too.
In other Dublin oil and gas small cap news, Petrel Resources (PET) announced that it is raising £250,000 at 3.25p per share, with the main purpose of advancing its interests in Iraq, where it maintains strong relationships with government officials. I highlighted PET as a favourite several times last year around 1p and it’s now over 4.5p, having been as high as 26.5p.