Alan S Linn, Chief Executive Officer, Providence Resources (PVR.) Interview
Apr 22, 2021, 07:28 AM
- Farm-out Agreement Update
- Farm-out agreement with SpotOn Energy terminated
- Arrangement of a revised funding package is well advanced
- Early development scheme plan s remain on track
Dublin and London – April 2 2nd , 2021 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based resource development company (“Providence” or the “Company”), announces that it has terminated the farm-out agreement with SpotOn Energy for the Barryroe Licence and is progressing arrangements for an alternative funding package to finance 100% of the costs of the early development scheme (“EDS”) for the Barryroe license (SEL 1/11).
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. However, we are looking forward and actively building a revised development partnership with key service providers and a financing package designed to meet the needs of the project.