Further Delay in Barryroe Project Loan

Laxman Pai
Tuesday, June 18, 2019

Ireland's offshore Oil and gas company Providence Resources has again pushed back a deadline to receive $9mln of funding from Apec, its farm-in partner in the key Barryroe site off the south west coast.

The loan from Barryroe's Chinese backer was due by June 14. It is now due to be received in July 5, the company said.

"Due to delays associated with internal transaction processing with their investors, APEC have formally requested a further extension of time for the payment of the initial US$ 9 million loan.  EXOLA and Lansdowne have agreed to this further extension of the backstop date to no later than July 5, 2019," it said.

Subject to receipt of all regulatory consents and required financing, the well-site survey operations are expected to commence Q3 2019.  

The Standard Exploration Licence (SEL) 1/11 is operated by EXOLA (40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited and Lansdowne Celtic Sea Limited (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.

Categories: Finance Energy Offshore Energy Exploration

Related Stories

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

French Oil Major Acquires Interests in Multiple Blocks in Southeast Asia

Fugro Expands Geotechnical Testing Capabilities in Indonesia

UK Firm Secures Exploration Extension for Two Blocks off Vietnam

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Current News

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Yinson Production Closes $1B Investment to Drive Further Growth

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com