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(Alliance News) - Lansdowne Oil & Gas PLC on Tuesday said partners in the Barryroe oil project have agreed to extend the loan backstop date again, this time to Monday next week.
Shares in Lansdowne were up 7.3% at 1.82 pence on Tuesday afternoon.
Lansdowne owns 10% of Barryroe, while operator Providence Resources PLC's stake is 40%. China's APEC Energy Enterprises, which owes the loan, holds the remaining stake.
In taking its 50% stake, APEC agreed to give a USD9 million cash injection to fund work on the field, located offshore about 50 kilometres from the south coast of Ireland.
On June 5, the partners agreed to amend the farm-out agreement for Barryroe, including a revised backstop stake for the USD9 million of June 14. This was extended multiple times, eventually to Monday this week.
No funds having been received, but assurances given by APEC, the backstop has been extended another week to Monday next week.
