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(Alliance News) - Providence Resources PLC said Monday it has agreed an extension to the deadline for payment of a loan related to a farm-out on the Barryroe project with APEC Energy Enterprises Ltd.
Providence, alongside partner Lansdowne Oil & Gas PLC, in March 2018 sold a 50% interest in Chinese consortium APEC, who, amongst other commitments, were to provide a USD9 million loan to cover work costs.
The loan was originally due in the fourth quarter of 2018, and earlier June some amendments were agreed setting a date of June 14 for payment. However, delays over processing with APEC investors mean APEC has asked for an extension to July 5, which has been granted.
If the financing does materialise, well-site survey operations at Barryroe will start in the third quarter.
Barryroe is located on licence 1/11, 50 kilometres off the southern coast of Ireland. It is 40%-owned by Providence, 10% by Lansdowne, with the rest owned by APEC.
Providence shares were 8.8% lower on Monday morning at 7.75 pence each, with Lansdowne flat at 1.15p.
