(Alliance News) - Providence Resources PLC on Monday said it is not involved in any merger discussions with any party, refuting claims to the contrary published over the weekend.
On Sunday, the Irish newspaper Business Post reported Irish oil & gas exploration company Providence had been approached by its partner in the development of the Barryroe oil and gas field SpotOn Energy Ltd about a potential merger.
However, on Monday, Providence stated: "While Providence considers all opportunities to maximise shareholder value, we are not currently involved in any merger discussions with any party. We will continue to work closely with SpotOn Energy to deliver the necessary funding to develop the world class Barryroe asset."
In November, Providence agreed to farm-out a 50% working interest in the Barryroe oil and gas field to SpotOn, with SpotOn will fund 100% of the early development programme and the full field development. The Barryroe field lies about 50 kilometres off the south coast of Ireland.
Shares in Providence Resources were trading 3.2% higher at 6.71 pence each on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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