6 Dec 2019 07:00
Providence Resources P.l.c. announces Leadership Change
This announcement contains inside information within the meaning of the EU Market Abuse Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Providence Resources P.l.c. announces Leadership change
Dublin and London – December 6, 2019 - Providence Resources P.l.c. (“Providence” or the “Company”), the Irish based Energy Company, today announces that Tony O’Reilly has stepped down from the position of Chief Executive Officer of the Company and has resigned from the Board (and all subsidiaries) with immediate effect. The Board has initiated a process to identify and recruit a new Chief Executive Officer to lead Providence in its next phase of development, and a further announcement will be made as soon as this process is completed. Mr. O’Reilly has agreed to work with the Board, to the extent required, until the end of January 2020 to ensure an orderly transfer of his responsibilities. In the interim, his executive functions will be assumed on a temporary basis by Pat Plunkett, Chairman.
Pat Plunkett, Chairman of Providence, commented:
“Since the foundation of the Company, Tony has been the main driver behind the development of the business and has been passionate in promoting the Company’s role in oil and gas exploration in the Irish offshore sector. Over the years, Tony led the Company into partnerships with some of the world’s leading energy companies including ExxonMobil, Eni, Chevron, Repsol, Petronas and Total. A major milestone during his tenure at Providence was the successful drilling and testing of Barryroe located in the North Celtic Sea Basin which has provided the Company with a world class development asset which is capable of providing significant shareholder value in the coming years.
Tony leaves by mutual and amicable agreement and has the great appreciation of the Board for his management of Providence through multiple E&P cycles. On behalf of all of Providence’s stakeholders, I would like to thank Tony for his many years of dedication and hard work at Providence and I wish Tony every success in his future endeavours”.
Tony O’Reilly added:
“After more than two decades with Providence, it is time for me to pursue new opportunities. I am extremely proud of all that we have achieved over the years and the key role that our collective team efforts at Providence have played in establishing interest in Ireland's offshore arena. I wish all stakeholders in Providence every success in the years ahead, particularly with the Barryroe Project.”
| ENQUIRIES | |
| Providence Resources P.l.c. | Tel: +353 1 219 4074 |
| Pat Plunkett, Chairman | |
| Cenkos Securities plc | Tel: +44 131 220 9771 |
| Neil McDonald/Derrick Lee | |
| J&E Davy | Tel: +353 1 679 6363 |
| Anthony Farrell | |
| Mirabaud Securities Limited | Tel: + 44 20 3167 7221 |
| Peter Krens | |
| MEDIA ENQUIRIES | |
| Powerscourt | Tel: +44 207 250 1446 |
| Peter Ogden | |
| Murray Consultants | Tel: +353 1 498 0300 |
| Pauline McAlester |
ANNOUNCEMENT & FORWARD-LOOKING STATEMENTS
This announcement contains certain forward-looking statements. Actual results may differ materially from those projected or implied in such forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results. No representation is made that any of those statements or forecasts will come to pass or that any forecast results will be achieved. You are cautioned not to place any reliance on such statements or forecasts. Those forward-looking and other statements speak only as at the date of this announcement. Providence Resources P.l.c undertakes no obligation to update any forward-looking statements.
ABOUT PROVIDENCE RESOURCES PLCProvidence Resources is an Irish based Energy Company with a portfolio of appraisal and exploration assets located offshore Ireland. Providence’s shares are quoted on the AIM in London and the Euronext Growth Market in Dublin. Further information on Providence can be found on www.providenceresources.com