Standard Exploration Licence 1/11
Barryroe, North Celtic Sea Basin
Operational Update
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea focused, oil and gas company, notes the announcement today by Providence Resources P.l.c., which includes an update regarding Barryroe, which reads as follows:
Dublin and London – August 5, 2019 – Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Energy Company (“Providence” or the “Company”), today provides the following corporate update.
Update on Barryroe farm-out Transaction
Standard Exploration Licence (“SEL”) 1/11, which contains the Barryroe oil accumulation (the “Barryroe Project”), is operated by EXOLA DAC (“EXOLA” or the “Operator”, 40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited (“APEC”) and Lansdowne Celtic Sea Limited (“Lansdowne”, 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.
Background
On June 5, 2019, the Company announced that APEC, EXOLA and Lansdowne (together, the “Barryroe Partners”) had agreed certain amendments to the Farm-Out Agreement (the “Updated FOA”) for the Barryroe Project, including a revised backstop date with APEC for receipt of the US$ 9 million loan advanced to June 14, 2019, which was subsequently extended through various extensions to August 2, 2019.
Extension of Backstop Date
As at close of business on August 2, 2019, no funds had been received in the Company’s account as the payment date is still pending due to final processing by HSBC. Accordingly, to facilitate this, the Barryroe Partners have agreed to a further backstop extension of on or before August 12, 2019.
Further announcements will be issued when and as appropriate.
