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• Farm-out Agreement Update
• Farm-out agreement with SpotOn Energy terminated
• Arrangement of a revised funding package is well advanced
• Early development scheme plan s ...remain on track
Dublin and London – April 2 2nd , 2021 - Providence Resources P.l.c. (PVR LN, PRP ID),the Irish based resource development company (“Providence” or the “Company”), announces that it has terminated the farm-out agreement with SpotOn Energy for the Barryroe Licence and is progressing arrangements for an alternative funding package to finance 100% of the costs of the early development scheme (“EDS”) for the Barryroe license (SEL 1/11).
Providence CEO Alan Linn commented:“Having actively supported SpotOn over the past year it is disappointing that it ’s become necessary to terminate the farm-out process with them. However, we are looking forward and actively building a revised development partnership with key service providers and a financing package designed to meet the needs of the project.