Brief: Providence Resources Provides Update on Barryroe Field, Strategic Review

Barryroe Offshore Energy

13/02/2020 08:04

Feb 13 (Reuters) - Providence Resources PLC  PZQA.I :
    * REG-BARRYROE UPDATE, STRATEGIC REVIEW AND LICENCE UPDATE
    * EXOLA DAC AS OPERATOR OF BARRYROE HAS RECOMMENCED FARM-OUT
PROCESS AND A NUMBER OF COMPANIES ARE ACTIVELY ASSESSING FIELD
DATA
    * UNIT, OPERATOR OF BARRYROE FIELD, COMMENCED TRANSFER OF
50%
EQUITY IN STANDARD OPERATING LICENCE 1/11 BACK TO ORIGINAL
OWNERS
    * AFTER CO'S REVIEW OF BARRYROE FIELD, SEVERAL ADDITIONAL
COS, NOT
INCLUDED WITHIN INITIAL PROCESS HAVE EXPRESSED INTEREST
    * BARRYROE APPRAISAL WORK PROGRAMME IS EXPECTED TO INCLUDE
AT
LEAST TWO APPRAISAL WELLS AND AN EXTENDED PRODUCTION TEST
    * PROPOSED APPRAISAL PROGRAMME IS EXPECTED TO CONFIRM
PRESENCE OF
EITHER A LARGE OIL FIELD OR A LARGE GAS FIELD AT BARRYROE
    * DEEPENING ONE OF APPRAISAL WELLS TO ASSESS THIS ADDITIONAL
POTENTIAL DEEPER IN BARRYROE STRUCTURE IS UNDER CONSIDERATION
JURASSIC FORMATION
    * CURRENTLY HAS SUFFICIENT WORKING CAPITAL TO FUND
PROVIDENCE'S
COSTS THROUGH TO END OF MARCH/ EARLY APRIL 2020
    * COMPANY HAS COMPLETED ITS REDUNDANCY PROGRAM AND
MATERIALLY
REDUCED COST BASE
    * CONFIRMS THAT ADDITIONAL FUNDS WILL BE REQUIRED TO PROVIDE
SUFFICIENT WORKING CAPITAL TO SUPPORT BUSINESS IN NEAR TERM
    * BOARD IS CURRENTLY CONSIDERING ITS FUNDING OPTIONS

Source text for Eikon:  ID:nGNE2Smblk 
Further company coverage:  PZQA.I 

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