Providence Resources announces exclusivity extension with SpotOn Energy for Barryroe farm-out

Providence Resources is finalising the commercial terms of a farm-out of the Barryroe licence with SpotOn Energy.  In order to facilitate full completion of the farmout documentation, Providence has agreed to extend the exclusivity period to the 30^th November 2020.

CEO Alan Linn commented: ‘Despite the ongoing Covid constraints, we have made excellent progress in agreeing farmout terms, for an interest in Barryroe, to SpotOn Energy, and are working very closely with them to finalise the agreement documentation. The farm-out is structured to ensure that the development is fully funded and includes an Early Development Scheme (EDS) work programme for the Barryroe oil and gas field located in Standard Exploration Licence 1/11. It is important that the partnership agreements and work programme are comprehensively documented and this process requires some additional time to complete’.

Source: Energy-pedia