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August 12, 2019

Providence secures approval for Ireland’s Barryroe Project survey

Irish oil and gas company Providence Resources has secured government approval to undertake a site survey at the Barryroe Project, off the Cork coast.

Irish oil and gas company Providence Resources has secured government approval to undertake a site survey at the Barryroe Project, off the Cork coast.

The Barryroe Project is located in Standard Exploration Licence (SEL) 1/11 at 100m water depth in the North Celtic Sea Basin.

Providence operates the licence through its wholly-owned subsidiary Exola, which owns a 40% stake. The other stakeholders in the project are APEC Energy Enterprises and Lansdowne Celtic Sea.

The Barryroe partners received permission to conduct the survey from the Minister of State at the Department of Communications, Climate Action and Environment.

The scope of the work includes a seabed debris clearance, environmental baseline and a habitat assessment site survey.

According to Providence, the site survey is expected to begin later this month. However, it is subject to the receipt of funding from APEC or alternative financing arrangements being put in place.

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In June, the partners of the project agreed on certain amendments to the earlier signed farm-out agreement.

Under the revised terms, the allocated amount to fund the forward costs of Exola as operator of the Barryroe Project was increased from $19.5m to $24m.

The amount will be used on survey operations, consenting the drilling programme and other associated costs. It includes a $9m allocation to fund the front-end well-site survey operations and pre-drill well.

The remaining $15m will be payable before drilling the first well at the site.

Headquartered in Dublin, Providence Resources has a portfolio of appraisal and exploration assets located in offshore Ireland.

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