Providence Resources P.l.c., the Irish oil and gas exploration and appraisal company, provided an update on a recent press speculation concerning farm-out discussions on its Barryroe oil field, located in the North Celtic Sea Basin, offshore Ireland.
Providence confirmed that it is in commercial discussions with a number of interested third parties in relation to the Barryroe asset. The nature of these discussions involve the evaluation of the field on a phased development basis, with plans to establish an early production phase, to be followed by further phases of field appraisal and development, designed to steadily increase production rates to maximise the returns from the field. The ultimate development programme would be conditional, inter alia, on the receipt of all necessary regulatory approvals.
There can be no certainty that a mutually acceptable agreement will be reached. A further update in relation to the Barryroe farm-out will be provided by Providence when appropriate.