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13 Aug 2019 | 09:44

Providence Resources extends due date for partner loan advance

Providence Resources said it and other partners in the Barryroe oil prospect in the Celtic Sea had granted APEC Energy Enterprises extra time to provide a promised financing contribution.

The backstop date for the $9m loan advance had previously been extended to 12 August.

Providence said that while no money had yet been forthcoming, it had received further assurances that the loan advances were in the process of being paid.

Accordingly, the partners had agreed to a backstop extension of on or before 19 August.

Providence said that should the funds not appear by the new date, it would need to put in place alternative financing arrangements in order to provide sufficient working capital beyond the end of August 2019.

Landsdowne Oil & Gas is also a partner in Barryroe.

At 9:44am:

(LON:LOGP) Lansdowne Oil Gas PLC share price was 0p at 1.83p

(LON:PVR) Providence Resources PLC share price was -0.2p at 7.6p

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