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27 Aug 2019 | 13:27

Providence, Lansdowne extend APEC payment deadline for Barryroe project

A joint venture involving Providence Resources and Lansdowne Oil & Gas said they had again extended the deadline for the payment of a $9m loan advance from APEC Energy to enter their Barryroe project in the Celtic Sea.

APEC had originally agreed to provide the loan advance by 14 June, but the deadline had been extended various times, most recently to 26 August.

'As at close of business on August 26, no funds had been received in the company's account,' Providence said.

'But the company has received assurances that the $9m loan advance due under the updated farm-out agreement is in the process of being paid.'

'Accordingly, the Barryroe partners have agreed to a backstop extension of on or before September 2, 2019.'

At 1:27pm:

(LON:LOGP) Lansdowne Oil Gas PLC share price was -0.18p at 1.45p

(LON:PVR) Providence Resources PLC share price was -0.35p at 6.9p

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