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01 Oct 2019 | 09:18

Providence Resources says APEC stake in Irish JV to be reverted to partners

Providence Resources said that one of its joint venture partners in the Barryroe prospect in the Celtic Sea, APEC Energy Enterprises, would have its interest reverted to the other partners.

APEC Energy had failed to provide a $9m loan advance to the venture, which also includes Lansdowne Oil & Gas, following multiple extensions to the due date.

Providence said it had not agreed to any further extensions with APEC.

'Without prejudice to any other legal remedies that the company may have, the company has now advised APEC that it will commence with the licence reversion process of APEC's 50% working interest,' it said.

The interest was in the licence SEL 1/11 and would be reverted to Provident subsidiary Exola and other joint venture partner Lansdowne n a 40% and 10% basis, respectively.

'Additionally, APEC have been advised that APEC no longer retains exclusivity and that the company is now free to open up commercial discussions with third parties on the Barryroe asset,' Providence said.

At 9:18am:

(LON:LOGP) Lansdowne Oil Gas PLC share price was -0.2p at 0.8p

(LON:PVR) Providence Resources PLC share price was -0.8p at 3.93p

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