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Providence notes speculation over farm-out

By BFN News | 02:07 PM | Monday 20 January, 2014


Providence Resources has noted recent press speculation that farm-out discussions regarding its Barryroe oil field may not be progressing to plan and that further appraisal drilling may be required. Providence says it provided an update as to the status of the Barryroe farm-out in its end of year statement in December and considers that there has been no material change to the outlook presented at that time. As publicly stated, Providence's strategy for the future appraisal and development of the Barryroe oil field is to co-venture with a suitable financially and technically capable third party. The parties with which Providence is currently in discussions include major Asian, European and North American oil companies. Given the current pre-development nature of the Barryroe project, an element of further appraisal drilling has always formed an essential part of these discussions. Neither the company, nor its broker, Davy, provided any comment to the media outlets which published these recent articles notwithstanding that selective excerpts from a Davy research note issued late last year have been referenced. At 2:07pm: (LON:PVR) Providence Resources PLC share price was -18.5p at 259p Story provided by StockMarketWire.com

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