12 firms keen to buy into Barryroe

Twelve international oil companies have expressed interest in buying into the Barryroe oil field, off the Cork coast.

Providence Resources — which currently holds an 80% stake in Barryroe (with Lansdowne Oil & Gas controlling the remainder) — has long-since stated its aim to find a farm-out partner to buy into the project and carry the development costs. Depending on the offers, the Dublin-based company could lower its stakeholding by as much as half.

Coinciding with its interim results, Providence said yesterday interest levels have been high, “with approximately a dozen companies having reviewed the data”.