Three more firms show interest in Barryroe

Three more companies within the past month have shown interest in investing in Providence Resources’ highly-rated Barryroe oil and gas field in the Celtic Sea.

The exploration firm has been trying to get a farm-out deal, for Barryroe, over the line for some time and, earlier this year, announced it had tentatively reached a deal with a party. However, while due diligence has been completed and contracts signed, the deal is reliant on that party raising the finance to cover its investment; something numerous analysts have suggested will pose a challenge.

Speaking yesterday, after an EGM which saw shareholders unanimously approve Providence’s latest €30m+ capital raise via a share placing and open offer, the company’s technical director, John O’Sullivan, noted that there is no exclusivity agreement in place and a number of other parties are still pursuing Barryroe’s technical data.