Five firms circling Providence over Barryroe

Five companies are currently circling Providence Resources as potential development partners for its headline asset, the Barryroe oil and gas field in the Celtic Sea.

The Dublin-based company has been trying to get a farm-in partner on board, at Barryroe, for some time. It said earlier this year that a deal has tentatively been reached, with completion dependent on said firm raising the necessary finance to cover its investment.

While Providence has never formally named the frontrunner, it is believed to be Dutch-listed oil finance company Sequa Petroleum.