Sequa ‘not expected’ to land Barryroe farm-in

Sequa Petroleum, the Dutch-listed oil finance company previously touted as the frontrunner to farm into Providence Resources’ Barryroe oil field, is not expected to materialise as project partner.

At Providence’s AGM, in Dublin yesterday chief executive Tony O’Reilly Jnr reiterated that four interested parties — comprising integrated oil and gas firms and private equity-backed entities — are in the Barryroe data-room and are all very serious farm-in contenders.

He said while the original frontrunner (Providence has never formally identified the said entity as being Sequa) technically remains in the frame, they are not expected to meet the necessary closing conditions for a deal.