Providence hails new Barryroe ‘momentum’

Providence Resources’ chief executive, Tony O’Reilly Jnr yesterday stressed that the company is progressing towards a long-awaited farm-out agreement on its much-heralded Barryroe field off the Cork coast, with signs of “new momentum” evident.

He made his comments on the back of new figures showing Providence’s first half losses ballooned by over €5m, and confirmation that the company has sounded out its lenders about a potential extended repayment deadline should further delays over Barryroe develop.

Providence yesterday reported pre-tax losses of €8.42m for the six months to the end of June; up from just under €3.4m for the same period last year.