Providence starts search for new Barryroe funding partner

Providence Resources has formally begun searching for new partners to help develop its flagship Barryroe oil and gas field after failing to receive promised funding from its existing Chinese partners.

APEC Energy - the Chinese consortium which, last year, signed up for a 50% stake in Barryroe - had up until close of business on Monday to deliver a long-since promised $9m (€8m) initial loan payment to Providence.