Providence Resources pays off ex-CEO Tony O'Reilly Jr with €450k exit deal

CEO Tony O’Reilly Jr

Providence Resources’ former CEO Tony O’Reilly Jr was paid just under €866,000 in 2019; a year which culminated in the Irish explorer tapping shareholders for emergency financing after the collapse of a long-awaited funding deal for its Barryroe field off the Cork coast.

In the company’s 2019 accounts – which show a surge in losses from €4.8m to €26.8m – Providence said Mr O’Reilly’s pay included an exit settlement of €448,500. Mr O’Reilly left the company at the turn of the year, as part of its wide-reaching restructuring, and was replaced in January by industry veteran Alan Linn.