Providence Resources shares fall as CEO quits role after less than two years

Providence was aiming to fast-track production at Barryroe oil and gas field, which lies off the coast of Cork

Providence began a strategic review of how best to develop Barryroe, in September.

Shares in Irish exploration company Providence Resources fell as much as 8% after the company announced the resignation of its chief executive Alan Linn after less than two years in charge.

Providence’s chief asset is the Barryroe oil and gas field, which lies off the coast of Cork. Mr Linn, who replaced Tony O’Reilly Jr as Providence boss early last year, said he was leaving to concentrate on his other business interests. 

He said it was “the opportune time” to leave and that Providence is “well-placed” to progress the Barryroe project. Providence said it has immediately started to look for a new chief executive. 

In the meantime, James Menton – who was appointed non-executive chairman at Providence’s recent AGM – will take over the running of the company, on an interim basis, as executive chairman.

Providence began a strategic review of how best to develop Barryroe, in September. That review is expected to complete towards the end of the year. 

Earlier this year, Providence said it was retaining its 80% ownership of Barryroe and would lead the funding of the field’s development after terminating a proposed development partner deal in April.

That was a result of its prospective partner – a consortium headed by Norwegian company SpotOn Energy – failing to meet farm-out conditions.

Last year, Mr Linn said Providence was aiming to fast-track production at Barryroe, saying the field needed to be brought to production stage as early as possible. The initial plan was to begin a drilling round at Barryroe late next year.

Meanwhile, Irish exploration company United Oil and Gas and its partners have been granted approval to fast-track their latest discovery in Egypt’s onshore Abu Sennan licence, after it was deemed a commercial discovery.