Providence Resources PLC (LON:PVR) told investors that Dr Angus McCoss has now been appointed as the company’s senior independent director with immediate effect.
McCoss, Tullow Oil plc’s (LON:TLW) exploration director, joined the Providence board as non-executive director back in June 2017.
READ: Providence Resources tipped for huge upside ahead of Irish well programme
"We are delighted that Angus is taking on the role of senior independent director and are confident that he will bring the same wealth of experience to this position as he has provided to the board since joining in 2017," said Pat Plunkett, Providence chairman.
Barryroe’s path to production starts with 2019 appraisal
In September, Providence signed a binding partnership deal with APEC, detailing a path to production for the Barryroe oil field off Ireland’s south coast.
It starts with an appraisal programme next year.
Together Providence, APEC and Lansdowne Oil & Gas Plc (LON:LOGP) will initially drill four new vertical wells and one horizontal sidetrack. APEC then has an option to extend the programme, to add a further two horizontal wells.
In the current quarter, operations are being advanced to survey the proposed well sites. Rig mobilisation will begin in the second quarter of 2019 thus setting in motion a programme that, if successful, Barryroe will become Ireland’s first commercial offshore oil project.
Providence and Lansdowne’s share of the programme costs are to be covered by a non-recourse funding facility, whereby Chinese funds will be provided and later returned through accelerated repayment (basically, the partner will receive a larger share of the early revenues).