Providence Resources PLC (LON:PVR) has told investors it expects the Barryroe well site survey to start this week.
In the meantime the company continues to await a US$9mln loan advance from signed up farm-out partner APEC.
The company did not received funds in time for the 2 September deadline and it has agreed a further extension, subject to additional conditions.
In a statement, Providence said: “in granting APEC a further week’s extension to September 9, 2019, the company has also issued written notice to APEC that, should the APEC loan amount not be received by the close of business on that date, the company reserves the right to end exclusivity, while also considering all legal remedies available to it against APEC for contract non-performance, including the re-assignment of equity in SEL 1/11.”
Providence also noted that it will need alternative financing arrangements in order to provide it with sufficient working capital beyond the end of September if the APEC loan funds aren’t received. As such, it is now actively exploring potential alternatives.