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Providence Resources completes Barryroe well site survey

Two possible well sites were surveyed for seabed debris clearance, environmental baseline as well as habitat assessment.

Providence Resources PLC - Providence Resources completes Barryroe well site survey
The Barryroe farm-out envisaged drilling in 2020

Providence Resources PLC (LON:PVR) told investors it has now completed the initial Barryroe well site survey.

The Irish oil company, in a statement, said that it had completed the work – surveying for seabed debris clearance, environmental baseline as well as habitat assessment – for proposed well locations A and B.

“The site survey was completed ahead of schedule and under budget due to excellent vessel performance and overall favourable weather conditions.  Gardline’s M/V Kommandor survey vessel has now left the Barryroe field area,” Providence said.

Additionally, it noted that potential well locations C and D will now be surveyed in a separate programme.

Providence last week launched a US$3.7mln share placing as it sought to secure its immediate future, amid ongoing delays to the receipt of a US$9mln loan advance tied to the Barryroe farm-out deal to APEC.

It is raising US$3.76mln through the sale of 59.76mln shares (equivalent to about 10% of the company’s current shares) priced at 5.1p each, representing a 7.3% discount to Wednesday’s closing price.

The cash will support the group’s running costs, which are now low after a recent restructuring, as well as covering the remainder of the Barryroe well site survey costs.

With the placing funds the company expects to have sufficient working capital to cover its operations until February 2020.

Providence said: “The board is currently undertaking a strategic review of the options available to the company on future financing alternatives to finance future working capital obligations beyond that date.”

Quick facts: Providence Resources PLC

Price: 3.9 GBX

AIM:PVR
Market: AIM
Market Cap: £25.64 m
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