Providence Resources PLC (LON:PVR) has announced that Tony O’Reilly has resigned from his position as chief executive with immediate effect.
Chairman Pat Plunkett will cover the executive function on a temporary basis whilst the company recruits a long-term replacement.
It comes as the future of the Barryroe oil project is undetermined, with Providence recently losing patience with delays to payment from intended Chinese partner APEC. The explorer is now free to enter agreements with other partners.
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Plunkett, in a statement, noted that O’Reilly leaves by mutual and amicable agreement.
“Since the foundation of the company, Tony has been the main driver behind the development of the business and has been passionate in promoting the company’s role in oil and gas exploration in the Irish offshore sector,” Plunkett said.
“Over the years, Tony led the company into partnerships with some of the world’s leading energy companies including ExxonMobil, Eni, Chevron, Repsol, Petronas and Total.
“A major milestone during his tenure at Providence was the successful drilling and testing of Barryroe located in the North Celtic Sea Basin which has provided the company with a world-class development asset which is capable of providing significant shareholder value in the coming years.”
O’Reilly added: “After more than two decades with Providence, it is time for me to pursue new opportunities.
“I am extremely proud of all that we have achieved over the years and the key role that our collective team efforts at Providence have played in establishing interest in Ireland's offshore arena.
“I wish all stakeholders in Providence every success in the years ahead, particularly with the Barryroe Project.”