Providence Resources PLC (LON:PVR), an Irish-based oil and gas explorer, said non-executive chairman Pat Plunkett will step down from the board following an Annual General Meeting on July 22.
James Menton, currently senior independent non-executive director, will assume the role of chairman.
“After five years with Providence I have decided to step down from the board to devote more time to my other business interests,” said Plunkett. “Following the recent strategic decision by the board to take the management and financing of the Barryroe project in-house, this is an opportune time to hand over to new leadership.”
In April, the company announced the termination of a partnership to develop the Barryroe oil field offshore Ireland.
READ: Providence Resources ends farm-out for Barryroe project
Barryroe remains one of Europe’s largest untapped oil projects. It contains more than 700mln barrels of oil in place and nine years ago test production rates in excess of 3,500 barrels per day beat expectations.
“Despite the many challenges for the industry and for Providence over the past five years, the company is now well placed to finally bring the Barryroe project to fruition in the coming years,” said Plunkett.
The Standard Exploration License (SEL1/11) for Barryroe expires in July 2021 and the company has applied for a Lease Undertaking License. It said it expects to be granted this follow-on permit.
In a separate announcement, the company said its losses for year ending December 2020 narrowed to €10.4mln (£8.9mln) from €26.9mln the previous year.
It had no debt as at 31 December 2020.