The Irish oil field developer brought in energy sector finance strategist Peter Newman as senior independent non-executive director. It also recruited Ann Marie O’Sullivan, who is described as a highly regarded Irish communications specialist with close ties to Cork, the nearest city to Barryroe.
“Providence Resources is now moving forward with the development of the Barryroe oil and gas field,” said chairman James Menton.
“This will not only be transformational for Providence, it will also provide major benefits to Ireland and to the Cork region, as the country transitions to a low carbon economy.
“These new appointments significantly strengthen our team.”
Menton added: “Peter has near unrivalled experience in the energy industry with a particular speciality in the financing of energy companies.
“This skill is obviously crucial to Providence as we undertake this major project.
“Ann-Marie brings significant strategic communications and stakeholder engagement expertise to the board. She is also a leader in the business and broader community in the Cork region. As we look to further build our stakeholder network in the region and beyond, her insights will be hugely important to us.
“These are important board appointments and I look forward to a further strengthening of the board in the coming months.”
Providence earlier this year called off a long held strategy that kept progress at Barryroe contingent upon a farm-out deal.
Over the years a number of possible farm-outs were negotiated, some even signed, but none satisfactorily closed and the project effectively stalled.
Management changes and capital reset introduced a new approach which, by including partnerships with service providers, promises to enable a round of appraisal at Barryroe and potentially an ‘early development’ scheme, before the more substantial field development process begins.
Significantly for shareholders, it sees Providence retain control of the asset and opens up the potential for value creation as the project advances.
The plan aims to bring to action what has long been discussed as a major oil and gas project for Ireland.