Providence Resources PLC (AIM:PVR, FRA:PZQA) expects to conduct a well site survey next month for the Barryroe oil and gas field appraisal, whilst a strategic review of the project continues.
The review was triggered earlier this year by the Irish firm’s new management as a farm-out deal with Spot-On Energy was terminated.
In Wednesday’s interim results statement, the company said it expects to complete the review during the fourth quarter and the findings will determine the strategic plan for the development of the Barryroe Field.
The review was launched to optimise value for shareholders whilst recognising the need for Irish energy security through the energy transition.
It encompasses both the technical and financial strategies for the project.
In terms of the financial results, Providence confirmed it ended the first half of 2021 with €3.645m of cash and was debt-free.
The company reported a €1.065mln operating loss for the half, in line with the same period last year, and it made a pre-tax profit of €1.628mln due to a non-cash accounting gain from the revaluation of share warrants (a gain of €3.155mln).