Providence Resources PLC (AIM:PVR) announced that chief executive Alan Linn has quit, effective yesterday, October 18.
In a statement, Linn said: “I have decided to step down from the board to devote more time to my other business interests.
“Following the recent strategic decision by the board to take the management and financing of the Barryroe project in-house, this is the opportune time to hand over to new leadership.
“Providence is now well placed to progress the Barryroe project."
Linn took over as CEO in January 2020 and James Menton, Providence’s chairman, thanked him for his commitment and service since his appointment.
“The Providence board will immediately commence a search for a new chief executive officer,” said a statement.
“In the intervening period, James Menton will assume the role of executive chairman."
Barryroe, in the Celtic Sea, 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. It remains one of Europe’s largest untapped oil projects.
In April, Providence ended a farm-out agreement with a Norwegian company called SpotOn Energy, which was a vehicle with ties to a number of service providers including Schlumberger and Maersk Drilling.
That was the third farm-out deal for Barryroe to falter and would have seen SpotOn take a 50% stake in the project after a US$166mln funding round to pay for the drilling of four wells.
Providence is currently carrying out a strategic review on Barryroe, including independent assessments of how to develop the field.
A strategic plan for how to move it forward is scheduled by the end of this year.