Providence Resources PLC (AIM:PVR, OTC:PVDRF) executive chair James Menton, in today’s annual results statement, said the Barryroe project can have a significant impact on Ireland’s security of energy supply.
It comes as the timeline for Barryroe has presently stalled, with the company awaiting on the Irish government to approve an extension for the offshore licence that is host to the project.
"Successful optimisation of the Barryroe Field presents a unique opportunity to develop a critically important indigenous source of oil and gas, to substitute part of the imports that will be needed to meet ongoing demand during the energy transition,” Menton said.
“The Barryroe Field has the potential to create significant employment opportunities and provide strategic and fiscal value to the Irish economy, at no cost to the Irish taxpayer.
“The key barrier to progressing the project is the delay in Ministerial consent for the Lease Undertaking, to permit us to drill an appraisal well next year.
“Once we have the results of this appraisal well, we are confident that our development plans can be progressed rapidly and Barryroe can have a significant impact on Ireland's security of energy supply over the next two decades.
“It's an opportunity we cannot afford to squander as, in any scenario to 2050, there is still some level of demand for oil and gas through the duration of the energy transition to Net Zero.”
In its results statement, for the twelve months ended December 31 2021, the exploration company meanwhile reported a €2.369mln operating loss for the period, whilst on-paper an upward revision to the fair value of share warrants resulted in a €3.442mln profit for the year.
Providence ended December with €1.923mln of cash and equivalents, and it said it had no bank or bond debt at that time.
During the financial, a new management team was assembled, the strategy for Barryroe was reviewed alongside venture partners, and plans to drill the appraisal well were confirmed.