Providence to go it alone on Barryroe as third partnership collapses Company has terminated a so-called farm-out agreement with Norway’s SpotOn about 2 hours ago
Providence Resources said on Thursday it plans to proceed alone to bring its Barryroe oil and gas field south of the Cork coastline to production as a third planned development partnership has fallen through. The company, led by chief executive Alan Linn, said that it has terminated a so-called farm-out agreement with Norway’s SpotOn, which was supposed to ultimately receive a 50 per cent stake in the project subject to completing a $166 million (€138 million) fundraising to develop the field.