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Providence forced into bond issue after Norwegian deal falls through

Alan Linn chief executive of Providence Resources
The cost of developing the Barryroe oil and gas field for Providence Resources is set to rise, after the group announced last week that it had terminated a financing agreement with SpotOn Energy, a Norwegian exploration company.
The loss of SpotOn Energy as a partner means Providence will be unable to access $45 million as part of a Norwegian export credit facility, which has very attractive interest rates of just 2 per cent to 3.
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Spoton Energy , Providence Resources , குறிக்கவும் ஆற்றல் , ப்ராவிடெந்ஸ் வளங்கள் ,

Providence Resources PLC says going solo at Barryroe will be very beneficial for shareholders

Providence will no longer wait on partners as it plans to push forward one of Europe s largest untapped oil projects. ....

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Ireland: Providence terminates farm-out agreement with SpotOn Energy for the Barryroe Licence

Ireland: Providence terminates farm-out agreement with SpotOn Energy for the Barryroe Licence
22 Apr 2021
Providence Resources, the Irish based resource development company, has
terminated the farm-out agreement with SpotOn Energy for the Barryroe Licence and is progressing arrangements for an a
lternative funding package to finance 100% of the costs of the early development scheme ( EDS ) for the Barryroe license (SEL 1/11).
The Barryroe partners have terminated the farm-out agreement with SpotOn because key financing conditions were not met. Providence will now lead the project development and funding arrangements.
Building from the many positive elements of the SpotOn project development and financing model, the Barryroe partners are pursuing a similar development approach, including payment deferrals by individual service providers on equivalent or better terms and a Nordic bond issue. This revised approach will enable Providence to participate in a mu ....

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Providence ends farm-out deal with SpotOn Energy

Updated / Thursday, 22 Apr 2021
08:00
Providence s Barryroe project is the most advanced and appraised oil project offshore Ireland
Exploration company Providence Resources said it had terminated the farm-out agreement with SpotOn Energy for the Barryroe Licence off the Irish coast because key financing conditions were not met.
Providence said it will now lead the project development and funding arrangements.
The company said it is progressing arrangements for an alternative funding package to finance 100% of the costs of the early development scheme for the Barryroe license.
SpotOn Energy is a Norwegian company, registered in the UK, which takes a progressive approach to cost effective offshore oil and gas field development. ....

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Investors spooked as Providence Resources terminates Barryroe funding deal

Investors spooked as Providence Resources terminates Barryroe funding deal
Shares in Irish explorer plummeted as much as 18% after it said it would likely have to tap investors for more money after terminating partner deal for its Barryroe oil and gas field off Cork coast
Providence Resources has said the development of its Barryroe oil and gas field, off the Cork coast, remains on track despite the breakdown of its latest funding deal.
Thu, 22 Apr, 2021 - 14:22
Geoff Percival
Shares in Irish explorer Providence Resources plummeted as much as 18% after it said it would likely have to tap investors for more money after terminating the development partner deal for its Barryroe oil and gas field, which lies off the Cork coast. ....

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