Oil Man Jim Company Oil & Gas Podcast & Blog, 8th April 2020
April 8, 2020
After the Chinese debacle which knocked the share price to the floor, Providence Resources (PVR) has now agreed non-binding and non-exclusive heads of terms with the Norwegian company, SpotOn Energy, in relation to the farm out of the Barryroe oil and gas field.
SpotOn has been given a period of exclusivity until 31 October 2020 during which time they will agree an appraisal work programme for the Barryroe field and develop commercial terms with the aim of concluding a binding farm out agreement. As a sign of good faith, they put up £300,000 of a £2.7 million fundraising at 1.5p, which will fund PVR through to April 2021, Barryroe 20% partner, Lansdowne Oil & Gas (LOGP), already being funded through to the end of this year. It's a step forward, but very far from conclusive.