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Barryroe frustrations due to broader economic factors, Providence Resources says

Published: 09:26 26 Jun 2015 EDT

ProvidenceBarryroe-(Resized)
Providence has been seeking a partner following a successful well in 2012

Tony O’Reilly believes the frustrating delays in securing a new partner for the Barryroe project are the result of the broader economic backdrop, rather than issues relating specifically to Providence Resources (LON:PVR).

Due to recent stability in crude prices and an improved backdrop for investment the company is now seeing the highest level of industry interest in its portfolio for years, he added.

"Despite the extreme market head-winds that Providence has faced into during the past year, we continue to stay focused on our long-term Irish-centric strategy,” the Providence Resources chief executive said in a statement.

“Whilst the time required to conclude material commercial transactions is frustrating, we believe this is due to the current economic backdrop and the state of the capital markets rather than any reflection on our portfolio in particular.”

Providence Resources held its annual general meeting today in Dublin. All the resolutions put forward were approved by shareholders.

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on 09/21/2015