Providence Resources (LON:PVR) re-confirmed Barryroe remained its number one priority as it updated on the progress.
The field, in the North Celtic Sea, off the coast of Ireland, is the company’s flagship asset. Investors have been waiting for the conclusion of farm-out talks, which are now said to be at an advanced stage.
Providence, alongside its interim results, said it was working hard to “satisfactorily conclude” those talks with the aim of starting appraisal and pre-development drilling next year.
“As we stated at our annual general meeting last month, the Barryroe farm-out remains our main priority,” said chief executive Tony O’Reilly.
“Negotiations are now at an advanced stage and we are working hard to satisfactorily conclude this with the objective to return cash to the business and obtain capital funding, whilst also ensuring that Providence retains a material stake in Barryroe, with a clearly defined road map for the timely drilling (2015) and development of the field.”
At the same time the group also confirmed appraisal drilling on Spanish Point gas condensate field, in the Atlantic waters off Ireland, will be drilled next year targeting 200mln barrels of oil equivalent.
It was part of a comprehensive statement that also revealed Providence had cash of just over €18mln at the June and posted a six month loss of €3mln.