APEC's 50% Interest in Barryroe Field to be Transferred Back to Original Owners
Irish independent explorer Providence Resources Plc has initiated the process of transferring a 50% interest in Celtic Sea exploration license SEL 1/11 (containing the Barryroe field) held by Hong Kong-based APEC Energy Enterprises Ltd. back to itself and its license partner, Lansdowne Celtic Sea Ltd. Exola DAC, a subsidiary of Providence and the operator of the field, has notified APEC that it has commenced the regulatory process required to transfer the interest, which will result in Exola and Lansdowne reverting to their original 80% and 20% interest, respectively. APEC had farmed in to the license in March 2018, but subsequently failed meet all the terms of the agreement with Providence and Lansdowne. In September 2019, Providence disclosed it would no longer extend the deadline to receive a US$9 million loan advance from APEC after a series of delays and extensions to the backstop date for the funding. Providence also stated that it has launched a renewed farm-out process in respect of Barryroe, and that several companies are currently assessing the available field data.