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Providence Resources Shares Slide Following Barryroe Update

Updated: 4 Nov 2021

Providence Resources (LON: PVR) shares are trading lower Thursday following an announcement that it has completed a site survey at the Barryroe field.

Lansdowne Oil & Gas (LON: LOGP), the North Celtic Sea focused, oil and gas company that has a 20% stake in Barryroe, said  that it “welcomes the announcement today by Providence Resources.”

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The Barryroe field lies in shallow water of around 100m and is around 50km off the south coast of Ireland. Providence holds an 80% stake in the field.

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James Menton, Executive Chairman of Providence, said in a statement that they are “very satisfied with the successful completion of the Barryroe site survey. This survey is part of the Board’s strategic review of Barryroe and the results of the site survey will be interpreted and incorporated into that review.”

Steve Boldy, CEO of Lansdowne Oil & Gas commented: “Lansdowne is delighted that the site survey operations have been completed without incident, in a timely manner and under budget and would like to thank the Operator, Exola DAC (a wholly owned subsidiary of Providence) and the Marine Institute for such a smooth operation.”

While Providence Resources shares have fallen almost 5% to 3.14p following the announcement, Lansdowne shares are flat at 0.676p.

Should you invest in Lansdowne Oil & Gas shares?

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