(Alliance News) - Lansdowne Oil & Gas PLC said Monday that its partner in the Barryroe oil field Providence Resources PLC secured a loan to finance operations and pre-drilling costs, after months of delays.
Irish offshore gas and oil explorer Lansdowne said that the USD10 million loan, which will be provided by APEC Energy Enterprises Ltd, will reach Providence by Wednesday.
In June, Lansdowne said that well-site operations at the field will begin in the third quarter, once the financing was received by Providence.
APEC was initially due to provide a payment in the fourth quarter of 2018 before parties agreed to amendments on the farm-out agreement which would first, push payment back to June 14 before delaying it further to July 5.
San Leon Energy PLC, in addition to Lansdowne and Providence, owns stake in the oil field which is located 50 kilometers off the southern coast of Ireland.
Shares in Lansdowne were up 24% at 2.05 pence each. Providence shares were up 6.0% at 8.84p and San Leon Energy down 1.8% at 37.30p.
Lansdowne Oil (LOGP)
San Leon (SLE)