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Providence free to pursue other partners for Barryroe

first_imgFollowing months of delays and several extensions, Irish Providence Resources has not received any funds from its Chinese partner APEC for the Barryroe license off Ireland and it has not agreed any further extension. As a result, APEC no longer has exclusivity over the license and Providence is free to pursue other partners.The SEL 1/11, which contains the Barryroe oil accumulation, is operated by EXOLA (40%), a Providence subsidiary, on behalf of its partners, APEC Energy and Lansdowne (10%).The area lies in c. 100-meter water depth in the North Celtic Sea Basin and is located c. 50 km off the south coast of Ireland.On June 5, 2019, the company announced that it had agreed certain amendments to the farm-out agreement for the Barryroe Project with APEC Energy and, together with EXOLA and Lansdowne, including a revised backstop date with APEC for receipt of the $9 million loan advance to June 14, 2019, which was subsequently extended through various extensions to September 30, 2019.As at close of business on September 30, 2019, no funds had been received in the company’s account, according to Providence’s statement on Tuesday. Noting this specific contractual non-performance to the amended terms to the updated FOA, the company has not agreed any further extension with APEC to the updated FOA.Without prejudice to any other legal remedies that the company may have, the company has now advised APEC that it will begin with the license reversion process of APEC’s 50% working interest in SEL 1/11 to EXOLA and Lansdowne on a 40% and 10% basis, respectively.Additionally, APEC has been advised that it no longer retains exclusivity and that Providence is now free to open up commercial discussions with third parties on the Barryroe asset.Steve Boldy, Chief Executive Officer of Lansdowne, commented: “We continue to believe Barryroe offers a highly attractive appraisal opportunity in shallow water for a number of potential industry farm-in partners. We are now free to pursue discussions with other interested parties while the door remains open for APEC to deliver funds as called for under the farm-out agreement and proceed with the planned drilling program.“Barryroe holds substantial 2C resources, independently audited at 346 MMBOE Gross. In the event Lansdowne reverts to 20% working interest, this results in net 2C Resources of 69 MMBOE. At our current share price these 2C resources are valued at only c.12c/BOE. The recent site survey has covered two locations, A & B, that will target both the Middle Wealden and Basal Wealden reservoirs and, combined with the area already appraised by the 48/24-10z well, can address more than 70% of the 2C resource potential.” Restructuring Following the approval at the Extraordinary General Meeting held on Monday of the resolution to effect the placing to raise gross proceeds of $3.76 million, the company is now moving forward with the implementation of the redundancy program, where technical and support staff will be made redundant as part of the re-engineering of the company’s business model.Providence announced its decision to lay off all of its technical and support staff and downsize its board to reduce costs in early August.As a result, Lex Gamble and Philip O’Quigley, both Non-Executive Directors, have stepped down from the board of directors effective September 30, 2019.  The board now comprises Pat Plunkett (Chairman), Dr. Angus McCoss (Senior Independent Director) and Tony O’Reilly (Chief Executive Officer).The company projects that the restructuring measures will reduce its annual cost base (excluding CAPEX) from $5.3 million currently to $1.9 million, representing an approximate 65% reduction in annualized costs. Providence has also provided an update in relation to Frontier Exploration License (FEL) 2/14, which contains the Diablo prospect.FEL 2/14 is operated by Total (35%) on behalf of its partners Capricorn (30%), a subsidiary of Cairn Energy, Providence Resources (28%), and Sosina Exploration (7%). The area lies c. 1,300-meter water depth in the southern Porcupine Basin and is located c. 150 km off the west coast of Ireland.Following further detailed technical assessment of FEL 2/14, the JV partners could not recommend any further prospect maturation and accordingly, Total, on behalf of the JV partners, has now confirmed that it has written to the Department of Communications, Climate Action and Environment confirming that the JV partners will voluntarily surrender the license with effect from December 31, 2019.Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit. Voluntary surrender of Diablolast_img read more

European Lotteries and NASPL to discuss sports betting synergies at Betting on Sports America

first_img SBC news network grows with Lottery Daily launch April 23, 2020 Submit Share Share Members of the European Lotteries trade organisation have invited their counterparts in the US to their panels at Betting on Sports America to discuss their experience of the synergies between the traditional lottery product and sports betting.The Joint Working Group is set to attract a number of the state lotteries and will be held during the Betting on Sports America conference on 23-25 April 2019 at Meadowlands Exposition Center in New Jersey, which is being organised by sports betting specialists SBC (Sports Betting Community).With individual American states now able to legislate for sports betting after the Professional and Amateur Sports Protection Act (PASPA) was deemed unconstitutional by the Supreme Court in May 2018, state lotteries have been exploring what this means for their position in the gambling landscape.While some state lotteries have been tasked with running the sports betting operation, such as in Washington DC, other state legislatures have taken a different approach. However, given the confusion caused by the re-interpretation of the Wire Act, which has left some lotteries questioning their ability to take business online, now is a vital time to explore the potential ways in which lotteries and sports betting can work in tandem.Jari Vahanen of European Lotteries Sport Working Group commented: “Sports betting is obviously a new challenge for our colleagues in the US lottery business, so the members of European Lotteries are coming over to Betting on Sports America in order that we can share our experiences with them. “Given the early stage of development for sports betting in most parts of the US, now is the perfect time for us to discuss the matter and Betting on Sports America provides an ideal opportunity.”May Scheve, Executive Director of the Missouri Lottery and former NASPL President, said: “Sports betting is a new challenge for lotteries given that it is largely an unknown quantity at the moment. Betting on Sports America provides a perfect opportunity for lottery operators to discover more about sports betting and find out how our European counterparts work best with sports betting.”SBC Managing Director Andrew McCarron added: “We work closely with the European Lotteries at our events in London, so when the chance came for us to offer them a forum at Betting on Sports America with which to connect with their US counterparts, we were happy to oblige. “We are designing Betting on Sports America to be the ideal event for all existing and potential stakeholders in the US sports betting industry and given the key role that lotteries already play in each state, we are pleased to welcome them to join discussions.”Betting on Sports America, held from 23-25 April in New Jersey, is the largest dedicated sports betting conference & exhibition in the US. The conference boasts 175 leading industry speakers across 40 sessions, with 60 exhibitors displaying their latest products on the 61,000 sq ft exhibition floor at the Meadowlands Exposition Center. Delegates will be treated to world class hospitality with plenty of business and networking opportunities in New Jersey (Meadowlands Racetrack) and New York (40/40 Club and Sky Room Rooftop Bar). For more information about the event, please visit the website HERE. FES and Incentive Games launch esports prediction game June 2, 2020 Related Articles Playtech eyes US acceleration following NJ approval June 1, 2020 StumbleUponlast_img read more