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Oct 1 2019, 08:55 IST/BST
Providence has initiated the process to claim back the Barryroe equity assigned to APEC’s 50% working interest in the project. This follows the failure by APEC to perform as agreed under the contractual arrangements for the farm-out, especially the transfer of funds related to a $9m loan advance to Providence. While not unexpected, this is a very disappointing outcome to the process. Fortunately, a recent cash injection has met immediate funding requirements but Barryroe still needs to be appraised – the one constant in the evolution of Providence over the last few years. How that is to be achieved is the immediate concern of management and the Board.