Providence tightlipped on delayed €9 million payment to drill off Cork

Providence tightlipped on delayed €9 million payment to drill off Cork
Tony O’Reilly jr, chief executive of Providence Picture: Fergal Phillips

Providence Resources shareholders are in the dark this weekend about whether it has received a €9 million payment from a Chinese company.

Apec is due to drill Providence’s Barryroe oil field off the Cork coast and the payment is part of the contract’s terms. However, it has been delayed several times since an original deadline in June was missed. The latest date for receipt was last Friday, and Providence declined to say whether it had been...

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