Providence forced into bond issue after Norwegian deal falls through
The Irish exploration firm must raise new cash if it wants to develop the Barryroe oil and gas field
The cost of developing the Barryroe oil and gas field for Providence Resources is set to rise, after the group announced last week that it had terminated a financing agreement with SpotOn Energy, a Norwegian exploration company.
The loss of SpotOn Energy as a partner means Providence will be unable to access $45 million as part of a Norwegian export credit facility, which has very attractive interest rates of just 2 per cent to 3 ...
