Providence searches for new Barryroe partners

Exploration company refuses to extend deadline for $9 million payment agreed with Chinese company Apec

A drilling rig at Providence Resources’ Barryroe field. Pic: Finbarr O’Rourke

Exploration company Providence Resources has said it is now free to search for potential new partners for its Barryroe oil field off the Cork coast.

The company had agreed a deal under which Chinese company Apec would take a 50 per cent stake in the project in return for a $9m investment.

The money, which had been due in June, has not yet been received despite repeated extensions of the deadline by Providence.