Monday February 17, 2020

Providence to cut costs as it awaits key payment

The company plans to leave its current Dublin office before the end of this year and move to a smaller facility, while all of its technical and support staff will be laid off

5th August, 2019
A drilling rig at Providence Resources’ Barryroe field. Pic: Finbarr O’Rourke

On Monday morning, Providence said the funds had not been received by August 2 due to final processing of the payment by HSBC bank. As a result, the deadline has been extended to August 12.

Providence warned, however, that if the payment is not received by then, it will need to put alternative financing arrangements in place in order to provide it with enough working capital beyond the end of August. It currently has around $1.45m of...

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