Credit: Providence Resources
Irish-based oil and gas firm Providence resources on Monday refuted Irish media reports that the company was in merger talks.
Business Post on Sunday reported that the company had been approached by the Norwegian firm SpotOn Energy, which last year farmed into Providence's undeveloped Barryroe offshore oil and gas field, proposing a merger.
However, Providence on Monday denied any merger talks.
"While Providence, like any plc, considers all opportunities to maximize shareholder value, we are not currently involved in any merger discussions with any party. We will continue to work closely with SpotOn Energy Limited to deliver the necessary funding to develop the world-class Barryroe asset.
According to Providence, Barryroe, located around 50 km off the south coast of Ireland in shallow water - around 100 meters water-depth - is one of the largest undeveloped oil and gas discoveries offshore Europe.
The Early Development Program of the field is focused upon the delivery of production from the Eastern panel within the Barryroe license area of the Barryroe oil and gas field as a precursor to the phased full-field development of the field.
The program includes drilling of production wells, installation of subsea trees, subsea production manifold and connected to a leased FPSO with production separation, water and gas injection capabilities, and include flow assurance measures.
Providence said in November 2020 that the SpotOn consortium was sourcing the rig which, subject to regulatory approval, would mobilize to the Barryroe oil and gas field in late 2022.
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