Ireland-based oil and gas firm Providence Resources, which has for years been looking at ways to develop its Barryroe oil and gas discovery offshore Ireland, has now informed that its CEO Alan Linn is stepping down from the Board, and all subsidiary companies.
Linn said: "I have decided to step down from the Board to devote more time to my other business interests. Following the recent strategic decision by the Board to take the management and financing of the Barryroe project in-house, this is the opportune time to hand over to new leadership. Providence is now well placed to progress the Barryroe project. My thanks to colleagues for their support through a challenging period in the development of the company.”
James Menton, Chairman said:"The Board and staff join me in thanking Alan for his commitment and service to the company since his appointment in January 2020 and wish him every success in the future.”
Providence said Tuesday it would immediately start a search for a new Chief Executive Officer. In the intervening period, James Menton will assume the role of Executive Chairman.
Alan Linn, who was appointed CEO of the company in January 2020, said at the time he hoped he could help the company with the development of the long-delayed Barryroe offshore oilfield by attracting new investment into the project.
Barryroe, located in the North Celtic Sea offshore Ireland, and dubbed one of the largest undeveloped oil and gas discoveries offshore Europe, is estimated to hold 2C resources of independently audited at 346 MMBOE gross.
Providence Resources in April terminated the farm-out agreement with Norwegian firm SpotOn Energy for the offshore block in Ireland containing the Barryroe oil and gas discovery.
Providence, with its partner Lansdowne, had in November 2020 agreed to farm out a 50% working interest Barryroe field to SpotOn, months after it started the farm-out talks.
SpotOn was to become the operator of the block, and was expected, with its consortium of leading oilfield services providers including Schlumberger, Maersk Drilling, Keppel FELS, and Aker Solutions, Aibel, and AGR, to fund 100% of the early development program costs and the full field development.
However, Providence in April terminated the farm-out deal with SpotOn because "key financing conditions were not met," and said it would "lead the project development and funding arrangements."
Providence has previously said that Barryroe would be developed in phases, with an early development scheme for Barryroe planned to include three production wells with horizontal completions into the A-sand reservoir; one water injection well into the A-sand reservoir; subsea production trees with manifold and umbilicals tied back to a leased FPSO.
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