Providence Resources P.l.c announced that it has terminated the farm-out agreement with SpotOn Energy for the Barryroe Licence and is progressing arrangements for an alternative funding package to finance 100% of the costs of the early development scheme (“EDS”) for the Barryroe license (SEL 1/11). The Barryroe partners have terminated the farm-out agreement with SpotOn because key financing conditions were not met. Providence will now lead the project development and funding arrangements. Building from the many positive elements of the SpotOn project development and financing model, the Barryroe partners are pursuing a similar development approach, including payment deferrals by individual service providers on equivalent or better terms and a Nordic bond issue. This revised approach will enable Providence to participate in a much greater share of the value of the Barryroe asset than was proposed under the SpotOn structure. Work to progress the funding solution is well advanced and is expected to be concluded before the end of the third quarter, in time to progress a 2022 drilling programme. To maintain development pace and demonstrate their continuing and material support for the project, Pageant Holdings, a substantial shareholder, has made an offer to underwrite a capital raise for $2.5 million. The offer includes a one for one warrant which would potentially raise a similar amount. The Barryroe EDS has the potential to deliver exceptional value for Providence. Internal modelling forecasts a project NPV (10) valuation of $560 million to Providence at $60 per barrel based upon recovering 48m barrels of oil, equivalent to c. 16% of the estimated recoverable resource within the SEL 1/11 Barryroe license area.