Goodman hikes Providence stake to 16.1% as key oil project in limbo

Businessman Larry Goodman, who has become the largest shareholder in Providence Resources. Photograph: Cyril ByrneBeef magnate Larry Goodman has become the largest shareholder in Providence Resources, the Irish oil and gas explorer, after almost doubling his stake to 16.1 per cent in less than a week.

“The key barrier to progressing the project is the delay in ministerial consent for the Lease Undertaking, to permit us to drill an appraisal well next year,” executive chairman James Menton said. “Once we have the results of this appraisal well, we are confident that our development plans can be progressed rapidly and Barryroe can have a significant impact on Ireland’s security of energy supply over the next two decades.

Investors in Providence have seen three Barryroe development partnership deals come to nothing in the decade since the field was found to have more than 300 million barrels of recoverable oil. The latest was abandoned in April last year. It is not the first time Mr Goodman has used Vevan to take positions in Irish publicly quoted companies once heavily associated with Mr O’Reilly.

Ireland Latest News, Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Goodman becomes Providence’s top shareholder with 16.1% stakeGoodman becomes Providence’s top shareholder with 16.1% stake via IrishTimesBiz
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

Former Glen Dimplex boss ups stake in Providence ResourcesSean O’Driscoll, the former chief executive of Glen Dimplex, has increased his stake in Providence, the Irish oil and gas exploration company.
Source: businessposthq - 🏆 8. / 71 Read more »

Donohoe faces headwinds following up 5% AIB share saleTaxpayers remain €5.5 billion underwater even allowing for market value of State’s remaining stake
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

Bláthnaid Ní Chofaigh’s sexual harassment claim against RTÉ delayedHearing put back to September after key defence witnesses contract Covid-19 Seriously who cares except herself.
Source: IrishTimes - 🏆 3. / 98 Read more »

‘Low risk’ of major roads projects being abandoned due to inflation‘No projects presently under construction’ will be abandoned, Transport Infrastructure Ireland tells Public Accounts Committee
Source: businessposthq - 🏆 8. / 71 Read more »

ECB’s Simkus wants half-point July hike as option if data worsenECB’s Simkus wants half-point July hike as option if data worsen via IrishTimesBiz
Source: IrishTimesBiz - 🏆 6. / 77 Read more »