Irish player Providence Resources has threatened to end a farm-out agreement with Chinese-backed Apec Energy and seek legal action as $10 million in funds due from the deal have yet to materialise, writes Eoin O'Cinneide.
The Dublin-based operator has also started the search for alternative means of financing after Apec once again missed a fresh deadline for the cash to land in Providence’s bank account on foot of a deal to enter standard exploration licence 1/11 off south-west Ireland, which contains the Barryroe oilfield.
