Providence Resources pays off ex-CEO Tony O'Reilly Jr with €450k exit deal
Providence Resources’ former CEO Tony O’Reilly Jr was paid just under €866,000 in 2019; a year which culminated in the Irish explorer tapping shareholders for emergency financing after the collapse of a long-awaited funding deal for its Barryroe field off the Cork coast.
In the company’s 2019 accounts – which show a surge in losses from €4.8m to €26.8m – Providence said Mr O’Reilly’s pay included an exit settlement of €448,500. Mr O’Reilly left the company at the turn of the year, as part of its wide-reaching restructuring, and was replaced in January by industry veteran Alan Linn.
Providence is hoping to complete a deal to name Norwegian firm SpotOn Energy as its new Barryroe partner later this year, ahead of appraisal drilling next summer and the potential of commercial production by 2022.
The company is looking at building a fresh suite of licences around the Barryroe field.
Providence has since had to tap investors again for emergency funding, giving it breathing space into next year.
The company has also announced that it will hold its agm on July 20. At that meeting, independent director Angus McCoss will stand down from the Providence board, effectively leaving Mr Linn and chairman Pat Plunkett as sole members.
