Providence and Lansdowne have signed a joint farmout agreement with a Chinese group led by Apec Energy Enterprise for a 50% interest in the Barryroe oilfield in SEL 1/11, North Celtic Sea Basin, in exchange for funding 3 wells and sidetracks. So far EXOLA (Providence) (op) 80%, partner Lansdowne 20% (San Leon carried for 4.5%). After completion of drilling, Apec will have the right to operatorship in the devt/prod. phase.   Apec is a strategic partner with COSL and JIC Capital Management for focusing on offshore opportunities using Chinese rigs and equipment, and would provide the rig for the above. In addition to its 50% financial obligation, it will provide, by way of a non-recourse loan facility, the remaining 50% of drilling costs. www.providenceresources.com , www.apecenergy.com.
Providence (->50%) and Lansdowne (->0%) farm out a 50% WI in EL 01/11 (Barryroe) to a Chinese consortium led by APEC.