Providence Resources chief executive steps down

The AIM-traded firm said it had begun the process to identify and recruit a new CEO to lead Providence in its next phase of development, with a further announcement to be made as soon as that process was complete.

It added that O’Reilly had agreed to work with the board, to the extent required, until the end of January to ensure an orderly transfer of his responsibilities.

In the interim, his executive functions would be assumed on a temporary basis by Providence’s chairman, Pat Plunkett.

“Since the foundation of the company, Tony has been the main driver behind the development of the business and has been passionate in promoting the company’s role in oil and gas exploration in the Irish offshore sector,” said Pat Plunkett.

“Over the years, Tony led the company into partnerships with some of the world’s leading energy companies including ExxonMobil, Eni, Chevron, Repsol, Petronas and Total.”

Plunkett noted that a major milestone during his tenure was the successful drilling and testing of Barryroe, in the North Celtic Sea Basin, which had provided Providence with a “world class development asset”, capable of providing “significant” shareholder value in the coming years.

“Tony leaves by mutual and amicable agreement and has the great appreciation of the board for his management of Providence through multiple exploration and production cycles.”

Tony O’Reilly himself added that, after more than two decades with Providence, it was time for him to pursue new opportunities.

“I am extremely proud of all that we have achieved over the years and the key role that our collective team efforts at Providence have played in establishing interest in Ireland's offshore arena.

“I wish all stakeholders in Providence every success in the years ahead, particularly with the Barryroe Project.”

At 1051 GMT, shares in Providence Resources were up 3.45% at 3p.