Providence CEO steps down
Alan Linn has stepped down as the CEO of Irish explorer Providence Resources, in order to focus on his other business interests, the company said on October 19.
Providence is looking to develop the Barryroe oil and gas field off Ireland, estimated to hold almost 350mn barrels of oil equivalent. The company and its partner Lansdowne had hoped to farm out a stake in the project this year to Norway's SpotOn Energy. But the latter failed to deliver on financing commitments.
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The partners launched a strategic review at Barryroe in late September, in order to strengthen the case for the field's development.
"I have decided to step down from the Board to devote more time to my other business interests," Linn said in a statement. "Following the recent strategic decision by the board to take the management and financing of the Barryroe project in-house, this is the opportune time to hand over to new leadership. Providence is now well placed to progress the Barryroe project."
Providence's board will immediately start a search for a new CEO. In the meantime, James Menton will serve as the company's executive chairman.