Exploration company Providence Resources has confirmed receipt of £200,000 from SpotOn Energy to continue the Ballyroe farm out process.
SpotOn Energy is a Norwegian company, registered in the UK, which takes a progressive approach to cost effective offshore oil and gas field development.
The company invested £300,000 into Providence as part of recent $3.3 million fundraising and committed to invest a further £200,000 within six weeks of the announcement in April.
SpotOn Energy experienced some delays in closing out the necessary arrangements with its consortium because of current working and travel restrictions. However, Providence has confirmed that is now in receipt of the investment.
Providence has issued more than 6 million new ordinary shares to SpotOn Energy at a price of 3.27 pence each.
Following this second tranche of the investment by SpotOn Energy it will become a substantial shareholder in Providence Resources.