The chief executive of Providence Resources, Alan Linn, has said he is stepping down from the company's board and all subsidiary companies with immediate effect in an unexpected move.
Alan Linn said he had decided to step down from the Board to devote more time to his other business interests.
"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," Mr Linn said.
"Providence is now well placed to progress the Barryroe project. My thanks to colleagues for their support through a challenging period in the development of the company," he added.
Mr Linn took up the CEO role in January of 2020 following the resignation of Tony O'Reilly who had run the company for about 20 years.
Providence said it will immediately start a search for a new chief executive. In the meantime, James Menton will assume the role of Executive Chairman.
Earlier this year, Providence decided to take control of its Barryroe development after Norwegian oil and gas company SpotOn was unable to meet the farmout conditions for the site, describing the the move an "important strategic moment" for Providence.
Providence's Barryroe project is the most advanced and appraised oil project offshore Ireland.
