Providence Resources - Re: PVR Stream Log - Providence Resources cuts top pay...

Providence Resources cuts top pay The company remains in negotiations with a number of partners to farm out its prize Barryroe Well asset (Finbarr O’Rourke) PROVIDENCE RESOURCES has slashed up to 20% from its management wages bill while the junior oil explorer seeks farm-out partners to help develop its oil exploration assets around Ireland. The company, headed by Tony O’Reilly Jr, saw its share price rise by more than 25% last week, to close at 17c, as a possible farm-out partner emerged and interest in Irish offshore oil exploration increased. O’Reilly signed a two-year deal last May that secured him an annual package of €450,000, subject to a one-year notice period. It has since emerged that he has agreed to take a drop in his salary of up to 20% and that members of the senior management team are also taking similar wage cuts.’ “We have made cuts across the business to make sure that we are fighting fit. We have looked at every cost element,” said O’Reilly.