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Looking at this part of the Annual Statement, it would look like the best chance of a Farmout of Barryroe is if Druid is a massive success: The collapse in M&A activity, combined with the Company’s balance sheet constraints in the first half of 2016 made progress in completing a Barryroe farm in very challenging. However, following the recapitalisation of Providence in July 2016 and with some recovery in the oil price, farm in activity has increased. This has facilitated the Company in pursuing new commercial opportunities which are ongoing. It is an important objective of Providence to advance the appraisal and development of this important asset. With this in mind, the Company is commencing various pre-permitting activities in anticipation of future drilling.
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