Menton steps down as chairman of Providence Resources

The chairman of energy researcher Providence Resources, James Menton, has announced that he will step down within the next three months. It’s another blow for the listed oil and gas exploration company after CEO Alan Linn’s exit last year and as its hopes of exploiting a potential oil and gas field off the Cork coast remain unfulfilled.

Ames Menton joined the board in May 2021 and served as executive chairman until the appointment of interim CEO Alan Curran in July.

In a stock release, Providence Resources said the company had been notified by James Menton of its intention to step down as both a director and chairman within the next 90 days.

He is leaving “for personal reasons and also taking into account his other ongoing professional commitments that took place prior to his appointment as PVR director in May 2021,” the company said.

The former KPMG partner sits on a number of commercial and not-for-profit boards, including as chairman of St. Vincent’s Healthcare Group, real estate agent Lisney, and CWSI Security, an enterprise mobility and cybersecurity consultancy

A process is now underway to select a new Chair.

This is the latest blow for the company, whose largest shareholder is Larry Goodman, which after decades of exploration work is now fully focused on its interest in the Barryroe oil and gas field off the coast of Ireland, but plans to move forward with exploration and eventual production in the field remain stalled.

The company is hoping that if an appraisal well can be drilled next year that could allow for potential production in 2026, it is awaiting approval from Energy Secretary and Green Party leader Eamon Ryan.

https://www.independent.ie/business/menton-to-stand-down-as-providence-resources-chair-41936882.html Menton steps down as chairman of Providence Resources

Fry Electronics Team

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