Providence Resources P.l.c. confirms that it has closed its transaction to divest its Nigerian subsidiary, which holds its interest in OML 113 offshore Nigeria to Jacka Resources Limited.
Under the terms of the transaction, the total consideration payable by Jacka is $16 million, $10 million of which was paid at Closing, with the balance of $6 million payable by 30 April 2012 with the proceeds of the transaction being used to reduce a portion of the convertible bond debt.
About Providence
Providence Resources Plc is an Irish based oil and gas exploration company listed on the AIM market in London and on Dublin‟s ESM market. Providence‟s portfolio of production, appraisal and exploration assets includes licence interests in Ireland (offshore) and the United Kingdom (onshore). In 2011, Providence announced plans to invest with its partners upwards of $500 million in the drilling of a number of exploration and development wells in 6 different basins offshore Ireland. This multi-year programme represents the largest drilling campaign ever carried out offshore Ireland.
[mappress] Subsea World News Staff , December 30, 2011; Image: PGS