Providence Completes Sale of UK Onshore Assets
Irish explorer Providence Resources announced Friday that it has closed the sale of its UK onshore assets to IGas Energy for $66 million.
The UK assets that made up the transaction included the Singleton oil field, the Baxter's Copse development project and the Burton Down exploration prospect. Providence said that the realized proceeds from the deal, after repaying a debt facility, amount to approximately $22 million.
Providence Chief Executive Tony O'Reilly commented in a statement:
"We are very pleased to have closed this transaction, which means that the company is now totally debt free. We will now continue to concentrate on our extensive Irish portfolio of appraisal projects and exploration prospects, which are the subject of a major multi-basin drilling program."
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