--Providence has agreed to acquire the majority of the producing Singleton field, onshore UK, thereby improving the company's future production cash flow. --The High Island A-268 Gas Project in the Gulf of Mexico is on schedule for start-up in production in August. --The next stage of the AJE Project in Nigeria is anticipated to be announced in the coming months, including plans for future drilling (subject to rig). --Providence, together with its partners, ExxonMobil and Sosina, was awarded 15 new blocks in the Goban Spur, offshore Ireland, further demonstrating the attractiveness of the exploration potential of the Atlantic Margin. --Providence has enhanced its financial resources with a recent 25.7 million placing of shares. This, together with the previously announced 50 million revolving credit facility with Macquarie Bank, ensures that that the company has the necessary financial resources to execute its corporate objectives.
All resolutions proposed for consideration at Wednesday's AGM were approved by shareholders. Addressing shareholders, Dr. Brian Hillery, Chairman of Providence, said:
"This has been a productive year for Providence. The company continues to pursue a portfolio strategy focusing on international development and exploration. I am particularly pleased with the prospect of the imminent drilling program at Hook Head, which marks a major milestone for Providence. I believe Providence is now extremely well placed to develop, and ultimately, capitalize on its extensive asset portfolio."
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