Further to the May 7, 2008 announcement regarding the acquisition of an oil and gas portfolio in the US Gulf of Mexico from Triangle Oil and Gas Inc. (Triangle), Providence Resources P.l.c. confirmed that the acquisition has now closed.
Triangle's portfolio of assets comprises interests in 8 producing fields and 2 development assets. Within the portfolio, there are also a substantial number of exploration opportunities. With current net current production of circa 6 MMSCFGD and 300 BOPD (1,300 BOEPD), this transaction trebles Providence's current daily production up to 2,000 BOEPD.
As previously announced, Providence agreed to acquire the Triangle portfolio for a consideration of $67.5 million financed through Macquarie Bank Limited, with whom Providence has a $250 million revolving credit facility.
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