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Providence Completes Sale of Interest in Aje Field

Source: www.gulfoilandgas.com 12/30/2011, Location: Africa

Providence Resources P.l.c is pleased to confirm that it has closed its transaction to divest its Nigerian subsidiary, which holds its interest in OML 113 offshore Nigeria to Jacka Resources Limited, (Jacka) an ASX-listed company. 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.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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