Gulf Oil and Gas accountACCOUNT

Providence Receives Final Payment for Aje Field

Source: www.gulfoilandgas.com 4/12/2012, Location: Africa

Providence Resources P.l.c is pleased to confirm that it has received the final US$ 6 million tranche payment from Jacka Resources Limited ("Jacka"), an ASX-listed company, for the sale of its Nigerian interest, OML 113. Under the terms of this previously announced transaction, Providence divested its Nigerian subsidiary, which holds its interest in OML 113 offshore Nigeria, to Jacka for the total consideration of US$ 16 million, US$ 10 million of which was paid in December 2011, with the balance of US$ 6 million to be paid in April 2012.

Commenting on the announcement, Mr Tony O'Reilly, CEO of Providence said:
"This divestment completes the restructuring of our asset portfolio and allows us to focus on our core areas of offshore Ireland and onshore United Kingdom. With the proceeds from the recently announced $100 million placing*, and production cash flow from our Singleton onshore oilfield, Providence will have a very clear capital structure with resources that allow it to finance its share of its ongoing multi-well, multi-basin drilling programme."

Investment News in Nigeria >>

Mexico >>  7/16/2019 - In the presence of the president of Mexico, Andres Manuel Lopez Obrador, the chief executive officer of Petr?leos Mexicanos, Octavio Romero Oropeza, p...
Ghana >>  7/15/2019 - Africa Finance Corporation ("AFC"), the leading infrastructure solutions provider in Africa, announces it has financed Aker Energy A.S., a subsidiary ...

United States >>  7/10/2019 - Tellurian Inc. (Tellurian) (TELL) has entered into definitive agreements with Total Delaware, Inc. (Total) and Total Gas & Power North America, Inc. ...
Indonesia >>  7/5/2019 - Bass Oil has announced that it has successfully arranged a $0.15 million private placement to sophisticated and professional investors through the iss...

United Kingdom >>  7/4/2019 - The National Trust has announced it will cease any investment in fossil fuel companies. The charity will introduce a series of new measures to ensure ...
Australia >>  6/27/2019 - Santos announced that the Barossa Joint Venture has entered into exclusive negotiations with the Darwin LNG Joint Venture for the supply of backfill g...

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 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

Oil & Gas Projects in Nigeria >>

More News

Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.