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Sale’s Completion of Onshore UK Assets to IGas Energy

Source: www.gulfoilandgas.com 3/1/2013, Location: Europe

Providence Resources P.l.c., (Providence) the Irish oil and gas exploration and appraisal company, whose shares are listed in London (AIM) and Dublin (IEX), is pleased to announce that it has closed the sale of its UK onshore assets (comprising the Singleton oil field, Baxter’s Copse development project and Burton Down exploration prospect) to IGas Energy Plc for a gross consideration of $66 million. The realised proceeds, after repaying all the outstanding sums payable under the Deutsche Bank pre-paid swap debt facility, amounts to approximately $22 million. All other terms of the transaction remain as disclosed in the announcement of 28 September 2012.

Commenting on the sale, Tony O’Reilly, Chief Executive said:

“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 programme.”

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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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