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Providence sells UK assets for E50.5m

Friday, March 01 09:29:06

Irish oil and gas prospector, Providence Resources has sold its UK onshore assets to IGas Energy for a total of $66 million (E50.5m).

The proceeds, after repaying the outstanding sums payable under the Deutsche Bank pre-paid swap debt facility, total about $22 million.

The company's assets included in the sale comprise the Singleton oil field, Baxter's Copse development project and Burton Down exploration prospect.

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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