Providence sells UK assets for €50m

Irish oil and gas exploration company Providence Resources has sold its UK onshore assets for $66m (€50m) to IGas Energy.

Providence sells UK assets for €50m
Sat, 02 Mar, 2013 - 00:00
Vincent Ryan

The assets sold include the Singleton oil field, Baxter’s Copse development project, and the Burton Down exploration prospect in the UK.

Providence plans to use the proceeds of the sale to repay $44m to Deutsche Bank, leaving it with $22m to invest in planned drilling projects in Ireland.

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CourtsPlace: UKPlace: Singleton Oil FieldPlace: IrelandPlace: Dublin BayPlace: Barryroe, Co CorkPerson: Tony O’ReillyPerson: Job LangbroekOrganisation: ProvidenceOrganisation: Providence ResourcesOrganisation: IGas EnergyOrganisation: BaxterOrganisation: Deutsche BankOrganisation: EUOrganisation: Singleton
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