Providence trebles oil and gas production with acquisition

Providence Resources has announced the acquisition of US$67.5m (€43.5m) of assets in the US Gulf of Mexico from Triangle Oil and Gas.

Triangle is based in Lafayette, Louisiana, USA.

This transaction trebles the exploration and development company’s current daily oil and gas production up to 2,000 BOEPD (Barrels of Oil Equivalent Per Day).

Mr Tony O’Reilly jnr, Chief Executive of Providence, said: "Not only does this deal allow Providence to generate significant cash flow from the existing production, but importantly, there are substantial additional proven resources to be developed within the portfolio. We look forward to growing our presence in the US Gulf of Mexico and see this acquisition as a springboard for future opportunities."