Providence Resources Unloads Stake in OML 113 Offshore Nigeria

Providence Resources P.l.c., an Irish based oil and gas exploration company, confirmed today that it has closed its transaction to divest its Nigerian subsidiary, which holds its interest in OML 113 offshore Nigeria to Jacka Resources Limited, (“Jacka”) an ASX-listed company.

Under the terms of the transaction, the total consideration payable by Jacka is $16 million, $10 million of which was paid at Closing, with the balance of $6 million payable by 30 April 2012 with the proceeds of the transaction being used to reduce a portion of the convertible bond debt.

OML 113 lies on the extreme western part of offshore Nigeria adjacent to the border of offshore Benin. The Benin Embayment lies along the prolific West African Transform Margin, a petroleum fairway which contains fields including the Tullow operated Jubilee Field offshore Ghana.

Offshore Energy Today Staff, December 30, 2011

 

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