Providence scores in $67.5m Gulf deal
Irish explorer Providence Resources has bought a package of of oil and gas
assets in the Gulf of Mexico from Triangle Oil & Gas in a $67.5 million
deal.
Providence said the deal covers Triangle's stakes in eight producing fields
and two development assets, adding that the portfolio inclues a substantial
number of exploration oppourtunities.
The package Providence has bought covers stakes in Ship Shoal blocks 252, 253
and 267, Main Pass blocks 19 and 89, East Cameron Block 257, Mobile Block
861, Vermilion Block 60, and West Cameron Block 333, as well as a stake in
the onshore Ridge Block..
Providence will pay for the assets through available credit.
"This acquisition is great news for Providence and its shareholders, allowing
it to substantially increase its daily production rates up to 2000 barrels
of oil equivalent per day," company boss Tony O'Reilly said in a statement.
Providence said the assets it was buying from Triangle currently produced
about 1300 boed.
A closing date was not given.
07 May 2008 10:46 GMT
| last updated:
07 May 2008 10:46 GMT
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