In a move to focus on its Irish multi-basin drilling programme, Providence Resources has agreed to divest its onshore UK assets to domestic producer IGas Energy.
Under a binding heads of agreement, IGas will acquire Providence’s subsidiary, PR Singleton, for £41 million ($66 million).
As a result, IGas will obtain a 100% interest in PL 240, containing the Singleton oil field, and a 50% stake in PEDL 233, which includes the Baxter’s Copse oil discovery and Burton Down exploration prospect.
