Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » UK’s Providence sells Nigerian subsidiary for $16m

    UK’s Providence sells Nigerian subsidiary for $16m

    December 31, 2011
    Share
    Facebook Twitter LinkedIn WhatsApp

    31 December 2011, Sweetcrude, LONDON – London and Dublin-listed Providence Resources has confirmed the sale of its Nigerian subsidiary in a deal worth up to $16 million.

    The oil and gas exploration and production company said, Friday that it had sold its Nigerian subsidiary, which holds its interest in OML 113 offshore Nigeria, to Jacka Resources Limited.

    Under the terms of the transaction, the consideration payable by Jacka is $16 million, $10 million of which was paid at closing.

    The balance of $6 million is payable by April 30, 2012. The proceeds of the transaction will be used to reduce a portion of the company’s convertible bond debt.

    Providence announced its intention to sell its Nigerian interests at the same time that it published accounts showing that it lost close to €10 million in the first six months of this year.

    Related News

    OPEC+ drives crude oil prices up again

    OPEC+ adopts plan for 2027 baselines ahead of July output hike talks

    Nigeria rallies economic team to counter US 14% tariff threat

    E-book
    Resilience Exhibition

    Latest News

    OPEC+ drives crude oil prices up again

    May 28, 2025

    OPEC+ adopts plan for 2027 baselines ahead of July output hike talks

    May 28, 2025

    Gold prices rise amid fiscal and geopolitical risks

    May 28, 2025

    Verdagy’s hydrogen to power Mainspring Energy’s linear generators

    May 28, 2025

    Nigeria rallies economic team to counter US 14% tariff threat

    May 28, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.