Providence Resources has received the final $6 million payment due from the sale of its share in an oilfield off the shore of Nigeria.
The tranche payment from Jacka Resources came after Providence sold its Nigerian subsidiary to it for $16 million. The initial $10 million was paid in December 2011.
“This divestment completes the restructuring of our asset portfolio and allows us to focus on our core areas of offshore Ireland and onshore United Kingdom,” chief executive Tony O’Reilly said.
Davy Stockbrokers said the sale of the Aje oilfield made “good sense” in light of the group’s focus on its Irish offshore operations.
The group is planning to drill six basins over the next two years. Testing at its Barryroe well off the south coast recently revealed better than expected flow rates.
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