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Providence, bank gain GoM foothold


Published May 7, 2008
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Gulf of Mexico

E&P outfit Providence Resources has bought up $67.5 million in Gulf of Mexico assets offered by Louisiana-based Triangle Oil and Gas Inc. in a move the Irish company says triples its production.

An asset portfolio comprising about 6 million standard cubic feet per day of gas production and 300 barrels of oil per day add som 1,300 barrels of oil equivalent to Providence’s stash. The company said 2,000 boepd was its goal.

The deal was “fully financed” with $250 million from Macquarie Bank Ltd., which also secrues 10 million in ordinary Providence shares plus warrants for 30 million more at 12 cents per share.

Tags: Providence Resources Plc



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