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Providence Resources provides update on completion of sale interest


Published Jan 2, 2012
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Providence Resources

Providence Resources has closed its transaction to divest its Nigerian subsidiary, which holds its interest in OML 113 offshore Nigeria to Jacka Resources Limited, an ASX-listed company.

Under the terms of the transaction, the total consideration payable by Jacka is $16 million, $10 million of which was paid at Closing, with the balance of $6 million payable by 30 April 2012 with the proceeds of the transaction being used to reduce a portion of the convertible bond debt.

Tags: Providence Resources Plc



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