Providence Bids for Gulf of Mexico Oil

Exploration company Providence Resources has signed an agreement with private US firm Triangle Oil and Gas to acquire assets in the Gulf of Mexico.

The acquisition comprises Triangle's material hydrocarbon assets, including eight producing fields and two developments.

The deal trebles the company's current daily production to 2,000 boepd, says Providence.

The transaction is subject to regulatory approval and will cost Providence a total of US$67.5m, payable on completion.

By Alex Hawkes