CITIC Resources Holdings Limited has signed a memorandum of understanding (MoU) with Itochu Corporation to pursue joint acquisition and development of oil and gas exploration and production assets.

The non-binding MoU will enable both companies to use their experience to efficiently develop exploration and production (E&P) projects.

Itochu and CITIC are each expected to invest $946m in a single E&P project, a Nikkei report cited.

"Itochu and CITIC are each expected to invest $946m in a single E&P project."

Providence Resources plc plans to issue 399,670,956 shares to institutional and other investors.

The private placement will involve the issue of ordinary shares at a price of $0.171 each.

The offering will raise $64.42m, which will be primarily used by Providence to settle the Transocean litigation and to repay short-term liabilities.

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