Providence Resources - Re: PVR Stream Log - Completion of Sale of Irish...

Completion of Sale of Irish Assets Further to its announcement on 26 September 2013, the Company has completed the sale of Island Oil & Gas Limited (“Island Oil & Gas”) to Ardilaun Energy Limited (“Ardilaun”). Under the finalised terms of the transaction, Ardilaun has agreed to pay San Leon US$3 million in consideration for Island Oil & Gas. San Leon has already received US$1 million and the balance of US$2 million is now payable within 36 months. Ardilaun will issue San Leon shares equivalent to 15 per cent. of its enlarged issued share capital. San Leon will maintain a joint operating contractor status in the Island Oil & Gas licences. As previously announced, San Leon has retained its Net Profit Interest (NPI) in the Barryroe licence, located in the North Celtic Sea, offshore Ireland. A number of parties have expressed an interest in a financial transaction on the NPI, subject to the completion of a farm-out by the Operator of Barryroe, Providence Resources plc. San Leon is evaluating these expressions of interests. [link]