Following the passing of all resolutions proposed at the EGM, the Company is pleased to confirm that all amounts outstanding under the loan facility with Melody Business Finance LLP ("Melody") have been satisfied in full by the payment of cash equal to US$20 million (together with accrued interest) and the allotment of 9,938,033 ordinary shares by the Company to Melody (as previously notified). The security held by Melody, by way of a floating charge over the Group's assets, will now be released. The Company also confirms that it has discharged the balance of the uncontested sums owing to Transocean Drilling U.K. Limited in respect of the Court of Appeal order (the "EWCA Order") made on 13 April 2016.
INVESTOR ENQUIRIES
Providence Resources P.l.c. Tel: +353 1 219 4074 Tony O'Reilly, Chief Executive Officer Cenkos Securities plc Tel: +44 131 220 9771Neil McDonald/Derrick Lee
J&E Davy Tel: +353 1 679 6363Eugenee Mulhern/Anthony Farrell
MEDIA ENQUIRIES
Powerscourt Tel: +44 207 250 1446Lisa Kavanagh/Peter Ogden
Murray Consultants Tel: +353 1 498 0300Pauline McAlester
ABOUT PROVIDENCE RESOURCES
Providence Resources is an Irish based Oil and Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland and the UK. Providence's shares are quoted on AIM in London and the ESM in Dublin.
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Providence Resources plc published this content on 20 July 2016 and is solely responsible for the information contained herein.
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