Oil and exploration company Providence Resources has said it has agreed a pre-paid oil swap deal with Deutsche Bank worth $60m.
The six and a half year debt facility is secured over the company's interest in the Singleton oil field in West Sussex, UK.
Providence said it will use the funds to repay its existing lending facility and to facilitate the ongoing development plan for the Singleton site, where it wants to materially increase production rates.
'This innovative facility allows us to avail of today's higher pricing environment for the term of the facility. Importantly, it provides the operational and financial flexibility that will allow us to focus on increasing Singleton production rates,' commented Providence's CEO Tony O'Reilly.
