Exploration company Providence Resources will own almost 100% of the Singleton oil field in the UK following a deal which could be worth up to $22m.
Providence has agreed to buy Star Energy's 79% stake. It already owned 20%. Noble Resources owns just under 1% of the field.
As part of the deal, Providence and Star have agreed to work together on future gas storage projects in the Republic of Ireland.
Providence chief executive Tony O'Reilly Jr said the deal would increase its oil production to around 219,000 barrels a year, and ensure a solid cash flow on which to build its business.
