Exploration company Providence has bought a substantial portfolio of assets in the US Gulf of Mexico from Triangle Oil and Gas for a total of $67.5m.
The deal will triple Providence's production and is being financed through Macquarie Bank.
The deal comprises interests in eight producing fields and two development sites.
Commenting on the deal, CEO Tony O'Reilly Junior said the company looked forward to growing its presence in the US Gulf of Mexico and said he sees the deal with Triangle as a springboard for future opportunities.
Providence shares closed up 0.5 cent at 10 cent in Dublin.
