Exploration company Providence Resources has completed its acquisition of the Triangle Oil and Gas portfolio located in the Gulf of Mexico, it announced this morning.
The deal, worth $67.5m (€43.5m), will take the company's output to over 2,000 barrels of oil a day.
The portfolio comprises eight producing fields and two development assets as well as "a substantial number of exploration opportunities," the company said.
The deal was financed through specialist energy bank Macquarie.
Providence Resources posted a pre-tax profit of €1.49 million last year, turning around a deficit of nearly €1 million in 2006.
Speaking last month chief executive Tony O'Reilly described a number of deals struck by the company, including the Triangle Oil Gas acquisition, as transformational.