Explorer Providence Resources has struck a deal to sell off its UK onshore assets with Igas Energy for US $66 million.

Providence is selling its 100% stake in PL240 which covers the Singleton oil field and 50% in PEDL 233 which includes the onshore Baxter’s Copse oil find, and an exploration prospect called Burton Down, both in West Sussex in the UK South-East.

Funds raised from the sale to Igas will be used to pay down all outstanding debt to Deutsche Bank AG, approximately US$44 million, with the balance available for general working capital purposes.