The total consideration payable by Jacka for this acquisition is $16m, $10m of which was paid at the closing of the transaction.
Jacka will pay the remaining amount of $6m to Providence by the end of April this year.
Providence said the proceeds of the transaction would be used to reduce a portion of the convertible bond debt.
The company’ Nigerian subsidiary holds an interest in the OML 113 offshore licence which includes the Aje field.
