Irish oil explorer Providence Resources is in talks with its main creditor to ensure it has sufficient resources to fulfil a court order to pay US$7 million to offshore drilling contractor Transocean, the company said in a statement.
Shares in Providence were suspended on April 14 on the AIM and ESM submarkets of the London and Dublin stock exchanges ahead of a court of appeal ruling which confirmed an order to pay US$7 million excluding interest and costs.
Providence said in a statement that it was "in active discussions with its financial advisers and current debt provider with the objective of ensuring that the company has the appropriate financial resources to satisfy its obligations to Transocean."
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