Oil and gas exploration company Providence Resources has raised $60 million in debt financing.

The funds will be used to repay its existing reserve base lending facility, and to facilitate the ongoing development plan for its Singleton oilfield in the south of England, where it plans to materially increase production rates.

The funds were raised through a pre-paid oil swap transaction, which it entered into with Deutsche Bank, over a six and a half year term. The financing is secured on the Singleton property.

According to chief executive Tony O’Reilly, the deal allows the company to avail of “today’s higher pricing environment for the term of the facility”.

“Importantly, it provides the operational and financial flexibility that will allow us to focus on increasing Singleton production rates,” he added.