Providence clear to raise $66m for Irish exploration
Published 12/03/2011 | 05:00
PROVIDENCE Resources has been given the go-ahead by shareholders to raise some $66m (€47m) from investors after an extraordinary general meeting yesterday.
Shareholders voted overwhelmingly for the oil and gas explorer to raise capital from international investors in Canada, the US and elsewhere.
The funds will be used to fund a multi-well drilling programme to begin later this year at the Barryroe oil discovery in the Celtic Sea, off the Wexford coast, and spread to its numerous offshore Irish sites.
Chief executive Tony O'Reilly Jr said he was "delighted" with the resolution, adding: "This drilling programme is the biggest in Providence's history and is the largest programme carried out in Irish waters."