Saturday 24 February 2018

Providence Resources looking to raise $25.8m in share placement, tapping shareholders

Providence Resources has confirmed a resource base of between 1 billion and 1.6 billion barrels of oil in place at Barryroe (pictured), with further potential for incremental resource growth.
Providence Resources has confirmed a resource base of between 1 billion and 1.6 billion barrels of oil in place at Barryroe (pictured), with further potential for incremental resource growth.
Gavin McLoughlin

Gavin McLoughlin

Irish oil and gas explorer Providence Resources is looking to raise $25.8m (€22.6m) through a share placing, the company told the Irish Stock Exchange this morning.

It will also look to raise as much as €5m as part of a share issue to shareholders.

The money would be used to cover general business costs, payments associated with a lawsuit brought against the company, and costs associated with the recent acquisition of a greater chunk of the Spanish Point field off the west coast.

The fund raising is conditional on shareholder approval. Providence will hold an extraordinary general meeting on March 20.

The company’s share price has fallen more than 80pc in the last year.

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