Providence set to raise €10m in quest for oil

TONY O’REILLY’S Providence Resources are looking to raise €10.15m through a rights issue.

The company will issue €338m new shares at three cents each in a bid to raise the cash to continue its exploration for oil off Irish coast.

Dr O’Reilly will take up his full rights, at the cost of €1m, and will own 45% of the company when the placing is completed.