Providence aims to be debt free in three years

PROVIDENCE Resources chief executive Tony O’Reilly Jnr has told shareholders that the company has the capability to become debt free within the next three years.

Mr O’Reilly was speaking at the oil and gas exploration firm’s annual general meeting in Dublin yesterday, where Providence announced a new share placing aimed at raising around £14.8 million (€16.8m) to strengthen its balance sheet and reduce its debt levels that are currently hovering around the €70m mark.

The placing – via Cenkos Securities in London – will see just over 431.9 million new ordinary shares, priced at 3.9c each, admitted to trading on Dublin’s IEX market and London’s AIM next Tuesday.