Share placing to raise £14m for Providence

IRISH oil and gas exploration company Providence Resources is to raise £14.4 million (€16.5m) – for use on boosting its production levels – via a new share placing, which will add nearly 450 million new shares to the company’s stock register.

The additional listing – dealing in the new shares commences today – will boost Providence’s number of ordinary shares in issue to just more than 3.37 billion.

Tony O’Reilly Jnr said the latest proceeds raised will go towards enhancing production levels at Providence’s assets in the Gulf of Mexico and offshore Britain and will also provide additional working capital for its recent move into the gas storage market (via its subsidiary company Eirgas buying a 40% stake in the Kinsale Head gas field).