Providence raises €75m in share sale to pay off debt and fund drilling costs

Providence Resources has raised an additional $100m (€75m) via a share sale which will help it pay off a further $40m of debt.

The move — which sees the Irish oil and gas exploration company issuing over 13 million shares on London’s AIM and Dublin’s ESM markets — also funds to the tune of around $30m Providence’s outstanding debt related to it upping its stake in the Barryroe well from 50% to 80%. Another $30m or so will go towards funding the company’s ongoing multi-well drilling programme off the coast of Ireland.

In the space of a week last month, Providence found oil and gas at its Barryroe asset off the Cork coast.