Oil firm Providence in bid to raise €30m

Providence Resources is set to go back to shareholders as part of a bid to raise nearly €30 million in fresh funds to cover drilling, exploration, legal and administrative costs.

After confirming last Friday that it was eyeing a fresh funding round, the Tony O’Reilly Jnr-led explorer yesterday said it plans to raise around $25.75m (€22.7m) through a share placing aimed at institutional investors, as well as raising another almost €5m from existing shareholders via an open offer.

The main element of the raise will see nearly 66.9 million shares sold to institutional and other investors at a price of 25p per share. Existing shareholders will have the chance to buy new shares at a price of 34c per share.