Providence Resources set to be saved through €66m share sale

Providence Resources — the Tony O’Reilly Jr-led exploration firm — has announced plans to raise nearly $74m (€66m) in fresh funds via what is, essentially, a company saving share sale.

The sale — to be put before shareholders at an extraordinary general meeting next month — will enable Providence to eliminate its debt and fund a planned drilling round next year; as well as increase its chances of concluding deals with development partners on its main assets off the west coast of Ireland and at Barryroe in the Celtic Sea.

Speaking yesterday, Mr. O’Reilly said, if approved, the share sale will “completely restructure” Providence’s balance sheet and remove its financial instability.