Providence Resources: Barryroe deal ‘this year’
Speaking on the back of the exploration company’s 2015 annual results — which showed a more than doubling of total losses to €24.1m and a 10% rise in losses per share to 19.57c —Mr O’Reilly said the combination of historically low drilling and operational costs, signs of oil price recovery and Providence fixing its balance sheet should act as major catalysts.
Providence, last week, announced plans to raise nearly $74m (€66m) in fresh funds via a two-pronged share sale, which shareholders will vote on next month.
