Providence to raise €25.8m

Oil and gas exploration company Providence Resources have agreed the terms of a placing of 368.2 million new ordinary shares at 7c per share.

The move will raise about €25.8m before expenses through Cenkos Securities.

The cash will be allocated to a number of specific identified projects and uses, including the appraisal drilling of the Hook Head Project in the Celtic Sea in Summer 2007 and the ongoing development of the company's other Irish offshore assets.