Providence bucks crisis to raise €3m and land Barryroe partner

Providence is targeting the drilling of fresh appraisal wells at Barryroe by late summer 2021 and could be producing oil from the field by the middle of 2022. Picture: Finbarr O’Rourke

Irish oil and gas exploration company Providence Resources is set to raise $3.3m (€3.05m) in emergency funding and hopes to formally have a new development partner for its flagship Barryroe field in place by the end of October.

Despite a Covid-19-prompted drop in investment and corporate spending, cash-strapped Providence has managed to tap institutional investors and attract Norwegian company SpotOn Energy to take a punt on Barryroe, which lies off the Cork coast and is a potential gas as well as oil play.