Providence Resources raises €540,000, while Teeling's Arkle eyes expansion

Providence Resources raises €540,000, while Teeling's Arkle eyes expansion

Providence Resources is looking to develop the Barryroe oil and gas field off the Cork coast

Irish exploration company Providence Resources has raised €540,000 in extra funding.

The £492,999 (€540,000) comes on top of the €3m in emergency funds the company raised in April and is a result of investors exercising warrants that were issued as part of that fundraising round. 

Providence, which is looking to finalise a development partner deal for its Barryroe oil and gas field off the Cork coast, is due to publish first-half financial results this week.

A consortium – led by Norwegian investor SpotOn Energy and including international oilfield services giant Schlumberger - is set to buy a controlling stake in Barryroe.

Meanwhile, Irish mining firm Arkle Resources has begun looking at overseas growth opportunities in a bid to widen its shareholder base. 

The John Teeling-chaired gold and zinc explorer said it has looked at licensing opportunities in mainland Europe, Canada and Africa.

It said its Irish assets have failed to drum up increased shareholder interest. 

The company recorded a first-half loss of €226,000, up from a loss of €170,000 for the same period last year.

Arkle is also continuing to look to bring on further investment in its Irish assets. 

It is considering selling its subsidiary which controls its 23% share of the Stonepark zinc asset in Co Limerick.

Mr Teeling said there has also been buy-in interest in its Irish gold assets. 

“Some early-stage proposals have been received by the company, but nothing that the board thought valued the potential.

Despite rising gold prices, Arkle’s share price has not seen the benefit, unlike many of its gold mining peers.

Arkle closed the first half of the year with £252,000 in cash, but has since raised a further £600,000 which will cover expenditure for the next year and a half.

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