Investors spooked as Providence Resources terminates Barryroe funding deal 

Shares in Irish explorer plummeted as much as 18% after it said it would likely have to tap investors for more money after terminating partner deal for its Barryroe oil and gas field off Cork coast

Providence Resources has said the development of its Barryroe oil and gas field, off the Cork coast, remains on track despite the breakdown of its latest funding deal.

Shares in Irish explorer Providence Resources plummeted as much as 18% after it said it would likely have to tap investors for more money after terminating the development partner deal for its Barryroe oil and gas field, which lies off the Cork coast.

Providence said its €166m so-called farm-out agreement with Norwegian firm SpotOn Energy – put in place to bankroll the development of the Barryroe field – has been terminated due to “key financing conditions” not being met.