Providence Resources is set to go back to shareholders as part of a bid to raise nearly €30 million in fresh funds to cover drilling, exploration, legal and administrative costs.

Providence Resources has confirmed it is in discussions on “a potential funding” round to aid ongoing exploration costs.

Petroceltic is confident a bid by its main shareholder to unseat its chief executive and overhaul its board will be rejected at an investor vote later this month.

First oil flow from the much-anticipated Barryroe field in the Celtic Sea may not occur until the end of this decade, according to analysts.