Shares in Irish exploration company Providence Resources plummeted 14% on fresh complications surrounding the funding of the development of its Barryroe gas field off the Cork coast.

Providence Resources’ former CEO Tony O’Reilly Jr was paid just under €866,000 in 2019; a year which culminated in the Irish explorer tapping shareholders for emergency financing after the collapse of a long-awaited funding deal for its Barryroe field off the Cork coast.

Irish oil and gas exploration company Providence Resources is looking to build up a new licence portfolio focused on assets off the south-east coast of Ireland.

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.