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.

Shares in Irish exploration company Providence Resources have jumped on the back of merger speculation surrounding the company, despite it moving swiftly to deny all rumours.

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.