PROVIDENCE Resources is to raise €42 million, via the placing of convertible bonds with institutional investors, to be invested on further developing its interests in the Gulf of Mexico and this summer’s planned Celtic Sea drilling phase off the south coast of Ireland.

OIL and gas exploration company, Providence Resources has returned to profit ahead of a busy year of potentially lucrative drilling activity.

Providence Resources has announced the acquisition of US$67.5m (€43.5m) of assets in the US Gulf of Mexico from Triangle Oil and Gas.