Providence Resources is once again looking for fresh money, saying it is “considering its funding options” as it only has sufficient working capital to cover its costs through to the end of next month.

Providence Resources shares plummeted by more than 20% on the back of a further delay to planned drilling at the company's flagship Barryroe oil and gas field off the Cork coast.

Europa Oil and Gas is set to raise around £3.4m (€4.8m) via a share placing and open offer, with proceeds partially being earmarked to fund its activities in Irish waters.

The first well to be drilled at the highly anticipated Dunquin oil and gas prospect off the Kerry coast has been abandoned, sending shares in the field’s Irish stakeholder — Providence Resources — plummeting by nearly 10%.