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%.

Global energy giant Exxon Mobil is due to start a $140m (€108m) exploratory drilling programme for gas and oil off the south- west coast.