Exploration company Providence Resources has announced a share placing aimed at raising around £14.3m (€16.8m) before expenses.
The company told shareholders at its AGM in Dublin that was placing just under 432 million shares at a price of 3.3p sterling. It said the proceeds would be used to reduce debt and provide capital for future investments.
Providence also said it expected to reach its target of producing the equivalent of 3,000 barrels of oil per day this year, and that it planned to hit 5,000 by 2012.
Last week, Providence said its new subsidiary Eirgas had secured an option to buy 40% of the Kinsale Head area assets in the Celtic Sea from Petronas.
