Exploration company Providence Resources has agreed a share placing aimed at raising around £41m (€49m). Just over 16 million new shares are being placed at 255p (€3.03) per share.
Providence said the proceeds of the placing would mainly be used for its drilling programme of oil and gas prospects off the coast of Ireland and in the UK.
It will also provide capital for seismic studies on some of Providence's other assets in order to assess their suitability for drilling at a future date.
The placing is subject to shareholder approval at an EGM on March 11.
Providence shares jumped 9.6% to close at €3.07 in Dublin this evening.
