Providence Resources has raised $100m with a placing of 13.1 million shares with a series of institutional investors.
Some of the money will be used to pay down debt and save Providence €6.5m a year in interest payments.
The rest will be used to fund the development of the Barryroe field off the coast of Cork.
Providence recently made what looks to be the first commercially viable oil find in Irish waters at that site.
Providence Resources shares rose strongly on the news.
''This placing not only further broadens our already strong institutional shareholder base, but also simplifies our balance sheet and capital structure and will, following redemption, release cash flow from servicing the bond interest obligations,'' commented Providence's chief executive Tony O'Reilly.
''The placing also importantly contributes to the funding for completion of the balance of our multi-basin drilling programme,'' he added.
