Exploration company Providence Resources today announced plans to raise over $30m through share placements after delays in capital raising elsewhere. 

Providence last week said it is still in talks with partners on fundraising for its Barryroe field.

It said today it plans to sell $25.75m of shares to institutional investors and an additional €5m to current shareholders.

Shares will be offered to institutional and other investors at a price of 25 pence sterling and to qualifying current shareholders at 34 cents. 

"Unfortunately, delays to certain planned events, combined with the forward working capital requirements of the business, necessitated raising capital at this time and at this price," the company's chief executive Tony O'Reilly said in a statement.

Mr O'Reilly said the financing, if approved by shareholders, broadens the company's already strong institutional shareholder base, and through the Open Offer, existing shareholders are being offered the opportunity to participate. 

"This financial restructuring now allows the company to move forward with activities on its diverse asset portfolio including Barryroe, Spanish Point and its exploration prospects off the west coast of Ireland," he added.

Part of the funds will be used to pay a legal claim of $6m, to offshore drilling company Transocean due in March.