Shareholders set to back new Providence fundraising drive

Oil exploration company may seek up to €60 million for Barryroe prospect as a strategic review on how to proceed is now underway

24th October, 2021
Shareholders set to back new Providence fundraising drive
Providence Resources announced the departure of Alan Linn, its chief executive, last week and the ‘strategic decision by the board to take the management and financing of the Barryroe project in-house’.

A substantial bloc of shareholders in Providence Resources, the beleaguered oil exploration company, are willing to back the company in a fresh fundraising drive to help to appraise its Barryroe prospect, the Business Post can reveal.

Last week, the company announced the departure of its chief executive, Alan Linn, and the “strategic decision by the board to take the management and financing of the Barryroe project in-house”.

Providence will now have...

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