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Sep 12 2019, 08:40 IST/BST
The equity funding of $3.8m will ensure the group remains viable to the beginning of 2020 and arises because the funds anticipated from an agreement with a Chinese based consortium have not materialised. The current funding will allow a site survey on the Barryroe prospect to conclude as well as providing working capital in the immediate future. The Barryroe prospect still requires a drilling programme and a strategic review is underway to look at funding options to achieve this end. APEC related funding may still appear but is, on the evidence so far, an unlikely outcome. The strategic funding review is therefore pivotal in the survival of Providence.