The statement from Providence Resources came at 7am on Monday. It notified the stock markets in both Dublin and London that it intended to raise about $3 million (€2.77 million) by selling new shares to institutional investors as it pushes to finally develop Barryroe, a much heralded and long-awaited oil and gas field off the coast of Cork. Providence said it had signed a non-binding deal with a British company backed by Norwegians called SpotOn Energy in relation to the farm out of its potentially huge oil and gas field in the Irish Sea. Providence has consistently disappointed shareholders, collapsing…

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