Providence Resources, today said it made a profit last year and increased its turnover by 39%. The company made a profit after tax of €165,000 last year, compared to a loss of €580,000 the previous year on turnover that rose to €1.05m.
The Irish oil and gas explorer also said today that it had appointed Tony O'Reilly Jnr as Deputy Chairman. He has been a director since the company floated in 1997 and the O'Reilly family are Providence's largest shareholders.
During the year, Providence Resources undertook a major drilling programme offshore Ireland; entered into an international consortium on the AJE field offshore Nigeria; secured substantial offshore licence interests in Ireland and the UK; and continued extensive exploration work on a number of its existing Irish prospects.
Dr Brian Hillery, Chairman, said the company had a strong year and was upbeat on its future performance.
'We had a strong financial performance but, more importantly, Providence's opportunity in the Aje field offshore Nigeria, licence awards in the Porcupine Basin and progress in St. George's Channel made 2004 a successful year for the business. Already in 2005, we have had a number of positive developments, and we can look to the future with optimism,' he said.
