Gas and oil exploration company Providence Resources has reported a gross profit of €493,000 for the first six months of 2005, up from the figure of €377,000 the same time last year.
Turnover rose by 23% to €629,000. All of the company's turnover was derived from a minority stake the company has in the onshore Singleton oil field in the UK, which produced an average of 89 barrels of oil per day at a price of $49.58 a barrel. That compares to $33.70 a barrel in the first half of last year when it was producing 102 barrels per day.
At the end of June, the company had cash resources of €4.55m and no debt. The company's active oil and gas portfolio includes interests in Ireland (offshore), the UK (onshore and offshore) and West Africa (offshore Nigeria). In addition to drilling the AJE field off Nigeria, the company is involved in drilling in West Lennox (offshore UK) and at Singleton (onshore UK).
'The current environment means that many of Providence's projects have now been upgraded to potential development status and these projects, together with our currently active drilling operations, means that we look forward to the second half of the year with confidence,' commented the company's CEO Tony O'Reilly Junior.
