Irish exploration group Providence Resources saw revenues rise 45%, boosted by higher oil prices in 2006 and it says it expects a period of high drilling activity this year.
The company reported turnover of €1.99m, with profit for the year coming in at €143,000, compared to €106,00 in 2005.
Providence recently said it had reached agreement to buy a majority stake in the producing Singleton oilfield in the UK.
And last week it announced the placing of 368.2 million new shares at 7 cent each, raising around €25.7m.
CEO Tony O'Reilly said the share placing means the company is well financed to continue to advance its portfolio of production, appraisal and exploration assets in the UK, Ireland, Nigeria and the Gulf of Mexico.
He said the company will be advancing its two key appraisal/development projects for 2007; appraisal drilling at Hook Head in the Celtic sea, offshore Ireland and further appraisal at AJE, offshore Nigeria'.
He added that both projects contain proven discoveries and both wells have been designed to establish the commercial viability, with the objective of fast track development.
He added that Providence's initial farm-out of a strategic stake in the Spanish Point project to CMI was a major step for the company in advancing its proposed syndicated appraisal drilling programme for 2008.
The company says it expects a year of high activity with an active drilling programme lined up this year, the acquisition of producing assets and the completion of ongoing farm-out discussions on a number of its assets.
Mr O'Reilly says the company's strategy, the current stable commodity price environment and the global need for a secure energy supply means Providence shareholders can look to the future with 'real optimism.'
