Providence Resources says it is going into 2008 with a clear strategy, an enhanced asset portfolio and a solid financial base.
In an end of year trading statement, Providence said that 2007 was an 'extremely positive year' for the exploration company. It discovered 'significant' oil reserves at Hook Head, off the coast of Ireland and also continued working on its west of Ireland prospects at Drumquin, Goban Spur and the farm-out process at its Spanish Point project.
The company said this confirmed its strategy and real commitment to Ireland.
Providence said the acquisition of the majority stake in the Singleton oil field, onshore UK, which brings its stake to 99.125%, and the discovery of two new gas wells at High Island is the Gulf of Mexico has substantially increased its cash flow.
During the year, the company said it had consolidated its relationships with its existing partners ExxonMobil, Sosina, Forestgate, Atlantic Petroleum, CMI and Dyas. It also formed new deals with Chevron and Vitol on the AJE project in Nigeria.
'Based on our current plans for 2008 - and subject to the availability of rigs - we intend to drill a number of wells next year across our whole portfolio in Ireland, the UK, the US (Gulf of Mexico) and Nigeria,' commented Providence's CEO Tony O'Reilly Junior.
'Looking towards 2008, Providence is very well placed to enhance all three areas of its portfolio of production, appraisal and high-value exploration,' he added.
