Exploration company Providence Resources has reported pre-tax profits of €1.5m for last year, following a lost of just under €1m in 2006.
This came as turnover more than trebled to €4.3m, mainly from the Singleton oil field in the UK. Providence increased its stake in Singleton from 20% to more than 99% in November. It benefited from the surge in oil prices.
Providence recently agreed to buy assets in the Gulf of Mexico which will almost treble its production.
Chief executive Tony O'Reilly said 2007 was a highly successful year for the company, and 2008 had started off 'even better'.
Shares in the company closed over 7% higher in Dublin this evening.
