Exploration company Providence Resources has reported a first-half net profit compared to the same time the previous year. The company also gave an upbeat assessment of its prospects.
The firm made a net profit of €3.25m for the six months to the end of June, compared with a €0.26m for the first six months of 2007. Revenues jumped 1,200% to €11.24m from €0.88m on the back of increased production and record high oil prices.
Providence, which has drilling operations offshore Ireland and Britain and in the Gulf of Mexico, said production had increased sixteen-fold to nearly 2,000 barrels of oil equivalent per day
This was achieved through the purchase of the Singleton oil field offshore Britain, the purchase of the Triangle oil and gas portfolio in the Gulf of Mexico and the starting of gas production from High Island, also in the Gulf of Mexico
'Providence has a very clear strategy, with solid and growing cash flow from production, exciting exploration, appraisal and development projects and new initiatives in the gas storage arena,' commented CEO Tony O'Reilly.
'We will continue to look for new production opportunities in difference territories and look forward to outlining further details of our progress across the portfolio over the coming months. Considering all these elements, at a time of robust commodity prices, shareholders can look forward to the future with real confidence,' he added.
Shares in the company closed up 12% at six cent in Dublin.
