Exploration company Providence Resources has reported a small profit for the first six months of this year, helped by an increase in oil and gas production.
The company reported a pre-tax profit of €43,000, following a €5.6m loss in the same period last year.
Operating profits were up 23.7% to just over €2m, as revenue rose 8.3% to €11.3m. Though average prices for oil and gas were lower than a year earlier, Providence was lifted by a 16% increase in oil production and 21% higher gas production. The strength of the dollar against the euro in the period also helped results.
Chief executive Tony O'Reilly said that over the next two years the company planned to carry out what would be the biggest co-ordinated drilling programme ever carried out off the Irish coast.
