Exploration company Providence Resources has reported revenues of €13.75m for the year to the end of December.
This is up 24% from €11m the previous year on the back of improved production volumes and higher oil prices.
Total losses for the year came to €13.94m - an improvement from the €41.6m in 2010.
Operating profits fell to €31,000 from €1.466m in 2012 due to an impairment charge of €6.6m related to unfinished drilling at its Singleton well and write-downs in the Celtic Sea.
In March, Providence said that its Barryroe well off the coast of Cork had delivered the first potential commercial flow rate of oil offshore of Ireland. It said that oil and gas was successfully flowing from the well at much more than the rate expected.
The find is 50km out to sea, and 100 metres deep. Providence has an 80% stake in Barryroe, with Lansdowne Oil & Gas holding the remaining 20%.
During the year the company started its $500m, multi-well drilling programme which runs from 2011 until 2013 and covers both appraisal and exploration projects in six geological basins offshore Ireland. Providence said this is the largest, multi-basin, offshore drilling programme in the history of Ireland.
The company placed over 16 million shares in March 2011 which raised gross process of £41m. It also placed another 13.1 million in April of this year which raised gross proceeds of £63.1m.
Providence's chief executive Tony O'Reilly said that the focus for 2012 and beyond is to continue to drill on its extensive portfolio of production, appraisal and exploration assets in Ireland and the UK.
''As our recent success at Barryroe demonstrates, advances in technology, infrastructure and commodity prices have combined to present a truly unique opportunity to test the commercial potential of a number of these Irish assets,' he said.
''Providence has a very clear strategy, with the necessary financial resources, to play a significant and defining role in developing the Irish offshore,'' he added.
