Exploration company Providence Resources has reported pre-tax losses of €29.73m for the six months to the end of June.
This compares to a loss of €9.8m by the same time last year.
The firm, which recently discovered oil in the Barryroe field off the coast of Ireland, said losses from operating activities amounted to €27.8m.
This is €24m higher than last year and was on the back of a €28.3m in impairment charges for UK onshore assets.
Revenues for the six month period increased by 35.5% to €7.746m from €5.716m the same time last year due to increased volumes and higher oil prices.
The average oil price a barrel seen in the first half of the year was $110.14 compared to $90.40 the same time last year, the company noted.
The company also said today that it plans to sell its onshore UK producing, development and exploration assets to a company called IGas Energy for $66m.
Providence said that under the terms of the deal, IGas will buy its 100% interest in the Singleton oil field, as well as its 50% operated interest in the Baxter's Copse oil discovery and the Burton Down exploration prospect.
The company said it will use the money from the deal to pay back its outstanding debts to Deutsche Bank, which amount to about $44m. The rest of the funds will be used for general working capital purposes.
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Providence said it continues to be focused on its multi-well drilling programme, which covers both appraisal and exploration in six geological basins offshore Ireland and which represents an investment of up to €500m by the company and its partners. The sites include the Barryroe field, Dalkey Island, Dunquin, Spanish Point, Rathlin and St George's Channel.
Tony O'Reilly, the chief executive of Providence, said that for many years the company had been strident in its views on the material hydrocarbon prospectivity of the Irish onshore fields. ''During the period under review, we successfully turned the drill bit and confirmed just some of the area's huge potential,'' he said.
The Providence boss said that the drilling, testing and post well analysis of Barryrow has exceeded expectations and the firm is looking forward to advancing the large oil project towards development.
''Barryrow represents a truly world-class oil resource and its importance should not be underestimated, not just in terms of the future plans for Providence, but also for the renaissance of the Irish offshore sector,'' Mr O'Reilly stated.
He also said that Barryrow represents only the first stage of its multi-faceted drilling programme, which spans six basins off the island of Ireland. Among the company's other achievements in the six month period, it has completed the Spanish Point site survey, as well as signing a letter of intent for a deepwater rig to drill the Dunquin prospect by ExxonMobil and has applying for a licence to drill an exploration well on the Dalkey Island prospect.
''As the leading Irish-focused E&P company, it is important that we continue to lead the way in building on the momentum created by our success and take full advantage of the advances in technology, infrastructure, the favourable fiscal regime and higher oil prices as we look to unlock the region's substantial hydrocarbon potential,'' Mr O'Reilly said.
