Oil and gas exploration company Providence Resources has said that 2012 was a transformational year for the firm.
In its end of year trading statement, it said the most notable event was the successful drilling and testing of the Barryroe oil field in the Celtic Sea Basin off the Co Cork coast.
Providence chief executive Tony O'Reilly said the success at Barryroe had a positive impact on both the asset portfolio and the financial well-being of the company.
He also said it has also had a profound effect on the perception of Ireland in the eyes of the international exploration and production sector.
Providence said the first of six wells to be drilled in the Providence programme was successfully drilled and tested last March at the Barryroe field. The results of these tests exceeded expectations.
Plans are now in place for three further wells to be drilled next year at Spanish Point and Dunquin - which the company said has the potential to open up Ireland's Atlantic margin - and the Kish Bank Basin.
It added that another two wells are planned to be drilled in 2014 in the Rathlin Basin and at Dragon in the St George's Channel Basin.
''2012 was a very exciting year for Providence shareholders, and we firmly believe that 2013 promises to deliver even more,'' commented the company's chief executive.
