Exploration firm Providence Resources has reported profits of €1.328m for the six months to the end of June.

Among its financial highlights, the company said that it sold its onshore UK assets - Singleton, Baxter's Copse and Burton Down - for $66m while it also managed to repay all of its corporate debt.

The company said the loss from continuing activities in the six month period was 5.65 cent compared to 11.45 cent the same time last year.

Providence said that a dozen companies have expressed interest in taking a stake in its Barryroe oil field off the coast of Cork.

It said it expects to complete a farm-out - where a larger oil company invests following a discovery by a smaller player - in the coming months.

The company said the main focus of its work in the six month period remained on the ongoing post well work at Barryroe, the independent audit of resources and the launch of the industry wide Barryroe farm out campaign.

Providence's chief executive Tony O'Reilly said that the company has always believed in the material hydrocarbon prospectivity off the coast of Ireland and the results from Barryroe and Dunquin North, continue to endorse this view.

"We remain committed to our programme of drilling, whilst also leveraging relevant industry farm in partners to take our asset portfolio through the development phase to production. The decision by us and our partners to elect to move from licensing options to exploration licences also further validates the emergence of the Irish Atlantic Margin as a highly prospective, world class oil and gas province," he added.