Exploration company Providence Resources has reported a loss of €11.489m for the year to the end of December against what it called a very challenging backdrop for the oil and gas industry.
This compares to a loss of €7.768m for the previous year.
Providence said its operating losses for the year narrowed to €6.463m from €7.230m while its losses per share came at 17.77 cents compared to 4.33 cents in 2013.
The company said that the industry backdrop remains challenging both at a macro level and specifically within its peer group.
Providence said that the current oil price environment has continued to hamper investment.
But it added that recent market dynamics have changed and the recent rise in oil prices, combined with increased merger and acquisition activity, is a positive signal for the sector.
"In such an environment, Providence remains well-placed to deliver on its plans and we remain optimistic about the prospects both for the company and the overall Irish oil and gas sector. We are determined to lead the industry in identifying and realising the significant potential that exists offshore Ireland," the company said in today's results statement.
"Providence remains focused on building on its diversified material exploration and appraisal portfolio offshore Ireland and will do so by continuing to leverage in partners with whom we can co-venture and who can help validate the prospectivity of our acreage," commented the company's chief executive Tony O'Reilly.
