Exploration company Providence Resources has reported an operating loss of €3.8m for the six months to the end of June, bigger than the loss of €3m reported the same time last year.
The company reported a loss per share of 7.94 cents for the six month period, up from 5.22 cents in the first half of last year.
Its current projects around the coast of Ireland include the Barryroe oil field in the North Celtic Sea Basin, the Spanish Point gas field in the Northern Porcupine Basin and the Drombeg oil prospect in the Southern Porcupine Basin
Providence said that in common with other junior exploration companies, it has been hit by the fall in oil prices.
It said this had led to a significant divergence between its market capitalisation and the underlying value of its substantial resource base.
But the company's chief executive Tony O'Reilly said that despite market turbulence, Providence has remained focused on its core Irish-centric strategy.
"With the continued support of our existing shareholders and new institutional investors following our successful fundraising in the first quarter, we continue to prudently invest across our portfolio," he added.
The company also said today that talks are ongoing with Melody Finance, the company's debt provider, regarding the possible extension of the terms and maturity of its loan facilities.
Providence has also initiated a cost reduction programme in order to remove "any and all non-essential costs" from the business which will deliver meaningful savings in the future.
Mr O'Reilly said that Providence remains fully committed to offshore Ireland, an area with both exceptional prospectivity and internationally competitive cost and operating dynamics.
