Exploration company Providence Resources has reported an operating loss of €13.08m for the year to the end of December.
This is up from the operating loss of €6.46m reported in 2014 as the company said 2015 was a year of "unprecedented dislocation in the global oil and gas industry".
This provided a very tough backdrop for the company to operate in, Providence added.
Providence said that by the end of 2015, it had total cash and cash equivalents of €6.52m compared to €8.55m at the end of 2014.
The company's assets include projects at Barryroe, Spanish Point and the Porcupine Basin off the coast of Ireland.
Tony O'Reilly, the company's CEO, said that market volatility has continued into this year.
But he added that despite this, the company has made significant progress in developing and realising value from its "unique portfolio" of assets offshore Ireland.
"Regardless of short-term market flux, the Irish offshore remains a very attractive location for the global industry majors as evidenced by the record interest expressed in the recent Atlantic Margin Licensing Round," Mr O'Reilly added.
Earlier this month, Providence said it would raise over $76m through a share placing and open offer that will secure its financial future and allow it to drill in the increasingly high profile Atlantic margin.
A $68.4m share placing will see Providence issue new shares to institutional and other investors at a price of 12p, while a €4.84m open offer is intended to give existing shareholders the opportunity to participate in the funding on the same terms.
Mr O'Reilly said the new funding will completely restructure Providence's balance sheet and remove any financial instability.
The company also announced last week that it had been awarded an offshore Atlantic license option, along with its bidding partners, in the latest Atlantic Margin Licensing Round.
"The proceeds from the recently announced equity capital raise, which is subject to shareholder approval, will not only allow Providence to repay the Melody debt facility and its court mandated obligations to Transocean, but it will also restore our flexibility in commercial negotiations on farm outs in relation to Barryroe, Spanish Point and the Porcupine Basin," the company's CEO said.
"Importantly, it will also allow us to fund our share of drilling costs associated with the high impact Druid exploration prospect in 2017, which is a key asset in our Porcupine Basin exploration portfolio," Mr O'Reilly added.
"We look forward to updating shareholders on further developments as we continue to consolidate our leading position offshore Ireland," he concluded.
Commenting on the results, Davy analyst Job Langbroek said they show that Providence continued to build out its position as the leading exploration group offshore Ireland.
"In that sense, it was a successful year for the explorer," he added.
