Oil exploration company Providence Resources has reported a loss for 2016 of €20.5m, an improvement from the loss of over €24m in 2015.
The company said it had no debt at the end of the year after it restructured its balance sheet with the support of new and existing investors.
It reported a loss per share of 5.80 cents compared to a loss per share of 19.57 cents in 2015.
Providence is ready to start drilling on a number of projects - including its Druid and Drombeg prospects - and with the price of oil on the increase again, it is optimistic about the outlook for 2017.
"With clear shareholder endorsement of our strategy to exploit our portfolio, a strong financial position and with the upcoming drilling of Druid and Drombeg, we are very optimistic about the prospects both for Providence and the Irish oil and gas sector," the company said in its results statement.
"We remain both determined and uniquely positioned to lead the industry in identifying and realising Ireland's significant offshore potential," it added.
"2016 was a year of significant operational and financial progress for Providence. With drilling set to commence at Druid and Drombeg, fast growing interest in offshore Ireland from global majors, ongoing commercial discussions and renewed financial strength, 2017 looks set to be another significant year in our company's development," its chief executive Tony O'Reilly said.
Mr O'Reilly said that after making meaningful progress developing its portfolio off the west coast of Ireland, and demonstrating its economic potential, Providence is also seeing a marked increase in interest from industry in the region.
He said the company is starting a "very exciting" period of operations this summer with the drilling of a high impact exploration well at both the Druid and Drombeg prospects.
"The recently announced licensing of 3D seismic data to be acquired over the Dunquin prospect this summer is another key development which will further enhance our understanding of the hydrocarbon potential of this licence, which is now operated by Eni," he added.
Meanwhile, the further appraisal and potential development of Barryroe in the North Celtic Sea Basin remains another key objective for Providence, Mr O'Reilly stated.
"As the most active player in the region, with 20 years' operational experience generally and specifically some 14 years since we first licenced acreage in the Porcupine Basin, we will continue to seek to capitalise on this enhanced interest for the benefit of Providence's shareholders," he concluded.
