Exploration company Providence Resources has reported a narrowing of its half yearly losses after what it called an "exceptionally busy period" for the company.
Providence said its loss for the six months to the end of June came in at €3.441m, a decrease from the figure of €4.4m the same time last year.
But its operating losses for the half year rose to €3.916m from €2.216m in the first six months of 2016.
The company said it had no debt as at June 30 2017 compared to debts of €19.546m the same time last year.
During the six month period, Providence said it had finished the extensive processes for the drilling of the 53/6-1 Druid/Drombeg ultra-deepwater exploration well.
It also completed a major farm-out deal with Cairn, together with an option transaction with TOTAL over FEL 2/14.
A farm-out deal to TOTAL was also agreed and the company continued various commercial discussions on a number of its assets, including its flagship Barryroe project.
Last week, Providence reported "disappointing news" from its 53/6-1 Druid/Drombeg exploration well off the coast of Ireland after it found that the well contained "a porous water-bearing reservoir interval".
The well had been a major operational undertaking for Providence as it was situated in the deepest water depth ever drilled offshore north-west Europe.
"This is a real credit to the Providence operational team and sub-contractors who worked so diligently to ensure its safe and environmentally benign delivery," the company's chief executive Tony O'Reilly said.
Mr O'Reilly said that Providence remains the most active explorer offshore Ireland, with over 20 years' operational experience generally and specifically some 13 years since it first licenced acreage in the Porcupine Basin.
"Looking ahead, we will continue to seek to capitalise on the significant and unrealised value of our portfolio for the benefit of our shareholders," he added.
Mr O'Reilly said the company has a high quality portfolio of assets with significant partners and is very optimistic about the prospects both for Providence and the Irish oil and gas sector.
"We remain both determined and uniquely positioned to continue to lead the industry in identifying and realising Ireland's significant offshore potential," the CEO added.
