Exploration company Providence Resources has reported an operating loss of €21.40m for 2017, an increase on the loss of €18.84m posted in 2016.
Providence Resources posted a loss per share of 3.42 cents versus 5.80 cents in 2016 after what it said was "an extremely busy year" across its entire portfolio.
The company said it had no debts at the end of last year.
During 2017, the company agreed three major exploration farm-out deals which it said provided significant momentum to its portfolio development activities and also delivered incremental capital to enhance its financial resources.
Its main operational activity last year was the drilling of the 53/6-1 exploration well in FEL 2/14 in the Porcupine Basin, targeting the Druid and Drombeg exploration targets.
The company said that not only was this well the deepest water depth well ever drilled by a company offshore North-West Europe, but it was also the first exploration well to be drilled under the new Petroleum Exploration and Extraction Safety Act 2015.
This meant it required substantial additional permitting and consenting.
But both targets were water wet which Providence said was very disappointing. But as a by-product, valuable regional geology, reservoir development and pressure regime data were obtained, it added.
The company also continued to advance its West of Ireland exploration portfolio during the year.
"We continue to be by far the most active player offshore Ireland in terms of drilling activity, commercial deals and collaborations with world-class partners," commented Providence's chief executive Tony O’Reilly.
"Looking ahead, we have the portfolio, partners, people and financial resources in place to advance our portfolio through exploration and appraisal drilling for the benefit of all our shareholders," he added.
