Oil explorer sees sharp income rise

OIL producer and explorer, Providence Resources, controlled by Tony O’Reilly and his family, has seen a sharp rise in income owing to higher production rates and better output.

Sales were up 43% to €24.8 million with earnings (EBITDA), before a series of reductions, ahead by a factor of 20 times to €12.24m over the period.

Cash-flow was also impacted by the better outturn and it was up more than 40% to a level of €12.4m.