Providence reports net loss of €6.6m

PROVIDENCE Resources has reported a net loss of €6.6 million for the first six months of this year, down from a profit of €3.25m for the same period last year.

The oil and gas exploration company said that its year-on-year fall in first half revenue – from €11.2m to €10.5m – was down to a combination of lower commodity prices and production levels (specifically at its Gulf of Mexico-based assets) being impacted by hurricane activity. Providence’s chief executive Tony O’Reilly Jnr said that management was viewing the company’s future “with optimism and confidence”.

“This is because our individual projects and our collective portfolio now exhibit a balanced risk profile ranging from production, storage and trading through field appraisal and development to high impact exploration – all backed by world class equity and financial partners,” he said.