Providence trims losses by €40m

INCREASED production levels helped to cut losses at Providence Resources by €40 million last year.

The Dublin-headquartered oil and gas exploration company, which is headed up by Tony O’Reilly Jnr, yesterday reported a pre-tax loss of €10.9m for 2009 – down from just over €50m in 2008. The company’s net loss fell from €51.2m to €9.8m.

However, the delay in some US-based production coming back on stream – due to hurricane activity – and lower commodity prices meant that revenue fell from €24.8m to €21.2m.