Providence reports pre-tax profit of €43,000 as Irish drilling is planned

OIL and gas explorer Providence Resources is confident of further growth in the second half of this year, ahead of what management is referring to as a seminal couple of years, during which it is likely to begin drilling on around 12 prospects off the coast.

Providence reports pre-tax profit of €43,000 as Irish drilling is planned

The company yesterday reported a pre-tax profit of €43,000 for the first six months of this year; a turnaround from a pre-tax loss of €5.6m at the corresponding point last year.

Operating profit was up from €1.7m to just over €2m, while revenue rose by nearly €1m to €11.33m.

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