Providence to sell non-core assets as losses hit €41.6m

PROVIDENCE Resources is still likely to sell further international non-core assets despite the recent sale of its US operations, driving the company’s annual net losses to nearly €42 million as it focuses attention on its Irish and British portfolios.

The Tony O’Reilly Jnr-headed oil and gas exploration company yesterday reported a net loss of €41.6m for 2010, a figure mainly driven by the losses taken when selling its US operations in the Gulf of Mexico.

Those assets were, last month, sold for a maximum consideration of $22m (€15.5m), significantly less than the Dublin company’s original $65.5m purchase price.