Providence reports losses of €9.8m

PROVIDENCE Resources has reported a pre-tax loss of €9.83 million and a 4.4% fall in revenues for the first half of this year.

The Dublin-headquartered oil and gas exploration company has also announced the disposal of its near 7% stake in the AJE filed off the coast of Nigeria to Australian exploration company Jacka Resources for $16m.

The near €10m pre-tax loss for the first half corresponds to a profit of €584,000 for the first six months of 2010; but comes as a direct result of once off impairment charge of €4.4m related to unfinished drilling work at Providence’s main British asset, the Singleton field.