Providence in ‘giant leap’ to oil commercialisation

Providence Resources has taken “a giant leap forward in advancing its plans to commercialise Ireland’s first oil field”, company chief executive Tony O’Reilly told company shareholders yesterday.

Providence Resources’ latest accounts published yesterday, for the year ended Dec 31, 2011, show the company reported revenue of €13.75m (2010: €11.080m), a loss before tax of €5.21m (2010: loss of €5.965m) and a retained loss of €13.9m after tax charges and write-downs related to discontinued operations.

Mr O’Reilly said 2011 was undoubtedly the most important year in the company’s history as it embarked on a $500m (€389m) oil drilling programme off-shore Ireland with its partners.