Drill results to be known by summer

Providence Resources has said that initial results from drilling activity at the highly-anticipated Dunquin prospect, off the coast of Kerry, should be known before the end of the summer.

Drilling at the prospect — previously described as being a landmark well and a world-class structure — commenced last month, with oil giant, ExxonMobil the operator. Providence holds a 16% stake in the prospect.

The Dublin-based oil and gas exploration firm yesterday reported a widening in operating losses for 2012, from just under €4.1m to just over €5.43m. However, the company’s pre-tax losses for the year fell by nearly 9.5% to just over €8.23m.