Providence Resources feels ‘renewed optimism’ as losses narrow

Exploration company Providence Resources said it has entered the second half of the year with “renewed optimism” after seeing a near halving of its first-half losses and carrying out a company-saving funding round.

The well-documented $70m raise, via a share sale, earlier this year helped the company clear its debts, pay off legacy legal costs and gave it the means to drill, next year, at part of its west of Ireland asset base with or without a development partner.

Chief executive Tony O’Reilly Jr yesterday said the company’s solidified balance sheet, “significantly enhanced” financial strength and planned drilling activity “have the potential to create significant shareholder value”.