Providence sees shares rise as losses fall 15%

Shares in Providence Resources jumped more than 7% yesterday on the back of the Dublin-based explorer reporting a near €4m narrowing of annual losses.

The Tony O’Reilly-led company reported a pre-tax loss of €20.5m for 2016 down nearly 15% on the €24.1m loss generated in the previous year. A bigger difference in the latest annual balance sheet was that Providence closed the year debt-free and with nearly €32m in available cash.

Mr O’Reilly hailed a “transformational” year in which Providence went from having its shares suspended upon entering emergency funding talks; to completing a successful share sale, paying off a €20m-plus debt mountain and lining up a fresh drilling campaign off the west coast and said 2017 should be another significant year for the company.