Providence announce half-year profits of €12,000

Exploration company Providence Resources have announced half-year profits of €12,000 to June 2004.

Turnover was up 32% at €510,000. The company said today. Operating profit was €113,000.

Providence’s existing Irish offshore portfolio of prospects extends from Blackrock in the southwest, upwards through the North Celtic Sea Basin into St George’s Channel and contains four discoveries and seven prospects and leads, the comapmy said.

In the UK, current oil production from the onshore UK Singleton oil field is expected to increase during 2005 where plans are advancing for the drilling of at least one in-field well.

"The overall favourable environment for oil and gas companies, with significant prospects, confirmed discoveries, evolving drilling plans, proven operatorship and potential international ventures, all point to a very positive outlook for Providence," the compamy said today.