Providence back in the black

Exploration company Providence has announced in its preliminary results for 2004 that profit after tax was €165,000, up from a net loss of €580,000 in 2003.

The company also announced today that Tony O’Reilly Jnr, a director since Providence first floated in 1997, has been appointed deputy chairman. The O'Reilly family is the largest shareholding group in Providence.

Company chairman Dr Brian Hillery said: "This has been a transformative year for Providence. We had a strong financial performance but, more importantly, Providence’s opportunity in the Aje field offshore Nigeria, licence awards in the Porcupine Basin and progress in St. George’s Channel made 2004 a successful year for the business."

Providence is pursuing admission to London's AIM index. The company will retain its Irish Stock Exchange quotation, which recently transferred to the Irish Enterprise Exchange (IEX) from the ESM.