Providence announce positive results

Exploration company Providence Resources have announced very positive results for the first six months for this year.

In their interim report published this moring they revealed that turnover is up 23% at €629,000 compared to €510,000 for the same time last year.

Operating Profit is up 135% to €265,000 while net profit is €41,000 compared to €12,000 for the first six months of 2004.

Commenting on today’s results Tony O’Reilly Jnr. Chief executive of Providence said: “This has been an exceptionally busy and progressive period for Providence. Our strategy of ensuring a well-balanced portfolio of exploration, development and production is beginning to deliver.

"Providence is currently directly involved in the drilling of 3 wells plus also an indirect interest in the appraisal drilling of the Dragon Field. The drilling on AJE in Nigeria offers Providence shareholders a unique exposure to a significant world class hydrocarbon play, whilst the recent acquisition of an interest in West Lennox accords with our strategy of increasing our daily oil production.

"Importantly, the current environment means that many of Providence’s projects have now been upgraded to potential development status and these projects, together with our currently active drilling operations, means that we look forward to the second half of the year with confidence”.