Providence Resources announce 2005 results

Providence Resources plc have announced profits €127,000 for 2005.

Turnover increased by 30% to finish at €1,376,000 for the oil company.

“The company has delivered on its stated strategy of achieving a balanced and diverse portfolio of assets, whilst also increasing its daily oil production,” said chief executive Tony O’Reilly jnr.

Mr O’Reilly was upbeat regarding the firm’s programme of activity for 2006.

“This includes the farmout of Spanish Point, seismic activity over Dunquin, further potential appraisal wells at AJE in Nigeria and possibly in the East Irish Sea, as well as a multi-well drilling programme being planned for offshore Ireland,” he said.

The firm has recently secured a new €50m financing facility with Macquarie.