Providence reviews good 2007

Providence has released it's end of year trading statement for 2007, highlighting a number of key developments.

In 2007 the company Significant oil was boosted by: The discovery at Hook Head, a $250m revolving credit facility agreed with Macquarie Bank, two new gas wells producing at High Island A268 in Gulf of Mexico, acquisition of majority stake in the Singleton oilfield, onshore UK effective, increasing daily production and company cash flow.

There was also a new farm-out agreement with Chevron and the institutional placing of shares raised €25.7m.

Commenting on activity during 2007 and future plans for 2008, Tony O’Reilly Jnr., chief executive of Providence said: "2007 has been an extremely positive year for Providence. Not least in Ireland where the discovery of oil at Hook Head, the continuing work on our west of Ireland prospects at Dunquin and Goban Spur and the ongoing farm out process at our Spanish Point Project, has confirmed our strategy and real commitment to the region."