Providence Resources in the black

Providence Resources have turned 2006’s losses of €1.6m into a €0.57m profit, it was announced today.

Announcing results for the year ended December 31, 2007, the company also revealed that turnover climbed 217% to €4.3m.

The majority of the revenues for the year came from the company’s interest in the producing UK onshore Singleton oil field.

The company also derived some revenue from its 5% interest in the High Island A-268 field which commenced operations in August 2007.

“2007 was a highly successful year both operationally and financially for the company and its shareholders and I am pleased to report that 2008 has started off even better,” said chief executive of Providence Resources Tony O’Reilly.

“The company was in a strong position during the year to take advantage of a number of opportunities. In particular, I would highlight the acquisition of the majority stake in the Singleton oilfield, substantially increasing daily oil production, and the discovery of oil at Hook Head in the Celtic Sea.

“The company also restructured the business through a share placing in April 2007 and a new $250m (€160.4m) financing facility with Macquarie Bank Ltd in November 2007. These developments will facilitate the growth and progression of its extensive portfolio of interests in the UK, Ireland, Africa and the USA.

“Notable events so far in 2008 include the successful drilling of a well at Galveston A155 in the Gulf of Mexico and at AJE 4 in OML 113, offshore Nigeria, both of which have substantially exceeded our pre-drill expectations.

“The Company has further consolidated its acreage position offshore Ireland and most importantly, in a very competitive market, the Company has secured the GlobalSantaFe Arctic 2 rig for its upcoming summer drilling campaign in the Celtic Sea.”