Providence Resources in the black

Providence Resources have reported a €3.25m net profit for the six months ended June 30, 2008.

This is in contrast to a loss of €260,000 in 2007.

Revenue has increased 1,200% to €11.24m, with fully diluted earnings per share of 0.13c.

“The first half of 2008 has already seen a huge amount of successful activity, the most notable being the transformative acquisition of the Triangle Portfolio of oil and gas interests in the US Gulf of Mexico,” said Providence CEO Tony O’Reilly.

“This transaction, combined with other production interests, means that the company has seen a very significant growth in its revenue base.

“However, it is important to note that only three months of revenue from the Triangle portfolio is included in these half year figures.”

“Most importantly, we are in a strong financial position with sizeable production at a time of robust oil and gas prices.”

Providence’s active oil and gas portfolio includes interests in Ireland (offshore), the UK (onshore and offshore), the Gulf of Mexico (USA) and Africa (offshore Nigeria).