Providence sees revenue fall 15%

Exploration company Providence Resources saw its revenue for last year fall 15% to just over €21m, due to lower commodity prices and the impact of hurricanes on production.

The average oil price per barrel achieved in 2009 was $88.23, compared to $111.07 in 2008.

Total production rose to almost 558,000 barrels of oil equivalent, mainly because of increased production from Singleton in the UK.

Annual production increased by 28% in the year.

Providence boss Tony O’Reilly said: "Looking ahead, 2010 is a key year for Providence with a number of projects now advancing to the drilling stage."