Drilling activity has formally started at the Dunquin exploration prospect off the Kerry coast.

PROVIDENCE Resources said that it has encountered “notable gas shows” from appraisal work at one of its licences off the coast of Cork.

PROVIDENCE Resources has said that its Singleton oil field — which is located on the south coast of England — has the ability to exceed its production target for next year, of 1,000 barrels of oil equivalent per day (boepd).

PROVIDENCE Resources has agreed a further farm-out agreement concerning part of its mining assets in the Celtic Sea off the south coast.

Exploration company Providence has announced in its preliminary results for 2004 that profit after tax was €165,000, up from a net loss of €580,000 in 2003.