Providence, the Irish oil and gas explorer headed by Tony O'Reilly, saw losses more than double last year as it reported progress in realising value from its offshore Ireland assets.

The company reported a €24.1 million loss for 2015, as against a €11.5 million loss a year earlier with a loss per share of 19.57 cents versus 17.77 cents in 2014.

Operating losses rose to €13 million versus €6.5 million.

At the end of December the explorer said total cash and cash equivalents were €6.5 million versus €8.5 million a earlier although the latter included restricted cash of €3.3 million.

“2015 was a year of unprecedented dislocation in the global oil and gas industry and provided a very tough backdrop for us to operate in. Market volatility has continued into 2016 but I am happy to report that, despite market turmoil, we have made significant progress in developing and realising value from our unique portfolio of assets offshore Ireland,” said Mr O’Reilly.

“Regardless of short term market flux, the Irish offshore remains a very attractive location for the global industry majors as evidenced by the record interest expressed in the recent Atlantic margin licensing round,” he added.

Earlier this month, Providence announced plans to raise almost $74 million from a share sale.

Cantor Fitzgerald said the 2015 financials are largely irrelevant given the lack of operational activity last year and the recent equity placing, which it said had served to transform the company’s balance sheet.

"Following the $73.8 million placing announced earlier this month, the company will have the financial resources and capability to advance its asset base. The proceeds will not only allow Providence to repay its Melody debt facility and Transocean settlement, but it will also restore its flexibility in commercial negotiations on farm outs in relation to Barryroe, Spanish Point and the Porcupine Basin," Cantor said as it reiterated its BUY recommendation.