Exploration group Providence Resources lost almost €10 million before tax in the first six months of the year. The group said yesterday that it planned to sell its Nigerian subsidiary, which holds an interest in an offshore licence, to local operator Jacka Resources for $16 million.

First-half revenues at Providence to €5.7 million from €6 million in the same period last year. The company lost €9.8 million before tax. Factoring in its tax bill of more than €1.3 million and a €5.2 million charge for discontinued operations, its total deficit came to €16.3 million or 42.32 cents a share. It made a €584,000 pre-tax profit in the first six months of last year. Providence has prospects around the Irish and British coasts, including proven resources such as the Barryroe field in the Celtic Sea and the Singleton field in Britain.