Exploration company Providence Resources posted a full-year net profit this morning compared with a loss last year and said 2008 started off even better than 2007.
For the year ended December 31st, 2007, the group reported net profits of €0.57 million compared with a loss of €1.62 million a year ago as turnover rose 217 per cent to €4.333 million against €1.997 million last year.
The group added it looks forward to advancing its appraisal/development projects for 2008, including the multi-well drilling programme scheduled for Hook Head/Dunmore for this summer.
The group said the success of the recently drilled Galveston A-155 well has resulted in the operator considering the installation of a purpose built production platform to allow for the anticipated production rates, which are now forecast to exceed original projections.
The exploration and development company also said it will, in conjunction with its partners, look to advance the exploration and development potential of its 4 major assets off the west coast of Ireland at Dunquin, Drombeg, Goban Spur and Spanish Point/Burren.
Agencies