‘Operational and financial progress’ reported by Providence Resources in latest financial results

Finance, Life sciences and energy | Wed 12 Apr | Author – Business & Finance Tony O'Reilly Providence Resources
Tony O’Reilly jnr, CEO, Providence Resources

Irish-based oil and gas exploration firm Providence Resources today announced its 2016 annual results.

At December 31st 2016, total cash and cash equivalents stood at €31.403m, versus €6.518 m in 2015.

The company also reported no debt at the end of the year after it restructured its balance sheet through the support of new and existing investors.

This summer, Providence is embarking on a period of operations, starting with the drilling of a high-impact exploration well targeting the multi-billion barrel potential of both the Druid and Drombeg exploration prospects.

The recently announced licensing of 3D seismic data to be acquired over the Dunquin prospect during 2016 is another key development for the company.

CEO Tony O’Reilly jnr commented: “2016 was a year of significant operational and financial progress for Providence. With drilling set to commence at Druid and Drombeg, fast growing interest in offshore Ireland from global majors, ongoing commercial discussions and renewed financial strength, 2017 looks set to be another significant year in our company’s development.

“With the support of existing and new investors, we successfully raised new funds in July 2016 which allowed us to restructure our balance sheet, repay all of our debt, and with some recovery in the oil price, we are pleased to report that farm-in activity has increased. This has enabled us to enter into discussions regarding new commercial opportunities, which are ongoing.”