LONDON (Alliance News) - Providence Resources PLC said on Thursday its loss slightly narrowed in 2017 due to lower impairments and higher finance income.
The Irish oil and gas firm does not currently generate any revenue, but reported a pretax loss of EUR20.4 million for 2017, compared with EUR20.5 million pretax loss the year before.
Administration and legal expenses rose substantially to EUR6.5 million from EUR3.7 million, however, impairments on exploration and evaluation assets dipped to EUR14.6 million from EUR15.1 million, and finance income rose to EUR1.1 million from EUR39,000.
During the year, Providence focused on the drilling of the 53/6-1 exploration well in FEL2/14 in the Porcupine Basin, offshore Ireland, targeting the Druid and Drombeg exploration targets. However, both targets turned out to be water.
In addition, the company has advanced its West of Ireland exploration portfolio, bringing in French oil giant Total as a 50% partner and operator of Avalon, which Providence has recently applied to convert into a frontier exploration licence.
"We continue to be by far the most active player offshore Ireland in terms of drilling activity, commercial deals and collaborations with world-class partners. Looking ahead, we have the portfolio, partners, people and financial resources in place to advance our portfolio through exploration and appraisal drilling for the benefit of all our shareholders," said Chief Executive Officer Tony O'Reilly.
Shares in Providence Resources remained flat at 10.40 pence on Thursday.