LONDON (Alliance News) - Providence Resources PLC said Thursday that its loss for the first half of the year narrowed as it reduced legal and administrative expenses.
Shares in the Irish oil & gas company were trading up 7.7% at 11.58 pence each on Thursday.
For the six months to June 30, the company posted a pretax loss of EUR2.4 million compared to EUR3.4 million a year ago. This was on the back of lower administration and legal costs to EUR1.5 million from EUR3.6 million a year ago.
Chief Executive Officer Tony O'Reilly said: "The first half of 2018 was an exceptionally busy period for Providence where we focused on completing the Barryroe farm-out with APEC, advancing other exploration assets within our portfolio as well as working with various stakeholders to advance Ireland's National Energy Policy."
Looking ahead, Providence said it remains "very optimistic about the future".
In a separate release on Thursday, the company said it signed an amended farm-out agreement which assigns a 50% stake in the Barryroe field, located in Ireland, to APEC Energy Enterprises Ltd.
Lansdowne Oil & Gas PLC, whose subsidiary Lansdowne Celtic Sea Ltd is a partner in the field, noted the revised agreement.
Lansdowne shares were up 12% at 1.57 pence.