LONDON (Alliance News) - Ireland-focused oil and gas explorer Providence Resources PLC on Wednesday said it made a wider pretax loss in 2015 due to higher costs and impairments as it focuses its energies on its portfolio of assets.
Providence said it made a pretax loss of EUR24.1 million in 2015, significantly wider than the EUR11.5 million loss made a year earlier due to much higher financing costs and impairments booked on the value of its assets. Providence made no revenue in the year.
Providence said farm-out talks on its Barryroe oil project in the North Celtic Sea Basin are ongoing and it has made progress on its other assets in the Northern and Southern Porcupine Basins offshore Ireland.
"2015 was a year of unprecedented dislocation in the global oil and gas industry and provided a very tough backdrop for us to operate in. Market volatility has continued into 2016 but I am happy to report that, despite market turmoil, we have made significant progress in developing and realising value from our unique portfolio of assets offshore Ireland," said Tony O'Reilly, Providence's chief executive.
Shares in Providence were down 4.2% to 11.5 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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