Providence breaks even

Increased production helped offset a lower oil price enabling oil and gas firm Providence Resources to report an 8.3% increase in first half revenues to €11.34m from €10.46m in the first half of last year.At the pre-tax level the company scraped into the black, showing a profit of €0.4m, but this was a substantial improvement on the loss of €5.58m seen in the first half of last year.Oil production was 115,606 barrels compared to 99,631 barrels in the first half of last year, while gas production was up 21% to 1,031bn cubic fee (bcf) from 851 bcf the year before. The average oil price per barrel dipped to $78.42 from $87.60 in the corresponding period of last year, due mainly to a larger hedge book in 2009. "With over 12 drillable prospects, the short term focus is to align all partner interests and finalise the scheduling of drilling activities for the next 24 months or so. As an Ireland based company, it is particularly exciting to know that the majority of these opportunities are offshore Ireland, one of Europe's last great undrilled frontiers," said Tony O'Reilly, chief executive of Providence.