Providence Resources 2015 results
Published by Louise Mulhall,
Editorial Assistant
Oilfield Technology,
Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, has announced annual results for the year ended December 31, 2015.
Tony O’Reilly, Chief Executive Officer commented:
“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. Regardless of short term market flux, the Irish offshore remains a very attractive location for the global industry majors as evidenced by the record interest expressed in the recent Atlantic Margin Licensing Round.
“Thanks to the very significant support of our existing shareholders and new investors, we will have the financial resources and capability to advance our very extensive portfolio of assets. The proceeds from the recently announced equity capital raise, which is subject to shareholder approval, will not only allow Providence to repay the Melody debt facility and its court mandated obligations to Transocean, but it will also restore our flexibility in commercial negotiations on farm outs in relation to Barryroe, Spanish Point and the Porcupine Basin. Importantly, it will also allow us to fund our share of drilling costs associated with the high impact Druid exploration prospect in 2017, which is a key asset in our Porcupine Basin exploration portfolio.
“We look forward to updating shareholders on further developments as we continue to consolidate our leading position offshore Ireland.”
2015 Operational highlights
2015 Financial highlights
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/29062016/providence-resources-2015-results/
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