Providence Resources Reports $12 Million Loss in 2014

Providence Resources reported Wednesday a loss of $12.4 million dollars in its preliminary results for the year ended December 31, 2014.

The company recorded a loss of $3 million dollars during the same period in 2013 and announced that its total cash and cash equivalents at December 31, 2014 were $9.2 million. Operating loss for 2014 was $7 million, compared to $7.8 million in 2013. Providence agreed $24 million debt facilities with Melody Business Finance in June last year.

With regards to operational highlights in 2014, Providence revealed that it developed a first phase production system at the Barryroe Oil Project in the North Celtic Sea Basin, which showed initial production rates of 30,000 barrels of oil per day. An estimated 600 million barrels of residual oil accumulation was also reported at the Dunquin North Oil Prospect in the Southern Porcupine Basin.

Providence Resources CEO Tony O’Reilly commented in a company statement:

"2014 was a year of significant progress on a number of fronts for Providence despite a very challenging backdrop for the oil and gas industry. With the support of our existing shareholders and new investors, we have secured additional financing in recent months to allow us continue to execute our strategy. Providence remains focused on building on its diversified material exploration and appraisal portfolio offshore Ireland and will do so by continuing to leverage in partners with whom we can co-venture and who can help validate the prospectivity of our acreage."

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