Providence released preliminary results for the year ended December 31, 2009.
Commenting on the results, Tony O'Reilly, Chief Executive of Providence Resources P.l.c. said, "I am pleased to report that our Company has delivered a solid operational performance in 2009. We have continued to expand and enhance our asset base, while also managing to increase production levels by 28% to 557,927 BOE compared to 433,625 BOE in 2008.
"Over the past 5 years, Providence has built up a sizable and extensive portfolio of assets in the production, development and exploration arenas in Ireland, the United Kingdom, the United States and West Africa. In doing so, we have aligned ourselves with world class partners including ExxonMobil, Chevron, ENI, Vitol, Star Energy and PETRONAS. Our focus is to ensure that this portfolio has sufficient scale and diversity so as to allow for multiple avenues of value creation for our shareholders. In this regard, we achieved a number of notable successes during 2009.
"Within our production portfolio, the success of the Singleton SNX-10 well confirmed our field re-development model and has subsequently led us to accelerate various field activities to further boost production including the potential 2011 third party tieback of the Baxter's Copse discovery. On the development front, the acquisition of 3D seismic data last summer was an essential step forward in advancing the Spanish Point gas project, as well as beginning to un-mask the potentially large Burren oil project off the west coast of Ireland. Within the exploration portfolio, ExxonMobil's confirmation of drilling the Dunquin prospect follows years of extensive exploration work with ENI capturing a 40% stake in this world class exploration target. In addition, the ongoing development of our two new special purpose vehicles, EIRGAS Limited and EXOLA Limited, allows Providence shareholders to participate in the exciting arenas of gas storage and heavy oil, respectively.
"Looking ahead, 2010 is a key year for Providence with a number of projects now advancing to the drilling stage. This, combined with a growing production base, and the potential to realize the value being created in both our EIRGAS gas storage and EXOLA heavy oil interests, gives us real confidence for the future. We are also continuing to look at future opportunities that can deliver appreciable value creation, both in Ireland and further afield."
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