Rising oil prices since the middle of last year led to a doubling of revenues at exploration firm Providence Resources, which has reported pre-tax profits of £138,000 for the six months to June 30th last. This contrasts with a £30,000 loss in the same period last year.

Revenues rose to £1.04 million from £435,000 in the first six months in 1999, according Providence's latest set of unaudited accounts. The firm noted its production volumes were cut due to a shut-down of its Singleton field on southern North Sea for "various remedial operations".

Its chairman, Dr Brian Hillery, said results from its drilling programme in the Helvick well under the Celtic sea "confirmed good reservoir and flow characteristics".