Higher oil prices have boosted profits at Providence Resources as many of its oilfields have been upgraded to meet higher demand.
The oil and gas company, whose biggest shareholder is Sir Anthony O'Reilly, said operating profit rose 135 per cent to €265,000 while turnover rose 23 per cent to €629,000 in first half of the year.
Providence chief executive Tony O'Reilly jnr said 2005 has been an "exceptionally busy and progressive period" for Providence as the current environment means many of the company's projects have now been upgraded to potential development status.
Providence has oil and gas interests in the Porcupine Basin and Irish Sea as well as an interest in the Aje Field off the Nigerian coast.