Irish exploration company Providence Resources posted a full -year profit thanks to higher oil prices and said 2005 should see "exceptionally high activity".
For the 12 months to December 2004, the group posted a pretax profit of €165,000 compared to a loss of €580,000 a year earlier on a 39 per cent rise in sales to €1.05 million.
The company, which also said it named Tony O'Reilly Junior as deputy chairman, said entire full-year sales came from its interest in the UK onshore Singleton oil field. It is looking at proposals to increase production from Singleton this year.
"The company is expecting a period of exceptionally high activity in 2005 . . . the main feature of which will be the drilling in the Aje field offshore Nigeria," said chairman Dr Brian Hillery.
The Aje field is thought to contain potential un-risked recoverable reserves of 200 million barrels of crude oil plus 1.5 trillion standard cubic feet of natural gas with potential for a further 150 million barrels of condensate oil and natural gas liquids.
"Additionally, work on the St George's Channel prospects (Dionysus and Pegasus), the Celtic Sea and the Porcupine Basin (Dunquin North and South; Spanish Point and Burren) and the UK offshore interests will be progressed as will discussions with potential partners," added Dr Hillery.
He added that the Providence is planning to float on the AIM market.