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hermana,dont think more than a wee tick up on this rns..but posititve and upbeat none the less.

From todays Examiner!

Providence upbeat after 2007 profit

By Geoff Percival
OIL and gas exploration company, Providence Resources has returned to profit ahead of a busy year of potentially lucrative drilling activity.


The Dublin-headquartered company yesterday reported profits for 2007 of 569,000 after exceptional items compared to a 1.6m loss in 2006.

Last years profit before exceptionals was 1.5m.

This year long pencilled in as a critical performance indicator for Providence given that much of its long-planned drilling operations are due to commence has started very positively.



Recently the company has made significant, high profile announcements.

These projects include saying that a seismic update programme on its Drombeg prospect off the south-west coast of Ireland is planned for next month, a gas discovery at its Gulf of Mexico operations with initial results exceeding pre-drilling expectations, successful early drilling at its AJE well off the coast of Nigeria and the acquisition of the Gulf of Mexico-based oil and gas portfolio of US company, Triangle Oil and Gas, for 43.5m.

The chance to acquire a majority stake in the Singleton oil field in the south of England and the discovery of oil at Hook Head in the Celtic Sea as well as securing a rig, in a very tight rig market, for that discoverys drilling round this summer have also been identified as major keys to Providences upturn in fortunes.

The combination of internally generated production cash flow, which more than covers our base operating activities, the new $250m (161m) financing facility with Macquarie Bank and other general financing options means that we will be appropriately financed to continue to advance our extensive portfolio of appraisal, development and exploration assets, Providence chief executive Tony OReilly Jnr said.

We were in a strong position during the last year to take advantage of a number of opportunities, he added.

Providences share price was up by 4.35% in Dublin, yesterday, closing at 12c.

Mr OReilly added that the companys shareholders could now look forward to the future with real optimism.

Hermana - I have followed/invested in PVR for a about a year or more now, every time I read a quote from Tom I believe him.

Do I need to see a therapist?

poo,who the feck is Tom? Surely not fatso Winnifrith?

Silly Billy I meant Tony.

poo,Tony is on a roll and is busy beavering in far parts....

hermana - yes I am aware, sorry for the earlier slip, I was thinking about something else, Sterling Energy and Dennis O'Brien.

Not sure where that Tom came from, must be something in the background but not connected.

poo,any idea what DOB is up to at SEY?

hermana - it's a guess only.

There may be something to that rivalry between the two? (DOB and TOR)

I have been expecting him to do a takeover.

He will need to look sharp before the HCL in Kurdistan is passed and before the sale of Sterling's US assets if thats the case unless the latter is a precondition to a buy.

Sterling's cash burn exceeds income at the moment.

With all that paper issued, theres not much in free market so if he got the backing it would not be too difficult.

Certainly the current Management appear to be under scrutiny hence the reshuffle with the former Finance Director moving up to CEO.

I have a token holding bought at the lows but my main interests are now elsewhere.

Too much jam tomorrow for too long.

Not enough in the last set of results to underpin the share price,eagerly awaiting Hook Head spud or maybe spanish point/aje update.

winner,maybe a "wee maybe" coming soon...

hermana would be a much welcome boost to the bank balance if where aje,Been quite a wait for spanish point,but all good things...

winner,no mention of Apollo last Monday. Was licence renewed?

If it had not been would they not have said so..

surprised to see retrace continue on low volumes,could see 8p bid again.With oil prices still rising that might provide some support.

winner,help is on way for SP! Stay tuned...

can you give more details i.e a far east surprise or a nigerian one maybe.

winner,if you force me to choose I go for de former.

slight arm twist hermana,thankyou.

oversold now surely?