DAVY VIEW

Providence’s year-end results — or, more accurately, year-end review — point to one that was focused on waiting and advocating for the Irish offshore industry. Both are important for shareholder value. The waiting involves the receipt of permitting for a site survey, required as part of the process to start drilling offshore Ireland. At the same time, the group is also waiting on a $9m loan to be made available from its Chinese partners, which was negotiated as part of the farm-in deal to get wells drilled on Barryroe. The advocacy involves making the argument that offshore drilling and explorations should not be terminated, which would be a natural consequence of the Climate Action Bill brought before the Dáil as it is currently presented. In our view, the next six months will be an extremely important period for the group and it’s shareholders.