Providence Resources, which moved into the black with a pretax profit of €165,000 last year, has announced plans to seek an AIM listing in London.
The company said it was seeking the quote because AIM was the key stock exchange in Europe for oil and gas companies and would introduce it to a much wider pool of potential investors.
The company, which will retain its listing on the Irish Stock Exchange, also announced the appointment of Tony O'Reilly junior as deputy chairman. Mr O'Reilly's father, Sir Anthony, holds a 45 per cent stake in the group.
Providence said that turnover last year rose by 39 per cent to €1.05 million, all of which came from its interest in the producing UK onshore Singleton oil field.
The company also benefited from the higher oil price last year with the average price per barrel at $38 (€30) against $29 in 2003.
Providence said it expected 2005 to be one of "exceptionally high activity".
The main feature will be the drilling in the Aje field offshore Nigeria. An appraisal well is due to be drilled on Aje within the next four months.
Providence will also carry out work on its interests in the St George's Channel, in the Celtic Sea and in the Porcupine Basin, where the company was awarded two significant frontier exploration licences last December.
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