Shares in Irish oil and gas exploration company, Providence Resources, fell by up to 10% yesterday to 35c after it announced losses of €11.5m for the year to December – principally due to legal costs and the strength of the dollar.

In a statement the company said that up to five companies have shown interest in becoming development partners for the Providence’s key asset, the Barryroe oil and gas field in the Celtic Sea off Ireland’s south coast.

Providence has been trying to get a so-called “farm-in” partner on board for Barryroe for some time and it is believed the Dutch company Sequa Petroleum, is the front-runner, subject to raising finance itself.

Providence chief executive said the industry backdrop “remains challenging and that the current oil price environment had continue to hamper investment in the sector.”