Providence chief paid €460,000
Published 31/05/2011 | 05:00
PROVIDENCE Resources chief executive Tony O'Reilly earned around €460,000 last year, the Ireland-focused exploration company said in its annual report published yesterday.
Mr O'Reilly has two contracts to provide services to the company inside and outside Ireland, the company said. Last year, those companies were paid a total of €460,000; a sum which includes all benefits, the annual report adds.
The chief executive has been employed on a rolling two-year contract since September 2005, last renewed in September 2009.
Mr O'Reilly said in a letter to shareholders that he and chairman Brian Hillery believed the shares remained "a compelling long-term investment proposition for investors" because of "solid macro economic factors (commodity prices and exchange rates), existing cash resources and growing production cash flow".
Providence sold oil fields in the Gulf of Mexico.
The company ditched plans to store gas off the Irish coast to concentrate on a drilling programme which has already begun and is set to be the biggest programme ever undertaken in Irish waters.