Providence Resources P.l.c

Providence Resources P.l.c — Shareholder Meeting (August 2014)

88 slides from Providence Resources P.l.c's shareholder meeting presentation, Aug 26, 2014

  1. Slide 1: Providence Resources P.l.c. Annual General Meeting

    Providence Resources P.l.c. Annual General Meeting August 26th, 2014 Hilton Hotel Dublin, Ireland

  2. Slide 2: Introduction

    INTRODUCTION Brian Hillery 2 Chairman

  3. Slide 3: Agenda

    Agenda • RESOLUTIONS • HIGHLIGHTS • OPERATIONAL UPDATE • OUTLOOK • Q & A SESSION 3

  4. Slide 4: AGM Resolutions

    AGM Resolutions Resolutions (1) To receive and consider the Directors’ Report and Financial Statements for the year ended 31 December, 2013 (2) (a) To re-elect Mr. John O’Sullivan as a Director (b) To re-elect Mr. Tony O’Reilly as a Director (3) To authorise the Directors to fix the remuneration of

  5. Slide 5: Highlights – 2013/14

    Highlights – 2013/14 BARRYROE • Publication of NSAI Competent Person’s Report • Increase in area of SEL 1/11 & Change of Operatorship • Commencement of farm out process DUNQUIN • Completion of drilling of Dunquin North well FARM OUTS • Farm in by Cairn into Spanish Point • Farm in by ABT Oil and Gas

  6. Slide 6: Overview

    OVERVIEW Tony O’Reilly 6 Chief Executive

  7. Slide 7: Brief History of the Irish Offshore

    BRIEF HISTORY OF THE IRISH OFFSHORE 7

  8. Slide 8: The Irish E&P Sector – Large Area

    The Irish E&P Sector – Large Area 8

  9. Slide 9: Ireland Resource Potential

    Ireland The Irish –Offshore Resource Potential – Large Potential  Ireland’s offshore basins are highly prospective but under-explored  Assessments indicate a ‘Yet to Find’ Reserve potential of c. 10 billion barrels of oil equivalent on Atlantic Margin COUNTRY REGION SOURCE BBOE Ireland Atlantic Ma

  10. Slide 10: Ireland Conjugate Margins

    Ireland The Irish -Offshore Conjugate Margins – Large Potential 10

  11. Slide 11: Ireland Track Record

    Ireland The Irish –E&P Track Record Sector – History  158 wells drilled over the past 45 years  Majority of these wells were drilled in the 1970’s/1980’s  High proportion intersected hydrocarbons, but only 4 commercial gas fields:  Kinsale Gas Field commenced production (1978)  Ballycotton gas

  12. Slide 12: Ireland – Well Database

    Ireland – Well Database Exploration and Appraisal Wells (1970 – 2013) Exploration wells: 130 Appraisal wells: 28 Total: 158 (43 exploration wells west of Ireland) 12

  13. Slide 13: Ireland — Well Database

    Ireland — Well Database Wells Spudded and Drilled Offshore Ireland 25 Development Wells @Exploration/Appraisal Wells 20 4 215 4 2 - r-) Pa s 2 5 310 4 5 4 o 4 Bean ann canna nnn nnn answer iiVPNNNNNNYNNNNNND ELELLRFELSERQCLSRSPSRSSSLSRSSSSBSESSSSSBSSSSSSSESSSSSSLSLSA SGILNVBETDHDNYNSBGGOASNHNBGARTAN

  14. Slide 14: What Has Changed?

    WHAT HAS CHANGED? 14

  15. Slide 15: The Irish E&P Sector

    The Irish E&P Sector TECHNOLOGY INFRASTRUCTURE PRICING FISCAL REGIME 15

  16. Slide 16: Ireland – Seismic Database

    Ireland – Seismic Database Technology 66% of 2D seismic surveys 2% of 3D seismic surveys acquired offshore Ireland are pre-1990 vintage To 31 Mar 2014 16

  17. Slide 17: Ireland – Seismic Acquisition

    Ireland – Seismic Technology Acquisition – Seismic Acquired 17

  18. Slide 18: North Celtic Sea Seismic

    North Celtic Technology Sea Seismic – New Basin –Acquisition Deep Exploration Some Recent Activity (2010-2014) • Providence - 3D seismic in Celtic Sea (Barryroe) • Kosmos - 3D seismic in Porcupine • Fastnet - 3D seismic in Celtic Sea • Polarcus - Multi-client 3D seismic in South Porcupine (Drombeg)

  19. Slide 19: Ireland – Gas Infrastructure

    Ireland – Gas Infrastructure Infrastructure • Gas supply delivered via a network of c. 13,150km of pipelines • 2,380km of high pressure sub-sea and cross- country transmission pipe • 10,750km of lower pressure distribution pipe connecting customers to the system. • Gas Demand of c. 245 BCF/yr (185 B

  20. Slide 20: Infrastructure

    Infrastructure Kinsale Infrastructure Whitegate Oil Refinery 20 Corrib Infrastructure Bantry Bay Oil Storage Facility

  21. Slide 21: Fiscal Regime

    FISCAL REGIME 21

  22. Slide 22: Fiscal Regime – 2014 Terms

    Fiscal Regime – 2014 Terms • New Terms - Announced on June 18th, 2014 • Different calculation methodology than previous terms, with a maximum state take of 55%, (depending on individual field size/profitability) • Imposed on new licences to be issued – so all existing licenses will remain governed b

  23. Slide 23: Commodity Pricing

    Commodity Pricing 23

  24. Slide 24: Recent Developments

    RECENT DEVELOPMENTS 24

  25. Slide 25: Noteworthy recent activity

    Noteworthy recent activity CELTIC SEA BASIN • 3D seismic acquired over Barryroe (2011) • Drilling/testing of the Barryroe oil field (2011/2012) • 3D seismic by Lansdowne (2011) and Fastnet (2013) SOUTHERN PORCUPINE BASIN • 2D acquired in Porcupine Basin over Dunquin (2006), Drombeg and Newgrange (20

  26. Slide 26: Growing international interest

    Some ofinternational Growing the Playersinterest 26

  27. Slide 27: Ireland – Licensing: more licence activity

    Ireland – Licensing More licence activity 50 Number of Offshore Exploration Licences and Licensing Options at end-December each year (1970 - March 2014) 45 Exploration Licences End of year information for Licensing Options Licensing Options 1998-2013 prior to 1998 is in offsite archive and not readi

  28. Slide 28: Ireland – Licensing

    Ireland – Licensing Highest levels of licence activity January 2011 March 2014 28

  29. Slide 29: Providence is at the centre of Irish offshore activity

    Providence is at the centre of Irish offshore activity EXPLORE, APPRAISE AND DEVELOP IRISH OFFSHORE PORTFOLIO - Mixture of exploration prospects & appraisal projects - Focus on the Atlantic Margin - Carry out subsurface evaluation/ seismic - Leverage in relevant industry partners - Multi-basin drill

  30. Slide 30: Providence is targeting 5 BBOE in 8 basins

    Providence is targeting 5 BBOE in 8 basins EXPLORATION Asset Basin Operator % Dunquin North South Porcupine ExxonMobil 16.0% Dunquin South South Porcupine ExxonMobil 16.0% Cuchulain Goban Spur ENI 5.0% Drombeg South Porcupine Providence 80.0% Cama Porcupine Cairn 32.0% Wilde Porcupine Cairn 32.0% Be

  31. Slide 31: Share Price Movement

    Share Price Movement Providence Share Price History 6.00 6,000,000 5.42 5.00 5,000,000 4.01 4.00 4,000,000 3.69 Share Price (GBP £) Monthly Volume 3.18 3.05 3.00 3,000,000 2.57 2.28 2.25 2.27 2.07 1.85 1.91 2.00 2,000,000 1.39 1.09 1.17 1.00 1,000,000 0.00 0 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13

  32. Slide 32: Share Price Movement

    Share Price Movement E&P SECTOR PERFORMANCE INSTITUTIONAL SHAREHOLDER CHANGES DRILLING - DUNQUIN RESULTS - DELAYS - SPANISH POINT & KISH BARRYROE FARM OUT PROCESS WORKING CAPITAL CONCERNS 32

  33. Slide 33: E&P Sector Performance

    E&P Sector Performance Share Price Discount to NAV/Share - 2013 & 2014 100% 2013 2014 90% 80% Share Price Discount to Nav/Share 70% 60% 50% 40% 30% 20% 10% 0% Providence Xcite Lansdowne Ithaca Rockhopper Petroceltic Circle Faroe 33 Composite Broker estimates

  34. Slide 34: Share Price Movement

    Share Price Movement E&P SECTOR PERFORMANCE INSTITUTIONAL SHAREHOLDER CHANGES DRILLING - DUNQUIN RESULTS - DELAYS - SPANISH POINT & KISH BARRYROE FARM OUT PROCESS WORKING CAPITAL CONCERNS 34

  35. Slide 35: Share Price Movement - Funds

    Share Price Movement - Funds Providence Share Price History 6.00 6,000,000 JP MORGAN REDUCES BY 5% 5.42 BLACKROCK REDUCES BY 3% HSBC REDUCES BY 1% F&C REDUCES BY 1% 5.00 5,000,000 4.01 4.00 4,000,000 3.69 Share Price (GBP £) Monthly Volume 3.18 3.05 3.00 3,000,000 2.57 2.28 2.25 2.27 2.07 1.85 1.91

  36. Slide 36: Share Price Movement

    Share Price Movement E&P SECTOR PERFORMANCE INSTITUTIONAL SHAREHOLDER CHANGES DRILLING - DUNQUIN RESULTS - DELAYS - SPANISH POINT & KISH BARRYROE FARM OUT PROCESS WORKING CAPITAL CONCERNS 36

  37. Slide 37: Drilling

    Drilling Dunquin • Announced Results in July 2013 - c. 150’ residual oil column encountered in massive over-pressured high porosity carbonate reservoir system Spanish Point • Drilling originally planned for 2013 • Moved out to 2014 due to rig refurbishment • Blackford Dolphin - Refurbishment delays

  38. Slide 38: Share Price Movement - Drilling

    Share Price Movement - Drilling Providence Share Price History 6.00 6,000,000 JP MORGAN REDUCES BY 5% 5.42 BLACKROCK REDUCES BY 3% HSBC REDUCES BY 1% F&C REDUCES BY 1% 5.00 5,000,000 4.01 4.00 4,000,000 3.69 Share Price (GBP £) Monthly Volume 3.18 3.05 3.00 DUNQUIN 3,000,000 2.57 2.28 2.25 2.27 2.07

  39. Slide 39: Share Price Movement

    Share Price Movement E&P SECTOR PERFORMANCE INSTITUTIONAL SHAREHOLDER CHANGES DRILLING - DUNQUIN RESULTS - DELAYS - SPANISH POINT & KISH BARRYROE FARM OUT PROCESS WORKING CAPITAL CONCERNS 39

  40. Slide 40: Barryroe Farm-out Process

    Barryroe Farm-out Process • NSAI CPR Published - April 2013 • Hiring of Advisor – May 2013 • Rothschilds – No foal, no fee started July 2013 • Set up data room – Data room meetings – Aug 2013 - to date • Meetings in Dublin, London, New York, Singapore, Houston, New Delhi & Calgary • Over-riding them

  41. Slide 41: Barryroe – Phased Development

    Barryroe – Phased Development * Phase 1 : First Phase Production System • Eastern area focused development • Leased floating solution to get early production • Reduced CAPEX requirements • Up to 70 MMBOE REC • 30,000 BOPD peak rate • Phase 1 First Oil – 4Q 2017 • Est. production period – 2017 - 2022

  42. Slide 42: Share Price Movement

    Share Price Movement E&P SECTOR PERFORMANCE INSTITUTIONAL SHAREHOLDER CHANGES DRILLING - DUNQUIN RESULTS - DELAYS - SPANISH POINT & KISH BARRYROE FARM OUT PROCESS WORKING CAPITAL CONCERNS 42

  43. Slide 43: Share Price Movement - Financing

    Share Price Movement - Financing Providence Share Price History 6.00 6,000,000 JP MORGAN REDUCES BY 5% 5.42 BLACKROCK REDUCES BY 3% HSBC REDUCES BY 1% F&C REDUCES BY 1% 5.00 5,000,000 4.01 4.00 4,000,000 3.69 Share Price (GBP £) Monthly Volume 3.18 3.05 3.00 DUNQUIN 3,000,000 2.57 2.28 2.25 2.27 2.0

  44. Slide 44: What Does The Future Hold?

    What Does The Future Hold? Key Drivers What do the brokers say? Barryroe Farm out Cantor Fitzgerald £ 5.03 Other Farm outs Liberum £ 8.11 Drilling Davy £ 16.08 Cenkos £ 23.61 BMO Capital £ 30.88 Providence Share Performance - 2012 8 +325% 6.90 7 6.42 6.24 6.19 PVR Share Price £ 6 5.43 5.57 5.37 5.05

  45. Slide 45: Broker Valuations (Risked)

    Broker Valuations (Risked) Broker Valuations 35 Other PVR Assets Barryroe Asset 30 25 NAV / Share GBP£ 20 5.71 20.27 15 7.80 10 17.90 1.81 5 1.02 10.61 8.28 6.30 4.01 0 Cantor Liberum Davy Cenkos BMO 45 5.03 8.11 16.08 23.61 30.88

  46. Slide 46: Operational Update

    OPERATIONAL UPDATE John O’Sullivan 46 Technical Director

  47. Slide 47: Appraisal

    Appraisal

  48. Slide 48: Barryroe Oil Field, North Celtic Sea Basin

    Barryroe Oil Field, North Celtic Sea Basin • PROVIDENCE HOLDS 80% (Operator) • Partner is LANSDOWNE (20%) • AUDITED GROSS ON BLOCK RESOURCES OIP REC 2C/P50 2C/P50 Main Sands MMBO MMBO Middle Wealden - oil 287 45 RPS Basal Wealden - oil 761 266 NSAI 1,048 311 BARRYROE Associated gas (BOE) 35 RPS/NSAI

  49. Slide 49: Barryroe vs Seven Heads Structure

    Barryroe vs Seven Heads Structure South North ~Seven Heads ~ Barryroe 49

  50. Slide 50: Fault Comparison: Barryroe vs Seven Heads

    Fault Comparison: Barryroe vs Seven Heads Base Chalk Amp +/-10ms (~ Seven Heads – ‘Complex’ inverted bimodal faulting) Base Cret Unc Amp +/-10ms (~ Barryroe – ‘Simple’ extensional unimodal faulting) Shallow fault ‘shadowing’ 50

  51. Slide 51: Compartmentalisation

    Compartmentalisation • The 48/24-10z DST #1 data indicate that the basal Wealden oil sand is well connected – The 48/24-10z data calibration well was never designed to demonstrate volume and yet it contacted a minimum c. 5 MMBO from just c. 7m of perforated vertical section – No depletion was seen o

  52. Slide 52: Basal Wealden Reservoir Depositional Environment

    Basal Wealden Reservoir Depositional Environment • Oil bearing Berriasian Basal Wealden A sand is the primary objective – Lies directly on the Purbeck Shale Fm (oil source) – Clean arenitic well developed laterally continuous system – SWC-derived porosities of up to c. 18% and matrix permeability of

  53. Slide 53: Braid Plain Reservoirs – Production Geology

    Braid Plain Reservoirs – Production Geology (AAPG) • Excellent very productive reservoirs Braid Plain in Iran • High net to gross • Continental scale • Excellent lateral continuity & good connectivity • Form in response to periods of active tectonism, rapid subsidence, and large volumes of coarse se

  54. Slide 54: Barryroe 48/24-10z Well Key Points

    Barryroe 48/24-10z Well Key Points: Test flowed ~ 3,500 BOPD (Skin of c. +10) without artificial lift from ~ 7m perforated basal oil zone: No depletion seen on test; No evidence of gas cap on test; Minimum connected volume ~ 5 MMBO; 48/24-10z Prosper modelling indicates up to 15,000 BOPD IP achievab

  55. Slide 55: Barryroe Crude Oil - Properties

    Barryroe Crude Oil - Properties • Barryroe is a light, sweet, high value, waxy crude oil: 43 API oil , 17% Wax content and likely to trade at a premium to the Brent benchmark • Excellent low in-situ oil viscosity: 0.8 cP in-situ • In-Situ Reservoir temperature well above the WAT and PP: • 66°C Reser

  56. Slide 56: First Phase Production System FPSO Scenario

    First Phase Production System FPSO Scenario * 56 * Final development plan subject to partner and regulatory approval

  57. Slide 57: Barryroe Phased Development Plan Timeline

    Barryroe Phased Development Plan Timeline * 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Phase 1 Appraisal FEED FID Pipeline/ Xmas Tree Lead Time FPSO Upgrade FPSO Hookup & Commissioning Phase 1 Recompletes 1 x Development Drilling Phase 1 First Oil Phase 2 Appraisal Drillin

  58. Slide 58: Spanish Point Field, Northern Porcupine Basin

    Spanish Point Field, Northern Porcupine Basin • PROVIDENCE HOLDS 32% • Operator is Cairn (38%) • Other partners are Chrysaor (26%) and Sosina (4%) • SPANISH POINT AUDITED GROSS RESOURCES • Tested well and 3D coverage SPANISH POINT • 225 MMBOE in-place (2C/P50) (Senergy) SPANISH POINT • 100 MMBOE REC

  59. Slide 59: Spanish Point Field, Northern Porcupine Basin

    Spanish Point Field, Northern Porcupine Basin 59

  60. Slide 60: Spanish Point Area, Northern Porcupine Basin

    Spanish Point Area, Northern Porcupine Basin c. 750 km2 3D seismic survey commenced on Spanish Point South area chasing 350 MMBOE of gross incremental un-risked prospective resources…. 60

  61. Slide 61: Dragon Gas Field, St George’s Channel Basin

    Dragon Gas Field, St George’s Channel Basin • PROVIDENCE HOLDS 100% • Both UK and Irish blocks held 100% by Providence • DRAGON – ESTIMATED REC RESOURCES • Tested well and 3D coverage • c. 60 BSCF REC (1C/P90) (PVR) • c. 200 BSCF REC (2C/P50) (PVR) • LICENCE ACREAGE AUDITED GROSS RESOURCES DRAGON DR

  62. Slide 62: Dragon Gas Field, St George’s Channel Basin

    Dragon Gas Field, St George’s Channel Basin IRL UK TESTED 20 MMSCFD DRY HOLE 62

  63. Slide 63: DICE – Dragon Interconnector, Containment & Export

    DICE – Dragon Interconnector, Containment & Export • Interconnector between UK and Ireland w/access to LNG & southern UK • Storage arbitrage facility between UK & Irish markets • Infrastructure would reduce exploration hurdle rates for investment DICE could offer increased competition & improved sec

  64. Slide 64: Helvick Field Development - Main Sand

    Helvick Field Development - Main Sand • The Helvick Field was discovered in 1983 by 49/9-2 well which tested a cumulative rate of c. 10,000 BOPD – Upper Jurassic reservoir system – Main Sand tested 6,467 BOPD & 2.18 MMSCFD from a 42’ interval – Test Permeability • Main Sand 343mD – Minimum connected

  65. Slide 65: Helvick Field Development - Main Sand

    Helvick Field Development - Main Sand Helvick Main Sand - Production Profile Courtesy ABTOG Helvick Main Sand reservoir models as a 5,000 BOPD plateau rate for c.18 months with c. 3 MMBO REC…. 65

  66. Slide 66: Exploration

    Exploration Pesta geet

  67. Slide 67: Ireland - Conjugate North Atlantic Source Margins

    Ireland - Conjugate North Atlantic Source Margins Rock Superhighway After Enachescu et al. 2010 67

  68. Slide 68: Ireland - Conjugate Southern Margins

    Ireland - Conjugate Southern Margins Porcupine Basin vs. Central North Sea 68

  69. Slide 69: Dunquin Prospects, Southern Porcupine Basin

    Dunquin Prospects, Southern Porcupine Basin • PROVIDENCE HOLDS 16% • Operator is ExxonMobil (25.5%) • Other partners are ENI (27.5%), Repsol (25%), Atlantic Petroleum (4%) and Sosina (2%) • REGIONAL ACTIVITY • 2D (2006) coverage across Dunquin • Kosmos acquired 3D survey in adjacent acreage • Major

  70. Slide 70: Residual Oil - Schematic Microscopic View

    Residual Oil - Schematic Microscopic View UNBREACHED BREACHED Oil fills the pore space – Oil is flushed from the pore space and replaced Initial Oil saturation by water during a natural water-flood Some water is always present initially – Initial Some oil remains and is not flushed out even under Wa

  71. Slide 71: Dunquin South Prospect, Southern Porcupine Basin

    Dunquin South Prospect, Southern Porcupine Basin 71

  72. Slide 72: Drombeg Prospect, Southern Porcupine Basin

    Drombeg Prospect, Southern Porcupine Basin • PROVIDENCE HOLDS 80% • Operator is Providence • Partner is Sosina (20%) • REGIONAL ACTIVITY • 2D (2008) coverage across area • Drilling of Dunquin North exploration well (2013) • Kosmos Energy targeting similar Lower Cretaceous sandstone play DROMBEG Basi

  73. Slide 73: Drombeg Prospect, Southern Porcupine Basin

    Drombeg Prospect, Southern Porcupine Basin Courtesy PAD 73

  74. Slide 74: Drombeg Prospect, Southern Porcupine Basin

    Drombeg Prospect, Southern Porcupine Basin Courtesy Polarcus 74

  75. Slide 75: Newgrange Prospect, Goban Spur Basin

    Newgrange Prospect, Goban Spur Basin • PROVIDENCE HOLDS 80% • Operator is Providence • Partner is Sosina (20%) • REGIONAL ACTIVITY • 2D (2008) coverage across area • Dunquin North residual oil accumulation (2013) • Major oil discoveries in conjugate Flemish Pass NEWGRANGE Basin – Goban Spur • PROVID

  76. Slide 76: Newgrange Prospect, Goban Spur Basin

    Newgrange Prospect, Goban Spur Basin Courtesy PAD NEWGRANGE Top Eocene Top Cretaceous ? Base Chalk 50 Km Base Cretaceous Goban Spur Basin Southern Porcupine Basin 76

  77. Slide 77: Newgrange Prospect, Goban Spur Basin

    Newgrange Prospect, Goban Spur Basin “One of the largest undrilled subsurface structures globally” Top Cretaceous 1200 km2 4-way dip-closure with up to c. 300 metres of vertical relief Depth to Newgrange Prospect Below Seabed The city of Dublin for scale…. A very large, very shallow prospect (below

  78. Slide 78: Polaris Prospect, Rathlin Basin

    Polaris Prospect, Rathlin Basin • PROVIDENCE HOLDS 100% • Six block offshore licence in Rathlin Basin POLARIS • Licence over island has recently been relinquished due to limited underlying prospectivity • REGIONAL ACTIVITY • Hydrocarbon concept proven by onshore Ballinalea-1 well (2008) • Operator c

  79. Slide 79: Polaris Prospect, Rathlin Basin

    Polaris Prospect, Rathlin Basin Polaris Ballinlea-1 Oil Well 79

  80. Slide 80: Polaris Prospect, Rathlin Basin

    Polaris Prospect, Rathlin Basin POLARIS PROSPECT Courtesy Mobil North Sea 80

  81. Slide 81: Kish Prospect, Kish Bank Basin

    Kish Prospect, Kish Bank Basin • PROVIDENCE HOLDS 50% • Operator is Providence KISH • Partner (50%) is Kinsale Energy (PETRONAS) • REGIONAL ACTIVITY • 2D seismic coverage across basin • PROVIDENCE ACTIVITY • Major structure identified in basin Basin – Kish Bank • P50 REC – 250 MMBO (PVR) Distance –

  82. Slide 82: Kish Prospect, Kish Bank Basin

    Kish Prospect, Kish Bank Basin PROPOSED WELL LOCATION 82

  83. Slide 83: Silverback Prospect, South Celtic Sea Basin

    Silverback Prospect, South Celtic Sea Basin • PROVIDENCE HOLDS 100% • Operator is Providence • REGIONAL ACTIVITY • PGS long offset Geostreamer 2D seismic (2013) • PROVIDENCE ACTIVITY • Licensing Option covers c. 1,500 km2 SILVERBACK (equivalent to 6 North Sea blocks) Basin – South Celtic Sea • Seism

  84. Slide 84: Silverback Prospect, South Celtic Sea Basin

    Silverback Prospect, South Celtic Sea Basin c. 200 km2 Lower Cretaceous Structural Closure 84

  85. Slide 85: Outlook

    OUTLOOK Tony O’Reilly 85 Chief Executive

  86. Slide 86: Multi-Basin Drilling Programme

    Multi-Basin Drilling Programme 1. Barryroe Oil Field, North Celtic Sea Basin (PVR-80%) 4 - Providence Operated; Partner – Lansdowne - 346 MMBOE REC 2. Dunquin Oil Prospects, South Porcupine (PVR-16%) - ExxonMobil Operated; Partners – ENI, Repsol, Atlantic Petroleum, Sosina - Under Review 3. Spanish

  87. Slide 87: Valuations Relative to Price Target

    Valuations Relative to Price Target Liberum - Oil & Gas Producers - Marking to market – July 2014 87

  88. Slide 88: Broker Valuations (Risked)

    Broker Valuations (Risked) Broker Valuations 35 Other PVR Assets Barryroe Asset 30 25 NAV / Share GBP£ 20 5.71 20.27 15 7.80 10 17.90 1.81 5 1.02 10.61 8.28 6.30 4.01 0 Cantor Liberum Davy Cenkos BMO 88 5.03 8.11 16.08 23.61 30.88

Providence Resources P.l.c. — Shareholder Meeting (August 2014) on 6ix