Providence Resources P.l.c — Capital Conference 2016
30 slides from Providence Resources P.l.c's conference presentation, Nov 17, 2016
Slide 1: Investor Presentation Capital Conference
Investor Presentation Capital Conference November 17, 2016 Leading Offshore Ireland Courtesy Ocean Rig
Slide 2: Disclaimer
Disclaimer Important: You must read the following before continuing. By attending any oral presentation made in conjunction with this presentation or by accepting this presentation you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the content
Slide 3: The Providence Opportunity
The Providence Opportunity IRELAND Proven hydrocarbon systems and attractive fiscal regime 2015 Atlantic Margin Licensing Round and Providence’s Schlumberger collaboration - major catalysts Established ports/infrastructure and connected to the European gas supply network PROVIDENCE IS CENTRAL
Slide 4: Focused on Offshore Ireland
Focused on Offshore Ireland Providence is Central to the Irish E&P Space Key Management Focused on early stage exploration & appraisal opportunities Tony O’Reilly Fergal Murphy Chief Executive Geophysical Consultant Over 30 years exploring offshore Ireland 26 years experience 19 years experience
Slide 5: Providence Strategy & Development
Providence Strategy & Development GEOGRAPHIC FOCUS Ireland – specifically Barryroe, Spanish Point & southern Porcupine exploration ASSET FOCUS Via farm-outs/balance sheet capital, progression of assets through to drilling phase General focus on oil opportunities, followed by potential mega-gas
Slide 6: Providence Today
Providence Today BALANCE SHEET RESTRUCTURED AND FINANCIAL POSITION SECURED Providence now debt free Financial resources in place to execute programme SHAREHOLDER ENDORSED STRATEGY Notable shareholders include – (as of Nov 15th, 2016) : • M&G Investments 14.67% • The Capital Group 9.71% • Pagea
Slide 7: Focused on Offshore Ireland
Focused on Offshore Ireland Key Assets - Location Key Assets – Resource Estimates 1. Barryroe Oil Project (PVR - 80%) Field Size (2C): c. 346 MMBOE REC Net to PVR: c. 277 MMBOE REC 2. Hook Head Oil Project (PVR - 72.5%) Field Size (2C): c. 35 MMBOE REC Net to PVR: c. 25 MMBOE REC 3. Spanish Point Ga
Slide 8: Barryroe Oil Field, North Celtic Sea Basin
Barryroe Oil Field, North Celtic Sea Basin Barryroe - Project Details • 6 wells drilled (4 tested) & 3D seismic coverage • 4 stacked reservoir systems • Resource audits - RPS (2011) & NSAI (2013) - 346 MMBOE REC • Field size covers area of c. 300 km2 Upside Potential • Tested C-Sand gas – est. GIIP
Slide 9: Barryroe Oil Field, North Celtic Sea Basin
Barryroe Oil Field, North Celtic Sea Basin 9
Slide 10: Spanish Point Gas Condensate Field, Northern Porcupine
Spanish Point Gas Condensate Field, Northern Porcupine Spanish Point – Project Details • Tested well and 3D PSDM seismic coverage • Senergy CPR Resource Audit (2011) - 2C c. 97 MMBOE REC • Updated Operator estimates (2015) - HIIP of c. 730 MMBOE and combined contingent plus prospective recoverable r
Slide 11: Providence's Leadership Role in the Porcupine Basin
Providence’s Leadership Role in the Porcupine Basin 2004 • Licensed Dunquin & Spanish Point December 2004 2006 • ExxonMobil (XOM) farm in to Dunquin • Licence Option secured for Newgrange with XOM • 2D seismic acquired over Dunquin, Newgrange & Druid/Drombeg 2008 • Chrysaor farms into Spanish Point
Slide 12: North Atlantic Source Rock Superhighway
North Atlantic Source Rock Superhighway 12
Slide 13: Porcupine Basin Licence Activity – 2004 vs 2016
Porcupine Basin Licence Activity – 2004 vs 2016 December 2004 June 2016 13
Slide 14: Schlumberger Exploration Collaboration Project
Schlumberger Exploration Collaboration Project September 2015 • Providence and Schlumberger sign Strategic Exploration Collaboration Agreement • Project commenced primarily designed to focus on the Druid, Drombeg, Newgrange and Dunquin South exploration prospects • 30 technical professionals worked
Slide 15: Results of Schlumberger Exploration Collaboration Project
Results of Schlumberger Exploration Collaboration Project Druid & Drombeg Druid Multi-domain analysis confirms that the 3D seismic responses from the Druid and Drombeg prospects are consistent with the presence of two large vertically stacked stratigraphically Drombeg trapped oil accumulations T
Slide 16: Druid Oil Prospect, Southern Porcupine Basin
Druid Oil Prospect, Southern Porcupine Basin Druid - Prospect Details • Two fans c. 1,750 m BML and structurally up-dip from a potential significant NEAR STACK fluid escape feature from the underlying pre-Cretaceous Diablo Ridge • Cumulative in-place un-risked prospective resources of 3.180 BBO (PMe
Slide 17: Druid Oil Prospect – Depth Conformant AVO Anomaly
Druid Oil Prospect – Depth Conformant AVO Anomaly SPECTRAL DECOMPOSITION DEPTH CONFORMANT AVO AVO product (Far – Near)*Far 17
Slide 18: Drombeg Oil Prospect, Southern Porcupine Basin
Drombeg Oil Prospect, Southern Porcupine Basin Drombeg - Prospect Details • Located c. 2,750 m BML and structurally up-dip from a potential significant fluid escape feature from the underlying pre-Cretaceous Diablo Ridge • In-place un-risked prospective resource of 1.915 BBO (PMean) • Pre-stack seis
Slide 19: Druid/Drombeg/Diablo Prospects – 3D Seismic Reflection Profile
Druid/Drombeg/Diablo Prospects – 3D Seismic Reflection Profile Druid Drombeg Diablo 19
Slide 20: Drombeg Oil Prospect, Southern Porcupine Basin
Drombeg Oil Prospect, Southern Porcupine Basin 20
Slide 21: Druid/Drombeg – Vp/Vs Supports Two Stacked Sandstone Rich Fan Systems
Druid/Drombeg – Vp/Vs Supports Two Stacked Sandstone Rich Fan Systems Well 53/6-A 21
Slide 22: Druid Drilling – Provisional Well Location Schematic
Druid Drilling – Provisional Well Location Schematic DRILLING – 2017 Well designated 53/6-A Projected spud date – June 2017 Lloyds Register (LR) appointed Well Management Company Letter of Intent for Drilling Unit issued Druid drilling cost now estimated at c. $35 million (gross) • Compare
Slide 23: Druid Drilling – Well Management
Druid Drilling – Well Management Lloyds Register at a glance > 9,000 Employees +60,000 Clients, worldwide from SMEs to Fortune 500 3 Regions companies £1 billion Turnover 3 Business divisions 23
Slide 24: Drilling - Druid/Drombeg – Global Analogues
Drilling - Druid/Drombeg – Global Analogues 24
Slide 25: Newgrange Gas Prospect, Goban Spur Basin
Newgrange Gas Prospect, Goban Spur Basin Newgrange - Prospect Details • 500 line km 2D seismic survey carried out in 2006 • Significant structure identified in basin • Cretaceous target c. 400 metres BML in c. 1,000m water depth • BCU structural closure covers c. 1800 km2 (1,000 km2 within Providenc
Slide 26: Dunquin South Oil Prospect, Southern Porcupine Basin
Dunquin South Oil Prospect, Southern Porcupine Basin Dunquin South - Prospect Details • 2nd of two isolated carbonate platforms – Dunquin North & South • Dunquin North exploration well drilled in 2013 • Dunquin South – Prospective Resources • Hydrocarbons in place – c. 3.475 BBOE (Pmean, XOM) • Reco
Slide 27: Avalon Oil Prospect, Porcupine Basin
Avalon Oil Prospect, Porcupine Basin Avalon - Prospect Details • Mapped on 2D vintage seismic data as part of recent 2015 Irish AMLR • Significant Palaeocene basin floor stratigraphic trap identified in basin axis • Target is c. 2,500 m BML in c. 1,300 m water depth • Located close to the Dunquin No
Slide 28: Kish Oil Prospect, Kish Bank Basin
Kish Oil Prospect, Kish Bank Basin Kish - Prospect Details 7-metre dead oil column reported in top of Sherwood Sst • Significant Lower Triassic structural closure mapped on • 2D seismic data • P50 REC – 210 MMBO (PVR) • Provisional exploration well location agreed • UK East Irish Sea Basin oil field
Slide 29: Summary
Summary IRELAND Proven hydrocarbon systems and attractive fiscal regime 2015 Atlantic Margin Licensing Round and Providence’s Schlumberger collaboration - major catalysts Established ports/infrastructure and connected to the European gas supply network PROVIDENCE IS CENTRAL TO THE IRISH E&P SP
Slide 30: Q&A Session
Q&A Session www.providenceresources.com
Providence Resources P.l.c. — Capital Conference 2016 on 6ix