Providence Resources P.l.c — Shareholder Meeting (July 2016)
19 slides from Providence Resources P.l.c's shareholder meeting presentation, Jul 14, 2016
Slide 1: EGM Presentation July 14, 2016
EGM Presentation July 14, 2016 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: EGM Agenda
EGM Agenda • RESOLUTIONS • RESULTS OF THE PLACING OFFER AND OPEN OFFER • OPERATIONS UPDATE • Q&A 3
Slide 4: Resolutions
Resolutions ORDINARY RESOLUTIONS • RESOLUTION 1 Resolution 1 is an ordinary resolution to increase ordinary share capital • RESOLUTION 2 Resolution 2 is also an ordinary resolution, which authorises the Directors to allot relevant securities pursuant to and in accordance with Section 1021 of the 201
Slide 5: Results of the Placing Offer & Open Offer
Results of the Placing Offer & Open Offer • PLACING OFFER • Raised proceeds of £47.961 million through the issuance of 399.671 million shares • Placed with over 25 institutions • Largest placee subscribed for c. $15 million • Following the Placing, Providence has a strong, supportive institutional s
Slide 6: Corporate Objectives
Corporate Objectives • Capital raise fundamentally changes BALANCE SHEET and restores financial flexibility • Target farm-out/appraisal drilling of BARRYROE in 2017 • Target to operate & drill an exploration well on DRUID in 2017 • Target farm-out/appraisal drilling of SPANISH POINT in 2018 PROVIDEN
Slide 7: Providence Assets – June 2016
Providence Assets – June 2016 Irish Focused Oil & Gas Portfolio Estimated Resource Volumes: 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. Spanis
Slide 8: Barryroe Oil Field, North Celtic Sea Basin
Barryroe Oil Field, North Celtic Sea Basin Audited Gross Resources • 6 wells drilled (4 tested) & 3D seismic coverage • 4 stacked reservoir systems • Resource audits carried out by RPS (2011) & NSAI (2013) • Audited resources – 346 MMBOE • Field size covers area of c. 300 km2 Upside Potential • Test
Slide 9: Providence’s Role in the Porcupine Basin
Providence’s Role in the Porcupine Basin 2004 • Licensed Dunquin & Spanish Point December 2004 2006 • ExxonMobil farm in to Dunquin • Licence Option secured for Newgrange with ExxonMobil • 2D seismic acquired over Dunquin, Newgrange & Druid/Drombeg 2008 • Chrysaor farms into Spanish Point • Licence
Slide 10: North Atlantic Source Rock Superhighway
North Atlantic Source Rock Superhighway 10
Slide 11: Focused on Offshore Ireland
Focused on Offshore Ireland December 2004 June 2016 11
Slide 12: 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 13: Druid/Drombeg Oil Prospects, Southern Porcupine Basin
Druid/Drombeg Oil Prospects, Southern Porcupine Basin Druid Drombeg Diablo 13
Slide 14: Schlumberger Exploration Collaboration Project
Schlumberger Exploration Collaboration Project • 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 trapped oil accumulations • Total cumulative in-place un-risked prospe
Slide 15: Druid Oil Prospect, Southern Porcupine Basin
Druid Oil Prospect, Southern Porcupine Basin • Two fans c. 1,750 m BML and structurally up-dip from a potential significant fluid escape feature from the underlying pre-Cretaceous Diablo Ridge NEAR STACK • Cumulative in-place un-risked prospective resources of c. 3.180 BBO (PMean) • Fan 1 – c. 984 M
Slide 16: Druid Oil Prospect, Southern Porcupine Basin
Druid Oil Prospect, Southern Porcupine Basin AVO product (Far – Near)*Far 16
Slide 17: Druid – Provisional Well Location Schematic
Druid – Provisional Well Location Schematic Drombeg 17
Slide 18: The Providence Opportunity
The Providence Opportunity IRELAND • Proven hydrocarbon systems • 2015 Atlantic Margin Licensing Round and Providence’s Schlumberger collaboration - major catalysts • Attractive fiscal regime • Established ports/infrastructure and connected to the European gas supply network PROVIDENCE • Uniquely po
Slide 19: Providence Resources P.l.c.
Providence Resources P.l.c. www.providenceresources.com
Providence Resources P.l.c. — Shareholder Meeting (July 2016) on 6ix