Providence Resources P.l.c — FY2012 Earnings Presentation
43 slides from Providence Resources P.l.c's earnings presentation, May 8, 2013
Slide 1: Financial Results for the period ending December 31st, 2012
Providence Resources P.l.c. Financial Results for the period ending December 31st, 2012 May 8th, 201313
Slide 2: Disclaimer
Disclaimer The document attached hereto and the presentation of which it forms part (together the “Materials”) have been prepared by Providence Resources plc (“Providence” or the “Company”) and are confidential and personal to you and the Materials are furnished to you as background information to p
Slide 3: Agenda
Agenda Tony O’Reilly Highlights Chief Executive Officer John O’Sullivan Operational Update Technical Director Simon Brett Financial Update Chief Financial Officer Tony O’Reilly Outlook Chief Executive Q&A 3
Slide 4: Highlights – Tony O’Reilly
Highlights – Tony O’Reilly
Slide 5: Overview
Overview IRISH BASED E&P COMPANY CORPORATE STRATEGY - EXPLORE, • 30 years operating offshore Ireland APPRAISE AND DEVELOP IRISH • Providence Resources Plc OFFSHORE PORTFOLIO • ARCON International Resources Plc • Secure initial high equity stake in licences • Atlantic Resources Plc • Mixture of explo
Slide 6: Leading acreage position offshore Ireland
Leading acreage position offshore Ireland DEVELOPMENT/APPRAISAL PVR Asset Basin Operator % Partners Barryroe Celtic Sea Providence 80.0% Lansdowne Hook Head Celtic Sea Providence 72.5% Atlantic/ Sosina Dunmore Celtic Sea Providence 72.5% Atlantic/ Sosina Helvick Celtic Sea Providence 62.5% Atlantic/
Slide 7: Providence’s Multi-Basin Drilling Programme
Providence’s Multi-Basin Drilling Programme • COMPLETED DRILLING - 2012 • BARRYROE (APP) North Celtic Sea Basin PVR /LOGP • ONGOING DRILLING - 2013 • DUNQUIN (EXP) Sth Porcupine Basin XOM/REP/ENI/PVR • FUTURE DRILLING • SPANISH POINT (APP) Porcupine Basin Cairn/Chrysoar /PVR • POLARIS (EXP) Rathlin
Slide 8: Highlights
Highlights BARRYROE - Field appraisal - successful well test - Independent Resource CPR by NSAI – 311 MMBO REC(P50) - Development Concept Planning - Farm out Campaign - 2014 drilling being planned DUNQUIN - 44/23-1 exploration well currently drilling using Eirik Raude SPANISH POINT - Farm in by Cair
Slide 9: Operational Update – John O’Sullivan
Operational Update – John O’Sullivan
Slide 10: North Celtic Sea Basin
North Celtic Sea Basin
Slide 11: Barryroe, North Celtic Sea Basin
Barryroe, North Celtic Sea Basin • Providence Resources 80% (OPERATOR) • Lansdowne Oil & Gas 20% • 70 km offshore, 100 metre water depth, • Large Area - Stacked Reservoir Systems • 43API, High Pour Point , Waxy Oil (c. 22% Wax Content);
Slide 12: Barryroe Oil Field
Barryroe Oil Field HE logged/tested Barryroe Oil Discovery pROWIDENCE exploration Schematic Cross-section ; 20 km : 48/23-1 48/28-1 48/24-1 48/24-3 48/24-10z 9° o°9° “PURBECKIAN ISANDS UPPER JURASSIC SANDS ? t | SOURCE ROCK } Lansdowne oil & gas
Slide 13: Barryroe Project – Contingent Resources
Barryroe Project – Contingent Resources 100% Gross STOIIP 1C 2C 3C Middle Wealden* 31 287 706 Lower Wealden 416 663 Basal Wealden# 338 761 1135 Purbeck 362 502 TOTAL 369 1826 3006 100% Gross Recoverable 1C 2C 3C Middle Wealden* 4 45 113 Lower Wealden Basal Wealden# 85 266 511 Purbeck TOTAL 89 311 62
Slide 14: Crude Oil
Crude Oil Weight % Yield • Light (43o API) and highly paraffinic Irish crude oil with high wax content – Low sulphur, – Low TAN, – Low asphaltenes – Low mercaptans, – Low metals, – Low salt. – i.e. a sweet light crude oil Crude Assay Testing – Whole Sample • Barryroe has similar distillation yields
Slide 15: Offshore Oil Development
Offshore Oil Development Lansdowne oil & gas
Slide 16: Vacuum Insulated Tubing
Vacuum Insulated Tubing PP WAT RT
Slide 17: Barryroe Oil Field – Conceptual Development
Barryroe Oil Field – Conceptual Development
Slide 18: Local Infrastructure – Cork Energy Hub
Local Infrastructure – Cork Energy Hub • Whitegate Terminal - Aframax tankers • Whitegate Refinery - processing capacity of 75 MBOPD, accepting light low-sulphur oill • Refined products are distributed inland and exported to international markets • Inch Gas Terminal Peak Rate Capacity c. 300 MMSCFD,
Slide 19: Oil & Gas Markets - Ireland
Oil & Gas Markets - Ireland • Fully liberalised oil and gas market OIL • Oil demand is c. 140,000 BOPD • 100% of oil is imported • Oil is priced at Brent basis GAS • Gas Demand of c. 245 BCF/yr 185 BCF/yr ROI + 60 BCF/yr NI • 95% of gas is imported from UK • Irish Gas is priced off the UK NBP gas pr
Slide 20: Oil Markets – NW Europe
Oil Markets - NW Europe Whitegate Oil Refinery ee 70 MBOPD 108 MBOPD (Phillips 66) (mureo) Bantry Bay Terminal 7500 MBO (Phillips 66) Pembroke Refinery 220 MBOPD (Valero) BARRYROE Fy am ° a Netherlands Fawley SS Refinery“ : Pernis 330 MBOPD. Refinery (ExxonMobil) 400 MBOPD (Shelrusse| Belgium it Eur
Slide 21: Barryroe Oil Field – Next Steps
Barryroe Oil Field – Next Steps • PROVIDENCE HOLDS 80% (Operator) • Partner is LANSDOWNE (20%) • AUDITED GROSS ON BLOCK RESOURCES OIP REC 2C/P50 2C/P50 Main Sands MMBO MMBO AUDIT Middle Wealden - oil 287 45 RPS Basal Wealden - oil 761 266 NSAI 1,048 311 Associated gas (BOE) 35 RPS/NSAI 346 MMBOE Inc
Slide 22: South Porcupine Basin
South Porcupine Basin
Slide 23: Dunquin, South Porcupine Basin
Dunquin, South Porcupine Basin 007, 10741.59 005, 2029.83 - 008 - P: 1000.0 4.100 4.100 4.200 4.200 4.300 4.300 4.400 4.400 4.500 4.500 4.600 4.600 4.700 4.700 DUNQUIN 4.800 4.800 4.900 4.900 5.000 5.000 EXPLORATION – PVR Equity 16% 5.100 Distance - 200 Km offshore 5.100 Water Depth – 1,500m 5.200 R
Slide 24: Drilling Dunquin – Eirik Raude
Drilling Dunquin – Eirik Raude
Slide 25: Spanish Point, North Porcupine Basin
Spanish Point, North Porcupine Basin SPANISH POINT APPRAISAL – PVR 32% equity Distance - 170 Km offshore Water Depth - 350m Reservoir Depth – 4,200m (HP) Reservoir Age – Upper Jurassic Reservoir Type– Deepwater turbidite sst Fluid Type – Gas Condensate REC Estimate – 200 MMBOE Peak Rate – 70,000 BOP
Slide 26: Spanish Point, North Porcupine Basin
Spanish Point, North Porcupine Basin
Slide 27: Rathlin Basin
Rathlin Basin
Slide 28: Polaris Prospect, Rathlin Basin
Polaris Prospect, Rathlin Basin POLARIS • Providence (Operator) holds 100%: • Onshore licence over Rathlin Island • Six block offshore licence in Rathlin Basin • Hydrocarbon concept proven by recent onshore well • Polaris structure - P50 REC – 530 MMBO • Multiple further prospects & leads on the blo
Slide 29: Kish Bank Basin
Kish Bank Basin &
Slide 30: Kish Prospect, Kish Bank Basin
Kish Prospect, Kish Bank Basin DALKEY EXPLORATION – PVR Equity 50% Distance – 6 km offshore Water Depth - 25m Reservoir Depth – 1,700m Reservoir Age – Lower Triassic Reservoir Type – Fluvial/alluvial Trap type – Structural Fluid type – Oil P50 REC Estimate - 250 MMBO
Slide 31: St. George’s Channel
St. George’s Channel
Slide 32: Dragon, St George’s Channel Basin
Dragon, St George’s Channel Basin DRAGON APPRAISAL – PVR Equity 100% Basin – St George’s Channel Basin Distance - 70 Km offshore Water Depth - 100m Reservoir Depth – 2500m Reservoir Age – Upper Jurassic Reservoir Type – Fluvial/alluvial Trap type – Structural Fluid type – Gas P50 REC Estimate – 200
Slide 33: Dragon, St George’s Channel Basin
Dragon, St George’s Channel Basin
Slide 34: Goban Spur Basin
Goban Spur Basin
Slide 35: Newgrange, Goban Spur Basin
Newgrange, Goban Spur Basin NEWGRANGE NEWGRANGE ? EXPLORATION – PVR Equity 40% Distance - 200 Km offshore Water Depth – 1,000m Reservoir Depth – 500m Reservoir Age – Upper Cretaceous Reservoir Type – Carbonate Platform Fluid type – Gas 50 Km P50 REC Estimate – 1.6 BBOE
Slide 36: South Porcupine Basin
South Porcupine Basin
Slide 37: Drombeg, South Porcupine Basin
Drombeg, South Porcupine Basin DROMBEG EXPLORATION – PVR Equity 80% Distance - 250 Km offshore Water Depth – 2,500m Reservoir Depth – 5,500m Reservoir Age – Apto-Albian Reservoir Type – Deepwater Fan Sst Trap type – Stratigraphic Fluid type – Gas/Oil P50 Recoverable – 900 MMBOE
Slide 38: Financial Update – Simon Brett
Financial Update – Simon Brett 38
Slide 39: Financial Update: Key Financial Highlights
Financial Update KEY FINANCIAL HIGHLIGHTS • Share Placing of 13.149 million shares at £4.80 to raise gross proceeds of £63 million ($100 million equivalent) • Repayment of outstanding balance (€34.3 million) of €42 million Convertible Bond • Equitization of Macquarie 2006 warrants realising €6.9 mil
Slide 40: Financial Update: Key Financial Figures
Financial Update KEY FINANCIAL FIGURES For the year ending December 31st (as re-presented) In euros (unless otherwise stated) FY 2012 FY 2011 Operating Loss € 5.432 million € 4.079 million Loss from continuing operations € 8.233 million € 9.096 million Loss from discontinued operations €15.950 milli
Slide 41: Outlook
Outlook
Slide 42: Attractive E&P Portfolio
Attractive E&P Portfolio • Barryroe Oil Field, North Celtic Sea Basin (80%) - Providence Operated - Partners – Lansdowne Polaris - 311 MMBOE • Dunquin Prospect, Porcupine Basin (16%) - ExxonMobil Operated - - Partners – ENI, Repsol, Sosina - 1.7 BNBOE REC • Spanish Point Gas Field, Porcupine Basin (
Slide 43: www.providenceresources.com
www.providenceresources.com
Providence Resources P.l.c. — FY2012 Earnings Presentation on 6ix