Providence Resources P.l.c — FY2014 Earnings Presentation
27 slides from Providence Resources P.l.c's earnings presentation, May 27, 2015
Slide 1: Exploring Ireland's Offshore: 2014 Preliminary Results Presentation
Providence Resources P.l.c. Exploring Ireland’s Offshore 2014 Preliminary Results Presentation 27 May 2015
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: Providence Overview
Providence Overview Irish based E&P Group Partnership is Key • Over 30 years exploring offshore Ireland • Bring in industry partners for drilling • Irish headquartered & managed • Co-venture with industry partners for development phase Geographic Focus • Ireland & UK (offshore) Explore, Appraise & D
Slide 4: Providence Opportunity Today
Providence Opportunity Today • Ireland focused Oil & Gas portfolio • Multi-basin drilling programme alongside material new prospects • Management has significant experience of the Irish offshore sector • Attractive geopolitical and fiscal environment • Track record offers credibility to 3rd party fa
Slide 5: 2014 Highlights: Barryroe, Dunquin
2014 Highlights • Barryroe • License area increased to cover potential field extensions outside of the originally licensed area • Development of First Phase Production System development concept with initial oil production rates of c. 30,000 BOPD • Successfully defended Transocean litigation case •
Slide 6: 2014 Highlights: Other Projects, Financial Highlights
2014 Highlights • Other Projects • Conversion of three Atlantic Margin Licensing Options into Frontier Exploration Licences: Drombeg; Spanish Point South; Newgrange • New seismic surveying carried out over: Drombeg Prospect (3D); Spanish Point South Area (3D); Newgrange Prospect (2D) • EU legal tran
Slide 7: Post Year-End Events: Barryroe, Spanish Point
Post Year-End Events • Barryroe • Farm out discussions ongoing • Application made to extend both the first phase of the licence as well as the areal extent in order to cover potential further field extensions outside of the currently licensed area • Spanish Point • Acquisition of CEPIL (increased eq
Slide 8: Post Year-End Events: Drombeg, Other Prospects
Post Year-End Events • Drombeg • 3D seismic processing complete – interpretation has commenced • 3D seismic morphologies consistent with a large deep-water fan system • Potential sediment input systems from the nearby Porcupine Bank • Class II AVO response evident on initial seismic gather inspectio
Slide 9: Strategy
Strategy • Focus on Oil & Gas exploration offshore the ‘Island of Ireland’ • Core focus on early stage exploration & appraisal opportunities • Active in 8 basins • Create diversified material exploration & appraisal portfolio • c. 333 MMBOE net audited 2C Contingent Resources • c. 4.325 BBOE gross u
Slide 10: Objectives – 2015/2016
Objectives – 2015/2016 • Farm out of Barryroe* • Spanish Point appraisal well* • Participate in 2015 Irish Atlantic Licensing Round • Complete processing of 3D & 2D seismic on: • Drombeg – in advance of intended farm out for future drilling (post 2015) • Newgrange – in advance of intended farm out f
Slide 11: Providence - Central To The Irish E&P Sector
Providence - Central To The Irish E&P Sector Four Main Areas Of Focus Near Shore/Shallow Water Exploration Areas c. 0 > 100 metre water depth 2D seismic coverage Well Control Near Shore Appraisal Areas c. 100 metre water depth 2D/3D seismic coverage Well control Offshore Appraisal Areas c. 400 metre
Slide 12: Providence Focus Projects
Providence Focus Projects Two Significant Appraisal Projects • Providence has an interest in net audited un-risked 2C Contingent Resources of c. 333 MMBOE REC in the Spanish Point and Barryroe projects • Additional gross un-risked Prospective Resources of c. 4.325 BBOE* identified in seven additiona
Slide 13: Material Prospects With Activity
Material Prospects With Activity Barryroe Oil Project (2011/12) Dunquin South Oil Prospect Successful appraisal well on basal reservoir zone. Post well analysis of Dunquin North upgrades this large structure. Unable to drill the key side-track well due to problems with Transocean rig/equipment. Drom
Slide 14: Providence Programme Targeting c. 4.7 BBOE
Providence Programme Targeting c. 4.7 BBOE* Multi-Basin Drilling Programme 4 1. Barryroe Oil Project, North Celtic Sea Basin (PVR-80%) Field Size (2C): 346 MMBOE REC Appraisal well drilled in 2012 2. Dunquin South Oil Prospect, South Porcupine Basin (PVR-16%) Prospect Size (Pmean): 1,389 MMBOE REC E
Slide 15: Providence Team
Providence Team Tony O’Reilly Simon Brett Chief Executive Chief Financial Officer 25 years experience 21 years experience ARCON, C&L Damovo, Coca Cola Dr. John O’Sullivan James Cockings Technical Director Geological Advisor 25 years experience 35 years experience Mobil, Marathon Ireland ARCO, Marath
Slide 16: Summary
Summary • Ireland is a Unique Location • Ireland focused Oil & Gas portfolio • Attractive geopolitical and fiscal environment • Multi-basin drilling programme alongside material new prospects • Experienced Management Team • Management has significant experience of the Irish offshore sector • Track r
Slide 17: Appendix - Portfolio Management
Appendix - Portfolio Management 17
Slide 18: Barryroe Oil Project, North Celtic Sea Basin
Barryroe Oil Project, North Celtic Sea Basin Barryroe – Audited Gross Resources Audited Gross on Block Resources • 6 wells drilled (3 tested) and modern 3D PSDM seismic OIP REC coverage 2C/P50 2C/P50 • 4 stacked sands Main Sands MMBO MMBO AUDIT • Resource audits carried out by RPS (2010) and NSAI Mi
Slide 19: Spanish Point Gas Condensate Project, Northern Porcupine Basin
Spanish Point Gas Condensate Project, Northern Porcupine Basin Spanish Point – Audited Gross Resources • Tested well and modern 3D PSDM seismic coverage • 2011 Senergy CPR Resource Audit • 1C Contingent Resources – c. 52 MMBOE REC • 2C Contingent Resources – c. 97 MMBOE REC • 3C Contingent Resources
Slide 20: Dunquin South Oil Prospect, Southern Porcupine Basin
Dunquin South Oil Prospect, Southern Porcupine Basin Prospect Details • Two isolated carbonate platforms – Dunquin North & South • Dunquin North exploration well (2013) • c. 44m residual oil column encountered in massive over-pressured high porosity carbonate reservoir system • Pre-breach oil STOIIP
Slide 21: Drombeg Oil Prospect, Southern Porcupine Basin
Drombeg Oil Prospect, Southern Porcupine Basin Prospect Details • 1,000 km 2D survey carried out in 2008 • Interpreted Significant Lower Cretaceous seismic anomaly linked to underlying fluid escape feature • Low impedance, Class II AVO, EEI fluid anomaly • Data consistent with modelled response of u
Slide 22: Newgrange Gas Prospect, Goban Spur Basin
Newgrange Gas Prospect, Goban Spur Basin Prospect Details • 500 km 2D seismic survey carried out in 2006 • Significant structure identified in basin • Cretaceous target c. 400 metres BML in 1,000m water depth • Structural closure covers c. 1200 km2 with up to c. 300 metres of vertical relief • P50 R
Slide 23: Dragon Gas Project, St. George's Channel Basin
Dragon Gas Project, St. George’s Channel Basin Dragon Field Details • Upper Jurassic sandstone discovery • Tested well and 3D PSDM seismic coverage • P50 REC – c. 300 BSCF (PVR) Licence Acrege • Both UK and Irish blocks held 100% by Providence • 2D & 3D seismic coverage – newly reprocessed 3D PSDM c
Slide 24: Kish Oil Prospect, Kish Bank Basin
Kish Oil Prospect, Kish Bank Basin Prospect Details • Significant Lower Triassic structural closure mapped on 2D seismic data • P50 REC – 210 MMBO (PVR) • Provisional exploration well location agreed • East Irish Sea projects analogues – Douglas, and Lennox Forward Plans • Advance permitting for wel
Slide 25: Polaris Oil Prospect, Rathlin Basin
Polaris Oil Prospect, Rathlin Basin Regional Activity • Hydrocarbon concept proven by Rathlin Energy Limited’s onshore Ballinlea-1 oil discovery well (2008) • Rathlin Energy Limited are currently planning a well to appraise the Ballinalea-1 discovery • 2D seismic coverage across basin Prospect Detai
Slide 26: Silverback Oil Prospect, South Celtic Sea Basin
Silverback Oil Prospect, South Celtic Sea Basin Prospect Details • Licensing Option covers c. 1,500 km • Seismic reprocessing and inversion of available 2D data over the c. 170 km2 Lower Triassic Silverback structure • Pmean STOIIP – 1.36 BBO (PVR) Forward Plans • Possible further 2D/3D seismic acqu
Slide 27: Providence Resources P.l.c.
Providence Resources P.l.c. providenceresources.com
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