Providence Resources P.l.c — Proactive Investors One2One Forum (April 2018)
19 slides from Providence Resources P.l.c's conference presentation, April 2018
Slide 1: Providence Resources P.l.c Investor Presentation
Photo courtesy of Stena Drilling Ltd. Providence Resources P.l.c Investor Presentation PVR LN / PRP ID April 2018 AIM / ESM
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: Ireland – Very Attractive for E&P
Ireland – Very Attractive for E&P Proven hydrocarbon 2 Major gas fields World leading 5 1 oil appraisal systems in basins project - fiscal terms Barryroe Leading Good Port & international 2015 Infrastructure E&Pcompanies network – Atlantic Margin – connected to operating in significant interest Euro
Slide 4: Strategy – Portfolio, Partners & People
Strategy – Portfolio, Partners & People PORTFOLIO PARTNERS PEOPLE • 100% Ireland focused • Track record of successfully • Dedicated in-house partnering with majors and technical & operational • Significant equity in super majors teams – a unique skill set material prospects & offshore Ireland projec
Slide 5: World Class Assets & Partners
World Class Assets & Partners SHALLOW DEEPWATER OFFSHORE OFFSHORE BARRYROE, DUNQUIN, DIABLO, HOOK HEAD, NEWGRANGE, AVALON HELVICK, DUNMORE SPANISH POINT Photo c ourtesy of Stena Drilling Ltd. 5
Slide 6: Current Prospects & Projects – Appraisal / Exploration
Current Prospects & Projects – Appraisal / Exploration BARRYROE SPANISH HELVICK / HOOK DIABLO AVALON DUNQUIN NEWGRANGE POINT DUNMORE HEAD SOUTH (40.0%)* (58.0%) (62.5%) (72.5%) (28.0%) (40.0%) (26.8%) (80.0%) • Farm-out to • Farm-out • Progress • Farm-out • Farm-out • Farm-out • Eni assume • Progres
Slide 7: Leadership Offshore Ireland
Leadership Offshore Ireland 1997-2005 2006-7 2008-10 2011-13 2014-15 2016-17 2018-19 •1997 – PVR •Newgrange •ExxonMobil •Farm-out of •3D seismic •Schlumberger •Farm-out of established license option assumed op. 25% of acquired over Collaborative 50%* of Barryroe •ESM /1997 with of Dunquin Dunquin to
Slide 8: Leadership Offshore Ireland – 2004 vs 2018
Leadership Offshore Ireland – 2004 vs 2018 8
Slide 9: Barryroe - Overview
Barryroe - Overview • Successfully drilled and flow tested by Providence in 2012 • 50km offshore in 100m water depth • Significant oil accumulation - 2C total resources of 346 MMBOE REC (NSAI) • Low risk appraisal - shallow oil bearing reservoir, normally pressured • Deeper Jurassic exploration pote
Slide 10: Barryroe - Farm-out to APEC
Barryroe - Farm-out to APEC Significant Financial Appraisal Partners & Operational through with Providence capacity to take retaining 40% of a major asset Barryroe through….. Production No risk and Potential Potential no upfront testing of the $10m future deeper Jurassic cash injection* drilling cos
Slide 11: Barryroe – Farm-out to APEC
Barryroe – Farm-out to APEC Farm-out (Announced March 28, 2018) • APEC Energy Enterprise Ltd. has a strategic partnership with China Oilfield Services Co., Ltd. (COSL) & JIC Capital Management Limited (JIC) • COSL is a majority owned subsidiary of the Chinese state-owned company (CNOOC Group) and is
Slide 12: Barryroe – Farm-out to APEC
Barryroe – Farm-out to APEC Main Commercial Terms • APEC to pay their pro rata share (50%) of the drilling programme costs • APEC to finance Providence’s (40%) & Lansdowne’s (10%) share of the drilling programme costs – Financing by way of a non-recourse loan • Loan secured against future Barryroe p
Slide 13: Barryroe – Farm-out to APEC
Barryroe – Farm-out to APEC Main Operational Terms • Drilling programme entails the planning, consenting and drilling of 3 wells plus associated side- tracks and well testing in 2019* • Providence to act as Operator for the drilling programme with technical assistance from the APEC consortium • APEC
Slide 14: Dunquin North vs Dunquin South – 2D seismic Line
Dunquin North vs Dunquin South – 2D seismic Line DUNQUIN NORTH DUNQUIN SOUTH (DRILLED) (UNDRILLED) FAULT CONTROL SEA-LEVEL CONTROL NW SE 14
Slide 15: Newgrange Prospect – 2D Seismic Line
Newgrange Prospect – 2D Seismic Line 62/16-A 62/7-1 NE SW (Drilled) (Planned)
Slide 16: Outlook – Potential Key Activity Offshore Ireland
Outlook – Potential Key Activity Offshore Ireland# Licence Operator Partners 2017 2018 2019 2020 2021 Providence Licences PROVIDENCE (28%) Post Well DRUID/DROMBEG/DIABLO TOTAL (35%) Cairn (30%) Drilled Analysis Sosina (7%) PROVIDENCE (40%)* APEC Energy Enterprise Ltd (50%)* BARRYROE Planning/Consent
Slide 17: Market Backdrop & Competitive Advantage
Market Backdrop & Competitive Advantage MARKET & INDUSTRY PVR - COMPETITIVE ADVANTAGE • Oil production must increase to meet • 100% Irish focused portfolio demand • >20 years drilling experience • Demand supported by robust global • 1st mover in the “right postcode” alongside economy significant pla
Slide 18: Forward Plans
Forward Plans Appraisal/Development BARRYROE HELVICK/DUNMORE SPANISH POINT HOOK HEAD DUNQUIN SOUTH DIABLO NEWGRANGE Exploration AVALON Balanced portfolio of exploration & appraisal assets 18
Slide 19: Corporate Information
Corporate Information BOARD OF DIRECTORS KEY PERSONNEL Pat Plunkett James McCarthy Tony O’Reilly Fergal Murphy Chairman Non-Executive Director Chief Executive Geophysical Consultant Tony O’Reilly Dr. John O’Sullivan 27 years experience 20 years experience Chief Executive Technical Director ARCON, C&
Providence Resources P.l.c — Proactive Investors One2One Forum (April 2018) on 6ix