Providence Resources P.l.c — Investor Presentation (July 2016)
20 slides from Providence Resources P.l.c's investor presentation, July 2016
Slide 1: Investor Presentation July 2016
Investor Presentation July 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: Focused on Offshore Ireland
Focused on Offshore Ireland Irish Focused Oil & Gas Portfolio Providence is Central to the Irish E&P Space Focus on early stage exploration & appraisal opportunities • Diversified portfolio of licences offshore Ireland • Mixture of exploration prospects & appraisal projects with material equity stak
Slide 4: 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 5: 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 6: Spanish Point Gas Condensate Field, Northern Porcupine
Spanish Point Gas Condensate Field, Northern Porcupine Audited Gross Resources • 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 resources
Slide 7: 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 8: North Atlantic Source Rock Superhighway
North Atlantic Source Rock Superhighway 8
Slide 9: Focused on Offshore Ireland
Focused on Offshore Ireland December 2004 June 2016 9
Slide 10: 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 11: Druid/Drombeg Oil Prospects, Southern Porcupine Basin
Druid/Drombeg Oil Prospects, Southern Porcupine Basin Druid Drombeg Diablo 11
Slide 12: 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 13: 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 • Cumulative in-place un-risked prospective resources of c. 3.180 BBO (PMean) • Fan 1 – c. 984 MMBO (PMean)
Slide 14: Druid Oil Prospect, Southern Porcupine Basin
Druid Oil Prospect, Southern Porcupine Basin 14
Slide 15: Drombeg Oil Prospect, Southern Porcupine Basin
Drombeg Oil Prospect, Southern Porcupine Basin • 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 c. 1.915 BBO (PMean) • Pre-stack seismic inversion and region
Slide 16: Drombeg Oil Prospect, Southern Porcupine Basin
Drombeg Oil Prospect, Southern Porcupine Basin 16
Slide 17: Druid/Drombeg – Provisional Well Location Schematic
Druid/Drombeg – Provisional Well Location Schematic 17
Slide 18: Details of the Placing Offer & Open Offer
Details of the Placing Offer & Open Offer • ANNOUNCED ON JUNE 21, 2016 • EGM TO BE HELD ON JULY 14, 2016 • PLACING OFFER: To raise gross proceeds of £53.712 million, comprising: • Proposed issuance of 399.670 million shares in a Placing Offer at £0.12 per share • Proposed allotment of 9.938 million
Slide 19: Implications of Placing Offer and Open Offer
Implications of Placing Offer and Open Offer IMPROVES BALANCE SHEET STRENGTH AND FINANCIAL POSITION • Melody facility retirement - significant obstacle to balance sheet strength removed • Provides flexibility in commercial discussions • Improves working capital position ENABLES FOCUSED & DISCIPLINED
Slide 20: Corporate Objectives
Corporate Objectives • Capital raise will improve BALANCE SHEET • Target farm-out/appraisal drilling of BARRYROE in 2017 • Target farm-out/appraisal drilling of SPANISH POINT in 2018 • Target to operate & drill an exploration well on DRUID in 2017 20
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