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Extraordinary General Meeting – Providence Resources, Inc.

Providence Resources, Inc. · Mar 20, 2015 · 21 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Extraordinary General Meeting – Providence Resources, Inc. – slide 1
    Providence Resources P.l.c. Extraordinary General Meeting March 20th, 2015 Hilton Hotel Dublin, Ireland
  2. Extraordinary General Meeting – Providence Resources, Inc. – slide 2
    AGENDA RESOLUTIONS DETAILS ON PLACING AND OPEN OFFER OPERATIONAL UPDATE Q&A 3
  3. Extraordinary General Meeting – Providence Resources, Inc. – slide 3
    RESOLUTIONS ORDINARY RESOLUTIONS RESOLUTION 1 Ordinary Resolution to increase ordinary share capital RESOLUTION 2 Ordinary Resolution under Section 20 of 1983 Act to authorise Directors to allot shares on non pre-emptive basis…
  4. Extraordinary General Meeting – Providence Resources, Inc. – slide 4
    CORPORATE OBJECTIVES FARM OUT OF BARRYROE* 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 for future drilling (post…
  5. Extraordinary General Meeting – Providence Resources, Inc. – slide 5
    PROVIDENCE IS 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…
  6. Extraordinary General Meeting – Providence Resources, Inc. – slide 6
    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…
  7. Extraordinary General Meeting – Providence Resources, Inc. – slide 7
    DETAILS OF THE PLACING & OPEN OFFER ANNOUNCED ON FEBRUARY 25th, 2015 PLACING OFFER: To raise approx.US25.75 million (before expenses) through the issue of 66,883,113 ordinary shares of 0.10 price at a price of 25p per Placing Offer…
  8. Extraordinary General Meeting – Providence Resources, Inc. – slide 8
    RESULTS OF THE PLACING & OPEN OFFER MARCH 20th, 2015 PLACING OFFER: Issuance of 66,883,113 ordinary shares of 0.10 price at a price of 25p per Placing Offer Share OPEN OFFER: Issuance of 8,544,163 ordinary shares of ordinary…
  9. Extraordinary General Meeting – Providence Resources, Inc. – slide 9
    BACKGROUND TO PLACING & OPEN OFFER Q&A Why did the Company have an urgent working capital situation Why has the Barryroe Farm out deal still not closed If the Company won the Transocean case, why does the Company have to pay Why…
  10. Extraordinary General Meeting – Providence Resources, Inc. – slide 10
    BACKGROUND TO PLACING & OPEN OFFER FINANCING PAST COSTS The Company defended a legal case brought against it by Transocean arising from the drilling of the Barryroe well in Q4 2011/Q1 2012. The Ruling paved the way for the parties to…
  11. Extraordinary General Meeting – Providence Resources, Inc. – slide 11
    BACKGROUND TO PLACING & OPEN OFFER FINANCING PAST COSTS The Company defended a legal case brought against it by Transocean arising from the drilling of the Barryroe well in Q4 2011/Q1 2012. The Ruling paved the way for the parties to…
  12. Extraordinary General Meeting – Providence Resources, Inc. – slide 12
    BACKGROUND TO PLACING & OPEN OFFER FINANCING PAST COSTS The Company defended a legal case brought against it by Transocean arising from the drilling of the Barryroe well in Q4 2011/Q1 2012. The Ruling paved the way for the parties to…
  13. Extraordinary General Meeting – Providence Resources, Inc. – slide 13
    BACKGROUND TO PLACING & OPEN OFFER FINANCING PAST COSTS The Company defended a legal case brought against it by Transocean arising from the drilling of the Barryroe well in Q4 2011/Q1 2012. The Ruling paved the way for the parties to…
  14. Extraordinary General Meeting – Providence Resources, Inc. – slide 14
    OIL PRICE - RECENT HISTORY 2014 50% price decline from June peak - Surge in non-OPEC output - Falling global demand - OPEC output higher than expected - Strengthening 2015 Weak demand growth likely to continue - OECD growth…
  15. Extraordinary General Meeting – Providence Resources, Inc. – slide 15
    NORTH SEA PRECEDENT TRANSACTIONS BY NUMBER North Sea1 transactions by number 2011 YTD 2015 (LHS) and average quarterly Brent price (RHS, US/bbl) TOTAL NUMBER ANNOUNCED 127 119 125 76 50 120 46 45 110 Average quarterly…
  16. Extraordinary General Meeting – Providence Resources, Inc. – slide 16
    NORTH SEA PRECEDENT TRANSACTIONS BY VALUE North Sea1 transactions by value 2011 YTD 2015 (LHS, USbn) and average quarterly Brent price (RHS, US/bbl) TOTAL VALUE ANNOUNCED USbn 6.6 16.6 4.2 8.2 8 7.8 120 7 110 Average…
  17. Extraordinary General Meeting – Providence Resources, Inc. – slide 17
    FOUR PILLARS OF CORPORATE STRATEGY FOCUSED ON OIL/GAS EXPLORATION OFFSHORE THE ISLAND OF IRELAND Active in 8 basins around the coast of Ireland CREATE DIVERSIFIED MATERIAL EXPLORATION & APPRAISAL PORTFOLIO c. 333 MMBOE net…
  18. Extraordinary General Meeting – Providence Resources, Inc. – slide 18
    MATERIAL PROJECTS WITH ACTIVITY BARRYROE OIL FIELD (2011/12) DUNQUIN SOUTH OIL PROSPECT - Successful appraisal well on basal reservoir zone - Post well analysis of Dunquin North upgrades this - Unable to drill the key side-track well…
  19. Extraordinary General Meeting – Providence Resources, Inc. – slide 19
    MULTI-BASIN DRILLING PROGRAMME MULTI-BASIN DRILLING PROGRAMME 1. BARRYROE Oil Field, North Celtic Sea Basin (PVR-80%) 4 FIELD SIZE (2C): 346 MMBOE REC Appraisal well drilled in 2012 2 pre-development wells (* subject to farm out) 2.…
  20. Extraordinary General Meeting – Providence Resources, Inc. – slide 20
    PROVIDENCE OPPORTUNITY TODAY IRELAND FOCUSED OIL & GAS PORTFOLIO MULTI-BASIN DRILLING PROGRAMME ALONGSIDE MATERIAL NEW PROJECTS WITH ACTIVITY MANAGEMENT & BOARD HAS SIGNIFICANT EXPERIENCE AND KNOWLEDGE OF THE IRISH OFFSHORE…
  21. Extraordinary General Meeting – Providence Resources, Inc. – slide 21
    Providence Resources Plc www.providenceresources.com

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