Big picture - Why invest in Providence Resources PLC
Providence Resources PLC Snapshot
Providence Resources Plc is Irish based oil and gas exploration and production company listed on AIM (London) and ESM (Dublin).
Providence’s strategy has been to assemble a portfolio of producing assets in geo-politically safe areas, with a portfolio of offshore and onshore prospects, combining existing discoveries with large new prospects to improve overall economics and reduce risk profile.
The Company also continues to evaluate acquisition of international prospects and niche business ventures in countries where Providence has strong links. Providence’s objective is to acquire strategic prospects and realise value to generate sustainable incremental wealth for the company and its shareholders.
To view an interactive map of Providence Resources current operations please click here
Standard Exploration Licence 2/07
HOOK HEAD (72.5%, Operator)
The Hook Head oil discovery lies approximately 60 km off the south coast of Ireland and is situated in c. 70m water depth. The Hook Head structure is a large mid-basinal anticline where four wells have been drilled to date, all of which encountered hydrocarbon bearing sands. Two of these wells were drilled by Providence in 2007/08 with oil and gas encountered in both, although operational constraints resulted in limited test data. Further evaluation of the field suggests that the majority of the resource (estimated at c.120 MMBO) lies in the central part of the structure, with the north and south flanks providing additional potential incremental resources for any future development in the area. This central area will be the focus of any planned future drilling. Providence has an option to use the GSF Arctic III rig to drill an appraisal well at Hook Head. This option must be declared once the Barryroe appraisal well has been spudded.
Partners in the project include, Atlantic Petroleum and Sosina Exploration.
DUNMORE (72.5%, Operator)
The Dunmore discovery is located approximately 20 km north of the Hook Head discovery. The discovery well, 50/6-1, was drilled by the then Operator, Gulf Oil in 1985/86, and flowed at a rate of approximately 2,100 BOPD of high quality (44º API) oil. During 2008, Providence drilled the 50/6-4 appraisal well on the Dunmore structure and whilst the well failed to prove the lateral extent of the hydrocarbon bearing Upper Jurassic sands, a new oil bearing carbonate interval was intersected. Studies in relation to this new oil bearing zone are presently ongoing.
Other partners in the project include, Atlantic Petroleum and Sosina Exploration.
HELVICK (62.5%, Operator)
The Helvick oil field is located in block 49/9, some 36 kilometres off the south coast of Ireland. The Helvick discovery well, 49/9-2, was drilled in 1983 and flowed at a cumulative rate of c. 9,900 BOPD and 7.5 MMSCFGD. Three appraisal wells were drilled in the late 1980s to delineate the field. In 2000, Providence drilled the 49/9-6Z well which was tested at rates of c. 5,200 BOPD. Further detailed analysis indicated that the Helvick reservoir is compartmentalised and would require further appraisal, particularly in the surrounding area. Providence concluded that development of Helvick on a stand-alone basis could not be justified given market conditions at that time. However, recent modern analysis of well test data suggests that wells could produce oil at significant rates under primary depletion. This, together with improved commodity prices, indicates that Helvick could provide the potential for a small field development. Accordingly, the Company is looking at a number of low cost development options for the field and in 2010, agreed to assign a 10% non-operated interest in the field to Lansdowne Oil and Gas plc.
Partners in the project include, Lansdowne Oil and Gas Plc, Atlantic Petroleum and Sosina Exploration.
ARDMORE / NEMO (54.4%, Operator)
The Ardmore gas field lies approximately 48 km north-east of the Kinsale Head gas field. The discovery well, 49/14-1, was drilled in 1975 by the then Operator, Marathon, and flowed at an aggregate rate of circa 8 MMSCFGD. In 2006, Providence completed a high-resolution pseudo-3D seismic survey over the field. A recent assessment of these data, together with a re-evaluation of the original well test data, indicates a recoverable reserve potential of c. 30 BSCF within the uppermost reservoir interval.
In addition, deeper oil reservoir intervals termed Nemo are thought to contain up to 230 MMBO of heavy 16º API oil. In 2010, the partners agreed a two step farm out in the block to Nautical Petroleum, a UK heavy oil specialist, which involves Nautical funding and carrying out a focused work programme on the development feasibility of the Nemo oil discovery in return for 25% equity in the field. Nautical has an option to increase its stake in the field to 65% and take-over operatorship should it elect to drill an appraisal well on Nemo by the end of 2011 should they elect to drill an appraisal well by end of 2011.
Standard Exploration Licence 11/1
BARRYROE OIL DISCOVERY (80%, Operator)
The Barryroe oil field, which is located in SEL 1/11 (Providence 80.0%,Operator), was the subject of successful appraisal drilling in 2012. The field is situated in c.100 metres of water c.50 km off the south coast of Ireland. Previous operators had drilled 5 wells on the field, all of which logged hydrocarbon bearing intervals, with three being successfully flow tested. In 2011, having acquired a new 3D seismic survey over the field, Providence and 20% partner, Lansdowne, commenced the drilling of a sixth well on this areally extensive field. In March 2012, the partners announced the testing results from this well which far exceeded the pre-drill expectations with oil rates in excess of 3,500 BOPD.
Providence Resources' Barryroe Oil Discovery
UK Onshore and Offshore
PL5/10 and P1885
POLARIS (100%, Operator)
This onshore licence over Rathlin Island, which is located in the middle of the Rathlin Basin, was awarded in early 2011 with Providence taking a 100.0% equity interest. Providence also made application for the 6 surrounding offshore blocks under the UK 26th Licensing Round and these blocks were awarded in January 2012 to Providence (100.0%). In 2012, a Full Tensor Gradiometry Survey (FTG) was carried out which resulted in a number of anomalies being identified. Most notable was the Polaris prospect, with estimated 530 MMBO of recoverable prospective resources. This prospect is now being worked up for exploration drilling, subject to the receipt of the necessary permits and approvals.
For further information on Current Operations please click here
James S.D. McCarthy, MBA - - Chairman
James McCarthy was appointed as a Non-Executive Director of the Company in May 2005. He was appointed chairman on the retirement of Dr. Brian Hillery on 26 May 2015. Mr McCarthy holds a Bachelor Degree in Civil Law, an MBA from the University of Pittsburgh and is a qualified solicitor. He is Chief Executive of Nissan Ireland and a Director of Corporate Finance Ireland Limited, Windsor Motors and Rockall Technologies Limited and a number of other companies. Mr McCarthy is a former Director of Arcon International Resources P.l.c.
Tony O'Reilly, BA - - Chief Executive
Tony O’Reilly has been Chief Executive of Providence Resources P.l.c. since 2005, having founded the Company in 1997 and he has served as a Director since its incorporation. He has previously worked in mergers and acquisitions at Dillon Read and in corporate finance at Coopers and Lybrand, advising natural resource companies. He served as Chairman of Arcon International Resources P.l.c. (having been Chief Executive from 1996 to 2000) until April 2005 when Arcon merged with Lundin Mining Corporation.
Dr. John O’Sullivan M.Sc., MTM, FGS, Ph.D - - Technical Director
John O’Sullivan is a geology graduate of University College, Cork and holds a Masters in Applied Geophysics from the National University of Ireland, Galway. He also holds a Masters in Technology Management from the Smurfit Graduate School of Business at University College, Dublin and has recently completed a Ph.D in Geology at Trinity College, Dublin. He is a Fellow of the Geological Society and a member of the Petroleum Exploration Society of Great Britain. John has more than 25 years experience in the oil and gas exploration and production industry having previously worked with both Mobil and Marathon Oil. John is a qualified person as defined in the guidance note for Mining Oil & Gas Companies, March 2006 of the London Stock Exchange.
Lex Gamble, MBA - - Non-Executive Director
Lex Gamble was appointed as a Non-Executive Director of the Company in August, 2005. Mr. Gamble holds a Bachelor of Arts Degree from the University of Washington, and a Masters Degree from Harvard Business School. He is a Director of Cardiac Insights Inc. and a former Director of Harris Private Bank NA, Northwestern Trust Co., Keystone Capital Corp., General Nutrition Corp. and Ashford Castle. He has been an investment banker for over 35 years serving as a Managing Director of Smith Barney, Morgan Grenfell and Kidder Peabody. He has provided strategic advice to more than 200 U.S. and international companies, including several in the FTSE 100 and Fortune 500.
Dr. Philip Nolan B.Sc., Ph.D - - Non-Executive Director
Philip Nolan became a Non-Executive Director of the Company in May 2004. Dr. Nolan was CEO of eircom Plc from 2002 to 2006. He is currently non-executive chairman of J Laing PLC, the Ulster Bank Group and Affinity Water. He is a non-executive director of EnQuest PLC. Dr. Nolan, graduated from Queen’s University in Belfast with a BSc and a Ph.D in Geology and has an MBA from the London Business School.
Philip O'Quigley, B. Comm. FCA - - Non-Executive Director
Philip O’Quigley was Finance Director of Providence Resources from June 2008 until his appointment as Chief Executive Officer of Falcon Oil & Gas in May 2012. Philip continues to serve the Company in his capacity as Non-Executive Director. Philip has over 20 years’ experience in finance positions in the oil and gas industry. His career spans a number of London and Dublin listed resources companies. He is the chairperson of the Onshore Petroleum Association of South Africa. Philip is a fellow of the Institute of Chartered Accountants in Ireland and qualified as a Chartered Accountant with Ernst & Young.
Michael Graham - - Company Secretary
Michael Graham is a qualified chartered secretary who has over 30 years' experience in the Natural Resources sector. He first worked with PriceWaterhouseCoopers in Dublin and subsequently joined Arcon International Resources P.l.c. in 1981 as Secretary until 2005. He has been Company Secretary to Providence Resources P.l.c. since its inception in 1997.
Providence Resources Plc
Tel: +353 1 2194074
Fax: +353 1 2194006
Email: [email protected]
Secretary and Registered Office
Michael Graham, Company Secretary
Providence Resources P.l.c.
Tel: +353 1 219 4074
Fax: +353 1 219 4006
UK Representative Office
Providence Resources UK Ltd
5 Jubilee Place
Tel: +44 207 349 5284
Fax: +44 207 349 5281
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