Providence Resources P.l.c — Investor Presentation (October 2020)
22 slides from Providence Resources P.l.c's investor presentation, October 2020
Slide 1: Investor Presentation October 2020
INVESTOR PRESENTATION OCTOBER 2020
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of the preparation of this presentation. Due to the inherent uncertainties, including both economic and business
Slide 3: Providence Resources P.L.C
PROVIDENCE RESOURCES P.L.C Providence Resources is an The business is primarily focused upon Market Cap Cash AIM and EURONEXT listed the development of the Barryroe oil and € 64 million € 2.3 million* company with assets offshore gas field, one of the largest undeveloped Debt Nett Resource Base Irel
Slide 4: Strategy
STRATEGY Providence Resources Assessing the potential Preparing appraisal is primarily focused for developing Carbon and development upon economically Capture and Storage plans to fully exploit developing the (CCS) in the North Celtic existing oil and gas Barryroe Oil and Gas Sea linked with the lic
Slide 5: Irish Resource Base with Exploration Potential, North Celtic Sea Focus
IRISH RESOURCE BASE WITH EXPLORATION POTENTIAL NORTH CELTIC SEA FOCUS Proven Shallow Water Offshore Basin Development, Appraisal and Exploration 5
Slide 6: Barryroe is One of the Largest Undeveloped Fields Offshore Europe
BARRYROE IS ONE OF THE LARGEST UNDEVELOPED FIELDS OFFSHORE EUROPE Barryroe field closure (~271Km2) equivalent to twice the area of Dublin 6
Slide 7: Large Resource Base and Proven Productivity
LARGE RESOURCE BASE AND PROVEN PRODUCTIVITY 2C Resources of 346 MMBOE – Oil and Gas (gross) Test Rates of c. 4000 BOEPD (Well 48/24-10z) — High quality sweet oil 43 API Significant Upside potential - 778 MMBO mid-case STOIIP identified in logged hydrocarbon bearing, stacked Lower Wealden and Purbeck
Slide 8: UK OGA Investment Performance Data for 2019 / Barryroe PEA
UK OGA — INVESTMENT PERFORMANCE DATA FOR 2019 IRR % and reserves BARRYROE PRELIMINARY ECONOMIC ASSESSMENT OGA – Oil and Gas Authority COMPETES FAVORABLY WITH UK OPPORTUNITIES 60% 1200 Early Development Scheme 9 14 50% 4 1000 Pricing $55/Bbl oil and $3/MCF flat 40% 5 2 800 Valuation; $10.6/BO NPV10 a
Slide 9: Independently Assessed Proven Resource with Appraisal and Exploration Potential
INDEPENDENTLY ASSESSED PROVEN RESOURCE WITH APPRAISAL AND EXPLORATION POTENTIAL Total Gross Recoverable Audited Resources are 346MMBOE comprising 311MMBO (2C Resources) plus additional recoverable gas resources mid-case of 35MMBOE (Note:1BOE~6MSCF gas) No recoverable estimates are currently provided
Slide 10: Barryroe — Phased Development
BARRYROE — PHASED DEVELOPMENT Phase 1 Phase 2 Phase 3 Early Development Scheme with three Eastern Core Area Full Field production wells supported by water Development and Development and injection, delivering commercial production Production Production and assessing reservoir performance 10
Slide 11: Phase 1 — Early Development Scheme
PHASE 1 — EARLY DEVELOPMENT SCHEME Early Development Scheme will focus upon the Eastern Panel and include: Three production wells with ~200M horizontal completions into the A-sand reservoir One water injection well into the A-sand reservoir Sub sea production trees with manifold and umbilical to a l
Slide 12: Full Field Development Potential
FULL FIELD DEVELOPMENT POTENTIAL Barryroe FSO Gas Pipelines to existing Infrastructure 12
Slide 13: Barryroe Development — Attractive Fiscal Terms
BARRYROE DEVELOPMENT — ATTRACTIVE FISCAL TERMS Stable economic and tax regime in Ireland Corporation base tax rate of 25% on oil and gas profits Profit Resources Rent Tax (PRRT) of up to 15% depending on field profitability** Providence Group Irish losses exceed €200 million which can be offset agai
Slide 14: Farmout Status
FARMOUT STATUS Providence Resources is progressing a farmin THE BARRYROE DEVELOPMENT CONSORTIUM: with parties capable of funding the phased full field development of the Barryroe Oil and Gas field. SpotOn Energy develop partnerships with resources companies who have development ready projects and ar
Slide 15: Barryroe Drill Site Location Surveys A, B & K
BARRYROE DRILL SITE LOCATION SURVEYS A, B & K Site Surveys for Well locations A & B complete. Seabed ready for the commencement of rig operations. Site Survey for the K Well location nearing the end of the permitting process. 15
Slide 16: ESG – Triple Bottom Line
ESG* – TRIPLE BOTTOM LINE PARTNER To manage business risk and ensure consistent outcomes we will: PLANET Deploy the Triple Bottom Line (TBL) approach when assessing the Barryroe development PRODUCE project Manage Operational activities within a risk based HSE (Health, Safety and Environmental) The T
Slide 17: Sustainable Development
SUSTAINABLE DEVELOPMENT Climate change is a Barryroe development, in Providence is committed global issue and Ireland partnership with industry to assess the benefits of has committed to carbon and government, can the integrated neutral by 2050 contribute to energy sustainable development transition
Slide 18: Sustainable Development: Barryroe Integrated Production and Sustainable Development
SUSTAINABLE DEVELOPMENT Barryroe Integrated Production and Sustainable Development 18 18
Slide 19: North Celtic Sea Basin – Under Explored
NORTH CELTIC SEA BASIN – UNDER EXPLORED Established Hydrocarbon Basin which has produced gas commercially for more than 40 years (~2TCF) No recent activity – Majority of drilling undertaken in the 1970’s and 80’s on limited 2D seismic data offering poor sub surface visualisation Limited use of 3D or
Slide 20: Providence Resources Focus and Priorities
PROVIDENCE RESOURCES FOCUS AND PRIORITIES Phased Development of the Barryroe Gas Drill and Assess the upside resource and Oil resources with partners capable of potential in the Lower Wealden, funding the development work programme Purbeck and Jurassic formations within the Barryroe Field Establish
Slide 21: Providence Resources Leadership Team
PROVIDENCE RESOURCES LEADERSHIP TEAM Pat Plunkett Chairperson Andrew Mackay Director Alan Linn CEO Pat was Non Executive Andrew has over 40 years’ Alan has over 35 years of both Chairperson of Tullow Oil Plc from experience in the resources upstream and downstream 2000 to 2011 during which time indu
Slide 22: Thank You
THANK YOU Registered Office Paramount Court, Corrig Road, Sandyford Business Park, Dublin 18, D18 R9C7 Dublin Office Level 1, The Chase, Carmanhall Road, Sandyford Industrial Estate, Dublin 18, D18 Y3X2, Ireland T. +353 1 2194074 F. +353 1 2194006 E. [email protected] 22
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