Providence Resources

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  08/05/13

  UPDATE: Providence Resources set for busy 2013

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  07/05/13

  UPDATE: Providence Resources welcomes Cairn into Spanish Point

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  23/04/13

  Providence Resources signals start of Ireland’s new landmark oil project

  The long awaited start of drilling signals the start of another busy period for Providence and could deliver more catalysts for the AIM quoted explorer.

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  23/04/13

  Providence Resources: Drilling starts on Dunquin exploration well

  Drilling is now underway on Dunquin, the ExxonMobil operated deep water exploration project off Ireland's west coast.

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  11/04/13

  Providence Resources: Ireland could rival current oil and gas hotspots

  Providence Resources chief Tony O’Reilly believes Ireland offers ideal opportunities for oil firms that have already established operations in the North Sea & Norway.

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  05/04/13

  Providence Resources audit validates Barryroe’s enormous potential

  “We’ve always believed in the enormous potential of this project. I think the market wanted to see a validation, and now they have that in the CPR," chief executive said Tony O’Reilly said in an interview with Proactive Investors.

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  05/04/13

  COMPANY Q&A: Providence Resources maps Barryroe development plans and exploration programme

  Providence Resources this morning gave us greater insight into the huge potential of the Barryroe Field in Ireland's Celtic Sea. Here the company explains more about the potential development of the find and just what we should expect next from the group, which is in the midde of an exciting and ambitious exploration programme that will circle the island of Ireland.

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  05/04/13

  Providence Resources: Barryroe recoverable oil estimated at 346mln barrels

  The technical report released today represents a significant step-forward in the development of Barryroe – Ireland’s first commercially viable oil project.

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  01/03/13

  Providence Resources and IGas complete Singleton deal

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  13/02/13

  Providence Resources: City firm looks to ‘transformational’ Dunquin project after Dalkey Island dela

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  28/11/2012

  Providence Resources Investor Presentation - Edinburgh - 28th November 2012 (PDF)

  Providence Resources Investor Presentation - Edinburgh - 28th November 2012

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  10/05/13

  Broker Round-up part 2: Wentworth Resources, Providence Resources, Tangiers Petroleum, e-Therapeutics
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  08/05/13

  Broker Round-up part 2: TyraTech, Providence Resources, Pan African Resources, Kryso Resources, IMIC
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  09/05/13

  Cairn's Ireland foray applauded by UBS
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  08/05/13

  Proactive news summary including IMIC, Providence Resources, Egdon Resources and Frontier Mining
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  08/05/13

  Providence Resources and San Leon Energy feature in Fox-Davies Newsflash

Providence Resources Plc is Irish based oil and gas exploration and production company listed on AIM (London) and ESM (Dublin). Providence’s portfolio includes extensive licence interests in Ireland (offshore) and in the U.K. (onshore and offshore). The company also has operating interests in the U.S.A. (offshore) and a development project in West Africa (offshore Nigeria).

Providence's strategy has been to assemble a portfolio comprising producing assets with a portfolio of offshore and onshore prospects, combining existing discoveries with large new prospects to improve overall economics and reduce risk profile. Providence's objective is to acquire strategic prospects, affiliate with leading industry players and realise value to generate sustainable incremental wealth for the company and its shareholders. A key element in support of this strategy is the ability to avail of advances in technology, pricing and infrastructure.

In 2011, Providence announced a multi-year, multi-well offshore drilling campaign to cover the six basins in which the Company has licence interests offshore Ireland. Providence and partners plan to invest upwards of $500 million in the drilling of 10 exploration and development wells, with first drilling planned to commence later in 2011. This programme represents the lest drilling campaign ever carried out offshore Ireland.

Sept. 19  2012 - Providence Resources Plc Chief Executive Officer Tony O'Reilly talks about the discovery of more than a billion barrels of oil in the Barryroe field in the Celtic Sea, 45 miles (72 kilometers) south of the Irish coast. He speaks with Guy Johnson and Francine Lacqua on Bloomberg Television's "City Central."

To view an interactive map of Providence Resources current operations please click here

Ireland Operations

CELTIC SEA

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.

CELTIC SEA

Standard Exploration Licence 11/1

BARRYROE OIL DISCOVERY (80%, Operator)

The Barryroe licence lies directly below and adjoining the Seven Heads gas field Lease and contains the Barryroe oil discovery. The discovery was previously successfully flow tested at rates of between 1,300 and 1,600 BOPD, from three exploration and appraisal wells that were drilled in the 1970s and 1990s. The reservoir sands are of Early Cretaceous Middle & Lower Wealden age and the oil is light (c. 30-45º API) with a relatively high wax content ranging from c. 12-22%. A third party audit carried out by RPS Energy for Lansdowne indicated P50 and P10 STOIIP estimates for Barryroe of 373 MMBO and 893 MMBO, respectively. The corresponding 2C and 3C recoverable contingent resources are 59 MMBO and 144 MMBO, respectively. A 3D seismic survey was carried out in June 2011 as part of the planned pre-development drilling programme.

A fourth well, the 48/24-10z Barryroe appraisal well was spudded in late November 2011 and drilled to a depth of 7,550’ TVDSS. This well encountered the primary basal sandstone reservoir interval within the pre-drill depth prognosis. Reservoir development within this sand package was better than expected, with very good correlation of the overall sand packages with the offset 48/24-3 well.

An extensive formation evaluation programme was carried out and indications of hydrocarbons were seen whilst drilling, and the subsequent results from wire-line logging have confirmed the presence of 41ft. of net pay (averaging 15% porosity and 87% hydrocarbon saturation), with no indication of a hydrocarbon water contact. Pressure data over this interval have revealed the presence of both oil and gas bearing zones, with the oil gradient being consistent to that of light c. 40o API crude. A number of in-situ reservoir oil samples have been recovered and have been transported to the UK for further detailed laboratory analysis. Currently (14 March 2012) flow testing is being carried out on this well and results are expected shortly.

In January 2011, the Company signed a Memorandum of Understanding (MOU) with Shell International Trading and Shipping Company Limited which relates to future potential oil production from its Barryroe and Hook Head oil discoveries. Under the MOU, the companies have committed to work together to execute an oil off-take sale and purchase agreement for the Barryroe and Hook Head oil discoveries. In addition, Shell will also carry out a detailed analysis on how best to market the oil from these fields.

Providence Resources' Barryroe Oil Discovery

UK Operations

UK Onshore and Offshore

PL5/10 and P1885

RATHLIN (100%, Operator)

The Rathlin Basin is located onshore/offshore Northern Ireland and is a Permo-Triassic rift system underlain by proven rich Carboniferous oil prone source rocks similar to the nearby prolific East Irish Sea Basin. The oil exploration potential of this frontier basin was recently highlighted by the Ballinlea-1 well (2008, first hydrocarbon exploration well in the basin), which encountered shows and recovered some good quality oil to surface during testing. Providence interprets this well to have been drilled on the margin of the basin which extends and deepens offshore towards the basin centre under Rathlin Island. As part of its agreed work programme with the Northern Irish and UK authorities, Providence has agreed to re-evaluate available subsurface data in order to assess whether further exploratory drilling in the area is warranted.

Licence History

PL5/10

P.R. Singleton Ltd, the UK subsidiary of Providence Resources P.l.c. was awarded an onshore exploration licence PL5/10 by the Dept. Enterprise, Trade and Investment (DETINI) on February 22nd 2011.  The area licenced covers nearly 15 km2, and is essentially the area of Rathlin Island.  The licence was awarded on the basis that PR Singleton carry out a DETINI approved work programme within a five year term.  The work programme consists predominately of desk studies which will assist PR Singleton in determining the hydrocarbon potential of the basin.  Licencing in Northern Ireland is structured such that there is a “break point” after Year 3.  The company can then decide whether to continue with the licence or relinquish the acreage.  If the company decides to progress the licence then a well is required to be drilled before Year 5.

P1885

P.R. Singleton was awarded an offshore Frontier Licence P1885 by the Dept. Energy and Climate Change on February 1st 2012.  The area covers 1113km2 and consists of 6 offshore blocks.  As with PL5/10 the licence was awarded on the basis of a DECC approved work programme, again consisting predominately of desk studies.  The licence term is of six years.  At the Year 3 juncture PR Singleton is required to relinquish 75% of the acreage.  If a well has not been drilled by Year 6, then the company has to relinquish all acreage.

Who are P.R. Singleton Ltd?

P.R. Singleton Limited are a wholly owned subsidiary of Providence Resources P.l.c. The company holds all UK assets including Rathlin Basin Onshore (Rathlin Island), Rathlin Basin Offshore, Dragon Gas discovery which straddles the UK/Irish international boundary, the Singleton Oilfield, West Sussex PL240 and the Baxters Copse, West Sussex exploration acreage PEDL233.

Who are Rathlin Energy Ltd?

Rathlin Energy Limited is owned by Connaught Oil & Gas, a Canadian company. They were awarded a licence covering a significant area of onshore Northern Island in 2010. Further details can be found on their website www.rathlin-energy.co.uk

Providence Operations 

For further information on Current Operations please click here 

Dr Brian Hillery, B. Comm., MBA, Ph.D- Chairman

Served as Chairman on the Providence Board since the incorporation of the Company. He is Non-executive Chairman of Independent News & Media PLC and is a Director of the Central Bank of Ireland. A former Professor at the Graduate School of Business, University College Dublin, he has also served as a member of the Irish Parliament as a TD and Senator (1977-1994). He was an Executive Director of the European Bank for Reconstruction and Development (EBRD) London (1994-1997) and was Non-executive Chairman of UniCredit Bank (Ireland) Plc.
 
Tony O'Reilly, BA- Chief Executive

Tony O'Reilly is a graduate of Brown University in Rhode Island. He is Chief Executive of Providence Resources P.l.c. having served on the Board since incorporation. He has previously worked in corporate finance at Coopers and Lybrand in New York, 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. He joined Wedgwood in 2001 becoming Chief Executive (2002 to 2005) following which he became Chief Executive of Providence. He is a non executive director of Fitzwilton Limited and Zenergy Power Plc.

Simon Brett - Chief Financial Officer

Simon previously held the position of Group Financial Controller of Providence and has worked at Providence since 2008. Prior to joining Providence, Simon held senior finance positions with Damovo Ireland Limited and Coca Cola Bottlers Ireland Limited. Simon has a BA in Business Studies from the Liverpool John Moores University and he is a member of the Institute of Management Accountants, having qualified in 1996. Between 1996 and 2003, Simon worked in the UK for a number of multinational companies including Johnson Wax, Sega Europe Limited and US Can Corporation.

 
John O’Sullivan, B.Sc., M.Sc., M.T.M.- 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 is presently completing a dissertation leading to a Ph.D in Geology at Trinity College, Dublin. He is a Fellow of the Geological Society and a member of both the Energy Institute and the Petroleum exploration Society of Great Britain. He has 19 years' experience in the oil and gas exploration and production industry with both Mobil and Marathon and is a qualified person as defined in the guidance note for Mining Oil & Gas Companies, March 2006 of the London Stock Exchange.
 
Lex Gamble, BA, MA- 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. Mr. Gamble has been an investment banker for over 35 years and has provided strategic advice to more than 200 U.S. and international companies, including several in the FTSE 100 and Fortune 500. During his time as Managing Director with Smith Barney Group Inc, Morgan Grenfell Plc and Kidder Peabody & Co Inc, he advised corporate clients on capital raisings totaling in excess of US$40 billion. Mr. Gamble is a Director of the Harris Bank and Trust Company (Chicago), Crosswater Financial Corporation (Minneapolis), Ashford Castle (Ireland), the University of Washington Foundation, and the University of Washington School of Business (Seattle) and was a Founding Principal of Lockwood Financial Group a leading provider of consulting and wealth management services to high net worth individuals.
 
James S.D. McCarthy- Non-executive Director

Appointed as a Non-executive Director of the Company in May 2005. Mr McCarthy holds a Bachelor Degree in Civil Law, an MBA from the University of Pittsburgh and is a qualified solicitor. He is managing Director of Corporate Finance Ireland Limited and a Director of Windsor Motors Limited and Rockall Technologies Limited and a number of other companies. Mr McCarthy is a former Director of ARCON International Resources plc.
 
Dr Philip Nolan- Non-executive Director

Appointed as a Non-executive Director of the Company in May 2004. Dr Nolan was CEO of eircom Plc from 2002 to 2006. He is currently Chairman of Infinis Ltd and Sepura Ltd, two privately owned companies. He is also a Nonexecutive Director of De La Rue Plc and of the Ulster Bank Group. He is Chairman of the Irish Management Institute and is a member of the Board of the Ireland Fund and The Queens University Foundation. 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.
 
Michael Graham- Company Secretary

Michael Graham has been Secretary of the Company from its inception. He has over twenty seven years experience in the natural resources sector having commenced his professional career with PricewaterhouseCoopers where he qualified as a Chartered Secretary

Significant Shareholders: at 28th November 2011