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PROVIDENCE

DIVERSITY EXPERTISE EXPERIENCE PARTNERSHIP GROWTH

WWW.PROVIDENCERESOURCES.COM

CORPORATE INFORMATION
OVERVIEW
Irish-based E&P company
430 years operating as Providence and predecessor companies, Atlantic & ARCON 4Proven and experienced team Geographic focus 4Ireland 4United Kingdom Business areas 4Oil & Gas Production 4Appraisal/Development 4High Impact Exploration Shareholder Structure 4OReilly Family 20% 4UK/Irish institutions 70% 4Retail Investors 10%

asset Overview
EXPLORATION ASSETS
ASSET IRELAND Dunquin Cuchulain Wilde Dalkey Island Marlin UNITED KINGDOM Burton Down Rathlin Island % 16.0 3.2 32.0 50.0 30.0 OPERATOR ExxonMobil ENI Providence Providence Providence PARTNERS Repsol, ENI, Sosina ExxonMobil, Sosina Chrysaor, Sosina Kinsale Energy Ltd Nautical

Stock Exchange 4AIM (London) PVR 4ESM (Dublin) PZQ 4Shares in Issue ~ 50 million

PRODUCTION ASSETS
ASSET UNITED KINGDOM Singleton % 99.12 OPERATOR Providence PARTNERS Noble

CELTIC SEA OIL PORTFOLIO


ASSET IRELAND Baltimore Barryroe Hook Head Helvick Dunmore Nemo % 60.0 50.0 72.5 62.5 72.5 54.3 OPERATOR Providence Providence Providence Providence Providence Providence PARTNERS Nautical San Leon, Lansdowne Atlantic Petroleum, Sosina Atlantic, Sosina, Lansdowne Atlantic Petroleum, Sosina Nautical, Sosina, Atlantic Petroleum

Capital Structure 4$60 million Prepaid Swap with Deutsche Bank 442 million Convertible Bond 446 million cash (June 2011)

50.0 100.0

Providence Providence

Northern

DEVELOPMENT ASSETS
ASSET IRELAND Spanish Point Burren Celtic Sea Portfolio Dragon UNITED KINGDOM Baxter's Copse % 32.0 32.0 72.5 100.0 OPERATOR Providence Providence Providence Providence PARTNERS Chrysaor, Sosina Chrysaor, Sosina Various

2011 ATLANTIC MARGIN LICENCE ROUND PORTFOLIO


ASSET IRELAND Newgrange Drombeg Kylemore Spanish Point South % 40.0 80.0 66.6 32.0 OPERATOR Providence Providence Providence Providence PARTNERS Repsol, Sosina Sosina First Oil Chrysaor, Sosina

50.0

Providence

Northern

CORPORATE AFFILATIONS

PROVIDENCE
PROVIDENCE RESOURCES PLC
THE IRISH OIL AND GAS E&P COMPANY

BARRYROE
4 4 Providence 50% (Operator), San Leon 30%, Lansdowne 20% Field discovered in 1974 by Esso Exploration (ExxonMobil) 4 Three vertical wells have been drilled and tested which have flowed at c. 1400-1600 BOPD of light (c. 30-45 API) sweet waxy (12-20%) crude 4 48/24-3 well (1990) flowed c. 1600 BOPD of 45 API crude through a inch choke setting with no artificial lift 4 RPS studies suggest oils would trade at a premium to Brent RPS Audit 4 P50 STOIIP 373 MMBO, with 58 MMBO REC 4 P10 STOIIP 893 MMBO with 104 MMBO REC 4 13 well field development with Sea Nova type concept 4 Well IP c. 1800 BOPD 4 Field peak production of c. 20,000 BOPD RPS Screening Economics 4 P50 NPV10 = $ 808 Million 4 P10 NPV10 = $ 2.7 Billion Next steps - 2011 4 3D Seismic to image the reservoir 4 JAGUAR appraisal well being planned- appraise 48/24-3 well with modern completion 4 Spudded in November 2011 4 4

HOOK HEAD
Providence 72.5% (Operator), Atlantic 18.3%, Sosina 9.2% Hook Head oil discovery was made by Marathon in 1971 4 4 Three subsequent wells on the structure all logged pay 4 4 4 4

DALKEY ISLAND
Providence 50%, (Operator), PETRONAS 50% Shallow water (25m) close to shore (10km) Oil source rock identified in Kish Basin 4 4 4

DRAGON
Dragon gas field straddles UK/Irish Median line Providence holds 100% and operates the Irish side (net 25%) Providence has bid for the UK side of the Dragon field 4 4 Licence environmental impact assessment ongoing

Oil samples recovered suggest the oil is a mid gravity high pour point waxy crude 4 4 Similar oils have flowed at rates of up to 2000 BOEPD from vertical wells elsewhere in the basin Oils can be produced using a combination of lift and chemical injection

Work carried out to date 4 4 4 4 2D seismic grid reprocessing (2011) and mapping Seismic inversion completed by IKON in 2010 indicates H/C fill (Jubilee, Catcher etc.) Satellite seep study in 2010 Well Basis of Design

Recent modelling of the Dragon field by IKON (Jubilee, Catche,r etc) indicates field may be up to 300 BSCF GIIP extending further into the Irish sector

Most recent resource estimates for Hook Head suggest an associated c. 100 MMBO STOIIP 4 Forward plan

Forward plan 4 4 Drill appraisal well in 2012 Subsea tie back to Milford Haven or SE Ireland

Estimated In place Volume 850 MMBO 4 c. 250 MMBO Recoverable

4 4

Re-enter and sidetrack well 50/11-3 to confirm reservoir continuity, fluid PVT/ composition and productivity Synergies with Barryroe drilling operations

Next Steps 4 4 Foreshore Licence Application Drill 2012 4 Low cost well - $10 million

singleton
4 4 Providence 99.125%, Noble 0.875% Plan to increase field recovery rates through a series of initiatives: 4 4 4 4 Additional development wells, acid stimulation & installation of GTW generators to monetise flared gas Currently producing 850+ BOEPD with plans to increase to 1,500 BOEPD over next 2 years 2011 drilling programme commenced in November 4 FSW extended reach dual lateral well 2012 programme to start in Q2 large scale acid stimulation 4 4

spanish point
Providence 32% (Operator), Chrysaor 60%, and SOSINA 8% Field discovered in 1981 by Phillips/ Amerada Hess 4 Logged gross c. 1400 oil & gas bearing column; tested c. 2000 BOEPD from 1 sandstone interval; Fracture stimulation not performed due to adverse weather 4 Field not developed due to lack of gas infrastructure, technology and oil pricing up to c. 291 MMBOE REC Providence lic. in 2004, re-confirm significant resource potential; Farm out to Chrysaor in 2008 in return for 3D and potential well carry 3D Seismic and integrated studies (structural, static & dynamic modelling, integrated probabilistic modelling, development concept evaluation and economics) advance projects towards commercial development 4 In place resource level of up to c. 510 MMBOE with c. 200 MMBOE recoverable; Field development plan of between 6 and 14 horizontal fracture stimulated production wells 4 Most likely peak field production would be c. 250 MMSCFD & 30,000 BOPD (72,000 BOEPD) Now moving towards commercial dev. through appraisal programme 4 Well planning for 2012 well has commenced 4 Providence exposure capped at $20 million 4 4

BURREN
Providence 32% (Operator), Chrysaor 60%, and SOSINA 8% Field discovered in 1978 by Phillips Petroleum 4 4 4 35/8-1 well encountered two logged hydrocarbon bearing Lower Cretaceous sands within a gross c. 400' interval The lowest most sand was tested and flowed light sweet 34 API oil at c. 750 BOPD; the upper zone was never tested 4 4 4

DUNQUIN
EXXONMOBIL 27.5% (Operator), ENI 27.5%, Repsol 25%, PVR 16% and SOSINA 4% ExxonMobil farmed in for 80% stake and committed to a $40 million work programme, including acquisition of 1500 km 2D seismic 4 4 Evaluation confirmed giant exploration potential Up to 18 TSCF REC

New CPR completed for FEL 2/04 and FEL 4/08 4 Independent competent persons report (CPR) on the resource potential of FEL 2/04 and FEL 4/08 issued in February 2011 by Senergy The study has assessed gross un-risked recoverable prospective resources of up to c. 750 MMBOE The resource potential covers a number of newer prospects including Wilde, Cama as well as discoveries like Burren and Spanish Point

ENI farmed in for 40% stake in 2009 Exploration well commitment made 4 4 4 4 Well location finalised Well site survey completed Well planning has commenced Providence has a promote/carry

4 4 4 4 2P Reserves: 7.7 MMBO (Collarini report March 2011) Possible reserves: 3.3 MMBO Incremental Reserves/Resources 4 BAXTERS COPSE oil discovery (50% Providence) 4 c. 5 MMBO REC (adjacent Licence) 4

4 4

New 3D seismic survey acquired over FEL 4/08 during Summer 2011

Providence also has an Area of Mutual Interest (AMI) in South Porcupine Basin with ExxonMobil 4 4 Additional acreage licensed with ExxonMobil Seismic has been acquired in these areas

2011 ACTIVITY
DRILLING BARRYROE Oil Discovery SINGLETON Oil Field SEISMIC BARRYROE Oil Discovery BURREN Oil Discovery WELL PLANNING DUNQUIN Gas / Oil Prospect SPANISH POINT Gas Condensate Discovery DALKEY ISLAND Oil Prospect OTHER Irish Licensing Round / M&A activity Activities 1 x well 1 x dual lateral well

PLANNED 2012 / 2013 ACTIVITY


DRILLING 1 SPANISH POINT Gas / Oil Discovery DUNQUIN Gas / Oil Prospect 2 DRAGON Gas Discovery HOOK HEAD Oil Discovery SINGLETON Field BAXTERS COPSE Oil Discovery SEISMIC 2011 Round Awarded Blocks OTHER M&A activity
may also include drilling of BURREN Oil Discovery may also include drilling of ORPHEUS Gas Prospect

240 km 3D 2 220 km 3D

Planned Activity 1 x well / 1 x sidetrack well 1 x well 1 x well 1 x well 2 x wells 1 x well

1 2

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+353 1 219 4074 INFO@PROVIDENCERESOURCES.COM WWW.PROVIDENCERESOURCES.COM

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