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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Providence Resources Plc | LSE:PVR | London | Ordinary Share | IE00B66B5T26 | ORD EUR0.001 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.25 | 3.10 | 3.40 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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UNDER EMBARGO UNTIL 7:00 THURSDAY, 21(ST) SEPTEMBER 2017
Providence Resources P.l.c. - 2017 Half Year Results
LEADERSHIP IN DRILLING OFFSHORE IRELAND
BARRYROE WELL PLANNING UNDERWAY
Dublin and London - September 21, 2017 - Providence Resources P.l.c.
(PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, today
announces its unaudited interim results for the half year ended June 30,
2017.
Tony O'Reilly, Chief Executive Officer commented:
"The first half of 2017 was an exceptionally busy period for Providence
as we completed the extensive consenting and logistical processes for
the drilling of the 53/6-1 Druid/Drombeg ultra-deepwater exploration
well. During this period, we completed a major farm-out deal with Cairn,
together with an option transaction with TOTAL over FEL 2/14. We also
agreed a farm-out to TOTAL on LO 16/27, as well as an option with Cairn,
and we continued various commercial discussions on a number of our
assets, most principally our flagship Barryroe project.
The commercial transactions with Cairn and TOTAL provided incremental
capital in excess of $45 million to be used for the drilling programme -
this not only allowed for the deepening of the 53/6-1 exploration well
to test the Drombeg prospect, but it also significantly reduced our
financial exposure to the drilling costs. These transactions also mean
that the majority of Providence's Atlantic Margin assets have been
successfully farmed-out to majors in accordance with our corporate
strategy, with Avalon under the operatorship of TOTAL, Dunquin now under
the operatorship of Eni and with TOTAL having an option to assume
operatorship at FEL 2/14, which contains the undrilled Diablo prospect.
Our last remaining Atlantic Margin asset, Newgrange, is the subject of
ongoing farm-out discussions.
The drilling of the 53/6-1 Druid/Drombeg exploration well was a major
operational undertaking for Providence, being situated in the deepest
water depth ever drilled offshore north-west Europe. This is a real
credit to the Providence operational team and sub-contractors who worked
so diligently to ensure its safe and environmentally benign delivery.
The results from the 53/6-1 well were disappointing as, while both
reservoir sections were encountered within the pre-drill depth prognosis,
both were water bearing. The possible presence of bitumen was reported
in drill cuttings within the Drombeg reservoir interval, which may
indicate that it received an oil charge which was not retained at this
location. However, further studies will be required in order to confirm
this interpretation and its implications for the wider prospectivity
within FEL 2/14.
At Barryroe, we have continued farm-in discussions - but to date, no
deal has been consummated. Whilst discussions continue, the Board has
taken a decision to advance drilling at Barryroe. Noting the
significant value attributable to Barryroe and prevailing low rates for
rigs and associated offshore services, we have moved forward with
planning for drilling (and possibly a side-track). Last month, we issued
a request for expressions of interest for the supply of a mobile
offshore drilling unit and have started the consent process for
drilling. The details on the forward dates for the planned drilling
programme will be communicated once the schedule is finalised.
Looking ahead, we await the decision whether TOTAL will exercise their
option to farm-in to FEL 2/14 and we also look forward to seeing the
outcome of exploration wells planned for acreage proximate to FEL 2/14,
which will test plays similar to Diablo and to those which have proved
to be successful in the conjugate Flemish Pass Basin, offshore Canada.
Regarding Avalon, we also await the decision whether Cairn will exercise
their option. Under the TOTAL farm-in to Avalon, there is already a
partial promoted carry on a contingent exploration well.
As demonstrated by our recent drilling, Providence remains the most
active explorer offshore Ireland, with over 20 years' operational
experience generally and specifically some 13 years since it first
licenced acreage in the Porcupine Basin. Looking ahead, we will
continue to seek to capitalise on the significant and unrealised value
of our portfolio for the benefit of our shareholders."
H1 2017 OPERATIONAL HIGHLIGHTS
APPRAISAL PROJECTS
-- Barryroe, North Celtic Sea Basin (SEL 1/11)
-- Farm-out discussions continued
-- Offshore Petroleum Lease 1 (OPL 1) South Option, North Celtic Sea Basin
-- Latest mapping shows that this area has the potential to host significant
incremental resources
EXPLORATION PROSPECTS
-- Druid/Drombeg & Diablo, Southern Porcupine Basin (FEL 2/14) Cairn Farm-In
-- Farm out signed with Capricorn, a wholly owned subsidiary of Cairn Energy
PLC, where in consideration for Capricorn taking a 30% working interest
in FEL 2/14, with an effective date of 1 July 2016, Capricorn agreed to:
-- Pay 45% of the drilling costs of the 53/6-1 exploration well,
subject to a gross well cap of US$ 42 million, and thereafter at
their 30% cost share
-- Make a cash payment of US$ 2.82 million on a pro rata 80/20 basis
to Providence and Sosina
-- Capricorn also agreed that, in the event that the JV partners agree to
drill an appraisal well in FEL 2/14, it will pay 40% of well costs
subject to a gross well cap of US$ 42 million and have the right to take
over operatorship
-- The equity ownership in FEL 2/14 is currently Providence 56% (Operator),
Capricorn 30% and Sosina 14%
TOTAL Option
-- Exclusive option agreed with TOTAL E&P Ireland B.V. ("TOTAL"), a wholly
owned subsidiary of TOTAL S.A. which gives TOTAL the option and the right,
but not the obligation, to farm-in to a 35% working interest in FEL 2/14
from Providence & Sosina, subject to the payment of US$ 27 million to
Providence and Sosina (US$ 21.6 million and US$ 5.4 million,
respectively).
-- The option can be exercised by TOTAL within 60 business days of the
completion (P&A'ing) of the 53/6-1 well
-- The amount payable by TOTAL to Providence & Sosina (on a pro rata 80/20
basis) to acquire the Option is:
-- US$ 20.250 million (US$ 16.2 million to Providence) - this was
paid on June 19th
-- US$ 6.750 million (US$ 5.4 million to Providence) - this is
payable no later than 3 business days following the issuance of
the P&A notice for the 53/6-1 well
-- If TOTAL subsequently elects to exercise the option, Providence, Sosina
and TOTAL will enter into an agreed form farm-in agreement to effect the
transfer of a 35% working interest and operatorship in FEL 2/14 to TOTAL,
such farm-in would be subject to Ministerial approval
-- On this basis, the equity ownership in FEL 2/14 would be TOTAL 35%
(Operator), Capricorn 30%, Providence 28% and Sosina 7%
-- Avalon, Porcupine Basin (LO 16/27) TOTAL Farm-in
-- Farm-in signed with TOTAL E&P Ireland B.V. ("TOTAL"), a wholly owned
subsidiary of TOTAL S.A, where in consideration for TOTAL taking a 50%
working interest in LO 16/27, TOTAL agreed to:
-- Pay its pro-rata share of past gross costs of c. US$ 0.175 million
-- In addition to its pro-rata share, pay 21.4% of the past and
future costs during the 2-year term of LO 16/27, subject to a
gross cost cap of US$ 1.33 million
-- Subject to Ministerial approval, TOTAL is to assume operatorship of LO
16/27 with the resultant equity in LO 16/27 being TOTAL 50% (Operator),
Providence 40% and Sosina 10%
-- TOTAL also agreed that, in the event that the JV partners agree to
convert LO 16/27 into a Frontier Exploration Licence, and a subsequent
decision is taken to drill an exploration well, TOTAL will pay 60% of the
drilling costs, subject to a gross well cap of US$ 42 million
-- Cairn Option
-- Exclusive option agreed with Capricorn, a subsidiary of Cairn Energy PLC
-- Under the terms of the option, Capricorn has the right to farm-in to a
20% working interest in LO 16/27 from Providence and Sosina
-- The option can be exercised by Capricorn within 60 days of the completion
(P&A'ing) of the 53/6-1 well on Frontier Exploration Licence 2/14
-- In the event that Capricorn exercise their option, Providence, Sosina and
Capricorn will enter into an agreed farm-in agreement to effect the
transfer of a 20% working interest in LO 16/27 to Capricorn, based on the
following terms where Capricorn will:
-- Pay its pro-rata share of past gross costs of c. US$ 0.175 million
-- In addition to its pro-rata share, pay 8.6% of the past and future
costs during the 2-year term of LO 16/27, subject to a gross cost
cap of US$ 1.33 million
-- Capricorn also agreed that, in the event that the JV partners agree to
convert LO 16/27 into a Frontier Exploration Licence and a subsequent
decision is taken to drill an exploration well, Capricorn will pay 24% of
the drilling costs, subject to a gross well cap of US$ 42 million
-- In the event that Capricorn exercises the option, the final equity in LO
16/27 will be TOTAL 50% (Operator), Providence 24%, Capricorn 20% and
Sosina 6%
-- Conclusion of any farm-in by Capricorn would be subject to Ministerial
approval
-- Dunquin South, Southern Porcupine Basin (FEL 3/04)
-- Licensing of 1,800 km2 of 3D seismic data from CGG as part of their
Porcupine Basin multi-client 3D acquisition programme, which was acquired
in June 2017
-- Kish, Kish Bank Basin (SEL 2/11)
-- Company's working interest increased to 100%
-- Extension to the 1st phase of SEL 2/11 to August 2018 and an overall
extension of one year to the licence term to August 2020
H1 2017 FINANCIAL HIGHLIGHTS
-- Operating Loss for the period of EUR3.916 million versus EUR2.216 million
in H1 2016
-- Loss of EUR3.441 million versus EUR4.440 million in H1 2016
-- Loss per share of 0.58 cents versus 3.17 cents in H1 2016
-- At June 30, 2017, total cash & cash equivalents were EUR36.398 million
(EUR0.522 million at June 30, 2016) with a further payment of US$ 5.4
million to Providence from TOTAL 3 days after the P&A'ing of the 53/6-1
well
-- The Company had no debt at June 30, 2017 (EUR19.546 million at June 30,
2016)
BOARD CHANGES
-- In May 2017, Angus McCoss joined the Board as a Non-executive Director
POST JUNE 30 EVENTS
-- Barryroe, North Celtic Sea Basin (SEL 1/11)
-- Extension to the 1st phase of SEL 1/11 to July 2019 and overall licence
extension of 2 years to July 2021
-- New 3D seismic uplift provides significantly enhanced visualization of
Barryroe reservoir interval
-- Planning now underway for a well to be drilled in 2H 2018/1H 2019
-- EOI issued for drilling rig
-- Revised well cost estimates for single vertical well of c. US$ 20
million
-- Druid/Drombeg, Southern Porcupine Basin (FEL 2/14) Drilling Operations
-- The 53/6-1 exploration well spud on July 11, 2017 using the Stena IceMax
drill-ship, targeting the Druid and Drombeg exploration targets
-- On August 4, 2017, the Company confirmed that:
-- Paleocene Druid reservoir interval encountered with the pre-drill
depth prognosis
-- Preliminary interpretation indicated Druid comprises a porous
water bearing reservoir interval
-- On September 11, 2017, the Company confirmed that:
-- Lower Cretaceous Drombeg reservoir interval encountered with the
pre-drill depth prognosis
-- Preliminary interpretation indicated Drombeg comprises a porous
water bearing reservoir interval
-- The possible presence of bitumen was reported in drill cuttings
within the Drombeg reservoir interval which may indicate that it
received an oil charge which was not retained at this location
-- Post well studies will be carried out on the well data and the
possible presence of bitumen to confirm this interpretation and
its implications for the wider prospectivity within FEL 2/14
-- In accordance with the pre-drill plans, the well is currently being
plugged and abandoned
-- Avalon, Southern Porcupine Basin (LO 16/27)
-- A large scale calibrated Petroleum Systems Model (PSM, c. 48,000 km2),
which included the LO 16/27 area, supports the potential of a working
petroleum system in LO 16/27
-- The model demonstrates that the Avalon prospect could potentially access
a total hydrocarbon resource charge of c. 8.67 BBO and c. 21.43 TSCF
(equivalent to c. 12 BBOE)
-- Newgrange, Goban Spur Basin (FEL 6/14)
-- Farm out process ongoing
OUTLOOK
We have a high quality portfolio of assets with significant partners and
are very optimistic about the prospects both for Providence and the
Irish Oil & Gas sector. We remain both determined and uniquely
positioned to continue to lead the industry in identifying and realising
Ireland's significant offshore potential.
INVESTOR ENQUIRIES
Providence Resources P.l.c. Tel: +353 1 219 4074
Tony O'Reilly, Chief Executive Officer
Cenkos Securities plc Tel: +44 131 220 9771
Neil McDonald/Derrick Lee
J&E Davy Tel: +353 1 679 6363
Anthony Farrell
MEDIA ENQUIRIES
Powerscourt Tel: +44 207 250 1446
Peter Ogden
Murray Consultants Tel: +353 1 498 0300
Pauline McAlester
ABOUT PROVIDENCE RESOURCES
Providence Resources is an Irish based Oil and Gas Exploration Company
with a portfolio of appraisal and exploration assets located offshore
Ireland. Providence's shares are quoted on AIM in London and the ESM in
Dublin.
GLOSSARY OF TERMS USED
BBO - Billion Barrels of Oil
BBOE - Billion Barrels of Oil Equivalent
EOI - Expression of Interest
FEL - Frontier Exploration Licence
LO - Licensing Option
LU - Lease Undertaking
MMBOE - Millions of Barrels of Oil Equivalent
OPL - Offshore Production Lease
SEL - Standard Exploration Licence
TSCF - Trillion Standard Cubic Feet of Gas
ANNOUNCEMENT
This announcement has been reviewed by Dr John O'Sullivan, Technical
Director, Providence Resources P.l.c. John 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 a doctorate in Geology from Trinity
College Dublin. John is a Chartered Geologist and a Fellow of the
Geological Society of London. He is also a member of the Petroleum
Exploration Society of Great Britain, the Society of Petroleum Engineers
and the Geophysical Association of Ireland. John has more than 25 years
of 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 (London Stock Exchange). Definitions in this press
release are consistent with SPE guidelines. SPE/WPC/AAPG/SPEE Petroleum
Resource Management System 2007 has been used in preparing this
announcement.
SUMMARY OF LICENCE INTERESTS
Providence
Ref Licence Issued Key Asset Operator Partners PVR % Classification
NORTH CELTIC SEA BASIN
1 SEL 1/11 2011 BARRYROE Providence Lansdowne 80.0 Oil discovery
Atlantic; Oil & gas
2 SEL 2/07 2007 HOOK HEAD Providence Sosina 72.5 discovery
Atlantic;
Sosina,
Lansdowne; Oil & gas
3 LU 2016 HELVICK Providence MFDC 62.5 discovery
Atlantic;
Sosina;
4 LU 2016 DUNMORE Providence MFDC 72.5 Oil discovery
NORTHERN PORCUPINE BASIN
SPANISH Cairn; Oil & gas
5 FEL 2/04 2004 POINT Cairn Sosina 58.0 discoveries
SPANISH
POINT Cairn; Oil & gas
5 FEL 4/08 2008 NTH Cairn Sosina 58.0 exploration
SOUTHERN PORCUPINE BASIN
LO 16/27
1616/27FEL Sosina; Oil & gas
6 3/04 2016 AVALON TOTAL(1,) (Cairn)(2) 40.0 exploration
Cairn;
Sosina; Oil & gas
7 FEL 2/14 2014 DRUID Providence(3) (TOTAL)(3) 56.0 exploration
Cairn;
Sosina; Oil & gas
7 FEL 2/14 2014 DROMBEG Providence(3) (TOTAL)(3) 56.0 exploration
Cairn;
Sosina; Oil & gas
7 FEL 2/14 2014 DIABLO Providence(3) (TOTAL)(3) 56.0 exploration
Eni;
Repsol; Oil
8 FEL 3/04 2014 DUNQUIN Eni Sosina 26.8 exploration
GOBAN SPUR BASIN
Oil & gas
9 FEL 6/14 2014 NEWGRANGE Providence Sosina 80.0 exploration
KISH BANK BASIN
Oil & gas
10 SEL 2/11 2011 KISH BANK Providence 100.0 exploration
ST GEORGE'S CHANNEL BASIN
11 SEL 1/07 2007 DRAGON Providence 100.0 Gas discovery
PROVIDENCE RESOURCES P.l.c.
Condensed consolidated income statement
For the 6 months ended 30 June 2017
6 months ended 30 June 2017 6 months ended 30 June 2016 Year ended 31 December 2016
Unaudited Unaudited Audited
Notes EUR'000 EUR'000 EUR'000
Continuing operations
Administration and
legal expenses 3 (3,624) (1,739) (3,688)
Pre-licence
expenditure - (59) (61)
Impairment of
exploration and
evaluation assets (292) (418) (15,095)
Operating loss 2 (3,916) (2,216) (18,844)
Finance income 67 6 39
Finance expense 4 408 (2,230) (1,741)
Loss before income tax (3,441) (4,440) (20,546)
Income tax expense - - -
Loss for the period (3,441) (4,440) (20,546)
Loss per share (cent)
- continuing
operations
Basic and diluted loss
per share 9 (0.58) (3.17) (5.80)
PROVIDENCE RESOURCES P.l.c.
Consolidated statement of comprehensive income
For the 6 months ended 30 June 2017
6 months ended 30 June 2017 6 months ended 30 June 2016 Year ended 31 December 2016
Unaudited Unaudited Audited
EUR'000 EUR'000 EUR'000
Loss for the financial period (3,441) (4,440) (20,546)
Items that may be reclassified to profit or loss
Foreign exchange translation differences (4,807) (2,266) 1,994
Total income and expense recognised in other
comprehensive income from continuing operations (4,807) (2,266) 1,994
Total comprehensive expense for the period (8,248) (6,706) (18,552)
The total recognised expense for the period is entirely attributable to
equity holders of the Company.
PROVIDENCE RESOURCES P.l.c.
Consolidated statement of financial position
As at 30 June 2017
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
Notes EUR'000 EUR'000 EUR'000
Assets
Exploration and evaluation assets 5 83,451 96,904 89,276
Property, plant and equipment 93 136 102
Intangible assets 139 243 192
Total non-current assets 83,683 97,283 89,570
Trade and other receivables 8 6,373 2,400 255
Cash and cash equivalents 36,398 522 31,403
Total current assets 42,771 2,922 31,658
Total assets 126,454 100,205 121,228
Equity
Share capital 6 71,452 25,694 71,452
Capital conversion reserve fund 623 623 623
Share premium 6 247,918 226,998 247,918
Foreign currency translation reserve 9,008 9,555 13,815
Share based payment reserve 1,605 3,151 1,398
Retained deficit (227,329) (203,785) (223,888)
Total equity attributable to equity
holders of the Company 103,277 62,236 111,318
Liabilities
Decommissioning provision 7,259 7,324 7,783
Total non-current liabilities 7,259 7,324 7,783
Trade and other payables 7 15,918 11,099 2,127
Loans and borrowings - 19,546 -
Total current liabilities 15,918 30,645 2,127
Total liabilities 23,177 37,969 9,910
Total equity and liabilities 126,454 100,205 121,228
PROVIDENCE RESOURCES P.l.c.
Consolidated statement of changes in Equity
For the 6 months ended 30 June 2017
Capital Share Based
Conversion Foreign Currency Payment Retained
Share Capital Reserve Fund Share Translation Reserve Deficit Total
EUR'000 EUR'000 Premium EUR'000 Reserve EUR'000 EUR'000 EUR'000 EUR'000
At 1 January
2016 25,694 623 226,998 11,821 3,586 (199,780) 68,942
Loss for
financial
period - - - - - (4,440) (4,440)
Currency
translation - - - (2,266) - - (2,266)
Total
comprehensive
income - - - (2,266) - (4,440) (6,706)
Transactions
with owners,
recorded
directly in
equity
Share options
lapsed in
period - - - - (435) 435 -
At 30 June
2016 25,694 623 226,998 9,555 3,151 (203,785) 62,236
At 1 January
2017 71,452 623 247,918 13,815 1,398 (223,888) 111,318
Loss for
financial
period - - - - - (3,441) (3,441)
Currency
translation - - - (4,807) - - (4,807)
Total
comprehensive
income - - - (4,807) - (3,441) (8,248)
Transactions
with owners,
recorded
directly in
equity
Share based
payments in
period - - - - 207 - 207
At 30 June
2017 71,452 623 247,918 9,008 1,605 (227,329) 103,277
At 1 January
2016 25,694 623 226,998 11,821 3,586 (199,780) 68,942
Loss for
financial
year - - - - - (20,546) (20,546)
Currency
translation - - - 1,994 - - 1,994
Total
comprehensive
income - - - 1,994 - (20,546) (18,552)
Transactions
with owners,
recorded
directly in
equity
Share based
payments - - - - 142 - 142
Share options
lapsed in
year - - - - (837) 837 -
Share options
cancelled in
year - - - - (1,493) 1,493 -
Shares issued
in period 45,758 - 20,920 - - (5,892) 60,786
At 31 December
2016 71,452 623 247,918 13,815 1,398 (223,888) 111,318
PROVIDENCE RESOURCES P.l.c.
Consolidated statement of cash flows
For the 6 months ended 30 June 2017
6 months 6 months Year
ended 30 ended 30 ended 31
June June December
2017 2016 2016
Unaudited Unaudited Audited
EUR'000 EUR'000 EUR'000
Cash flows from operating activities
Loss before income tax for the period (3,441) (4,440) (20,546)
Adjustments for:
Depletion and depreciation 33 34 66
Amortisation of intangible assets 52 52 104
Impairment of exploration and evaluation assets 292 418 15,095
Finance income (67) (6) (39)
Finance expense (408) 2,230 1,741
Equity settled share based payment charge 207 - 142
Foreign exchange 1,288 (572) 1,113
Change in trade and other receivables (6,118) (226) 1,919
Change in trade and other payables 6,886 (1,705) (10,585)
Interest paid - (996) (1,266)
Net cash (outflow) from operating activities (1,276) (5,211) (12,256)
Cash flows from investing activities
Interest received 67 6 39
Acquisition of exploration and evaluation assets (10,861) (326) (3,982)
Acquisition of property, plant and equipment (24) -
Farm in proceeds 18,497 - -
Net cash from/(used) in investing activities 7,679 (320) (3,943)
Cash flows from financing activities
Proceeds from issue of share capital - - 61,202
Share capital issue costs - - (416)
Repayments of loans and borrowings - - (19,633)
Net cash from financing activities - - 41,153
Net (decrease)/increase in cash and cash equivalents 6,403 (5,531) 24,954
Cash and cash equivalents at beginning of period 31,403 6,518 6,518
Effect of exchange rate fluctuations on cash and cash
equivalents (1,408) (465) (69)
Cash and cash equivalents at end of period 36,398 522 31,403
PROVIDENCE RESOURCES P.l.c.
Note 1
Basis of preparation
Providence Resources P.l.c ("the Company") is a company incorporated in
the Republic of Ireland. The unaudited consolidated interim financial
statements of the Company for the six months ended 30 June 2017 (the
"Interim Financial Statements") include the Company and its subsidiaries
(together referred to as the "Group"). The Interim Financial Statements
were authorised for issue by the Directors on 20 September 2017.
The annual financial statements of the group are prepared in accordance
with IFRSs as adopted by the EU. These condensed set of financial
statements included in this half-yearly report have been prepared in
accordance with the recognition and measurement requirements of IFRSs as
adopted by the EU and the Group's accounting policies as disclosed in
the 2016 Annual Report, which are available from the group's website
www.providenceresources.com.
The Interim Financial Statements do not constitute statutory financial
statements. The statutory financial statements for the year ended 31
December 2016, extracts from which are included in these Interim
Financial Statements, were prepared under IFRSs as adopted by the EU and
will be filed with the Registrar of Companies with the Company's 2016
annual return.
The Interim Financial Statements are presented in Euro, rounded to the
nearest thousand, which is the functional currency of the parent company
and also the presentation currency for the Group's financial reporting.
Amendments to existing standards
During the period, a number of amendments to existing accounting
standards became effective. These have been considered by the directors
and have not had a significant impact on the Group's consolidated
financial statements.
PROVIDENCE RESOURCES P.l.c.
Note 2
Operating segments
6 months ended 30 6 months ended 30 Year ended 31
June 2017 June 2016 December 2016
Unaudited Unaudited Audited
EUR'000 EUR'000 EUR'000
Segment net (loss)
for the period
UK - exploration
assets 54 (73) (67)
Republic of
Ireland -
exploration
assets (346) (345) (15,028)
Corporate expenses (3,624) (1,798) (3,749)
Operating loss for
the period (3,916) (2,216) (18,844)
Segment assets
Republic of
Ireland -
exploration
assets 89,824 96,904 89,659
US - 32 -
Group assets 36,630 3,269 31,569
Total assets 126,454 100,205 121,228
Segment
Liabilities
UK - exploration (37) (101) (64)
Republic of
Ireland -
exploration (23,140) (18,322) (9,598)
US - - (1)
Group liabilities - (19,546) (247)
Total Liabilities (23,177) (37,969) (9,910)
Capital
Expenditure
UK - exploration
assets (54) 71 67
Republic of
Ireland -
exploration
assets (678) 255 3,915
Republic of
Ireland -
property, plant
and equipment 24 - -
Total Capital
Expenditure (708) 326 3,982
Impairment charge
Republic of
Ireland -
exploration
assets 346 345 15,028
UK - exploration
assets (54) 73 67
292 418 15,095
PROVIDENCE RESOURCES P.l.c.
Note 3
Administration and legal Expense
6 months ended 6 months ended
30 June 30 June Year ended
2017 2016 31 December 2016
Unaudited Unaudited Audited
EUR'000 EUR'000 EUR'000
Corporate, exploration and
development expenses 3,144 1,952 4,271
Legal expenses 25 110 68
Foreign exchange difference 1,490 219 507
Total administration
expenses for the period 4,659 2,281 4,846
Capitalised in exploration
and evaluation assets (1,035) (542) (1,158)
Total charged to the income
statement 3,624 1,739 3,688
Note 4
Finance Expense
6 months ended 6 months ended Year ended
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
EUR'000 EUR'000 EUR'000
Interest charge - 1,010 1,093
Amortisation of arrangement fees
and other amounts - 1,680 1,643
Unwinding of discount on
decommissioning provision 70 66 138
Foreign exchange on
decommissioning provision (478) (140) 221
Interest charge on legal
settlement** - - (1,055)
Foreign exchange gain on
revaluation of loan - (386) (299)
Total finance expense recognised
in income statement (408) 2,230 1,741
Recognised directly in equity
Foreign currency differences on
foreign operations (4,807) (2,266) 1,994
Total foreign exchange expenses
recognised in equity (4,807) (2,266) 1,994
** The interest credit arose on the resolution of the Transocean legal
case
PROVIDENCE RESOURCES P.l.c.
Note 5
Exploration and evaluation assets
Republic of Ireland UK Total
EUR'000 EUR'000 EUR'000
Cost and book value
At 1 January 2016 98,211 - 98,211
Additions 507 65 572
Cash calls received in period (788) - (788)
Administration expenses capitalised 537 5 542
Impairment charge (345) (73) (418)
Foreign exchange translation (1,218) 3 (1,215)
At 30 June 2016 96,904 - 96,904
At 1 January 2016 98,211 - 98,211
Additions 4,047 62 4,109
Administration expenses capitalised 1,153 5 1,158
Cash call received in year (1,285) - (1,285)
Impairment charge (15,028) (67) (15,095)
Foreign exchange translation 2,178 - 2,178
At 31 December 2016 89,276 - 89,276
At 1 January 2017 89,276 - 89,276
Additions 9,879 (54) 9,825
Cash calls received in period - - -
Farm in proceeds (11,592) - (11,592)
Administration expenses capitalised 1,035 1,035
Impairment charge (346) 54 (292)
Foreign exchange translation (4,801) - (4,801)
At 30 June 2017 83,451 - 83,451
PROVIDENCE RESOURCES P.l.c.
Note 6
Share Capital and Share Premium
Number
Authorised: '000 EUR'000
At 1 January 2017
Deferred shares of EUR0.011 each 1,062,442 11,687
Ordinary shares of EUR0.10 each 986,847 98,685
At 30 June 2017
Deferred shares of EUR0.011 each 1,062,442 11,687
Ordinary shares of EUR0.10 each 986,847 98,685
Number Share Capital Share Premium
Issued: '000 EUR'000 EUR'000
Deferred shares of EUR0.011 each 1,062,442 11,687 5,691
Ordinary share of EUR0.10 each 140,076 14,007 221,307
At 1 January 2016 140,076 25,694 226,998
At 30 June 2016 140,076 25,694 226,998
Shares issued 457,582 45,758 20,920
At 31 December 2016 597,658 71,452 247,918
At 30 June 2017 597,658 71,452 247,918
Note 7
Trade and other creditors
6 months ended 6 months ended Year ended
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
EUR'000 EUR'000 EUR'000
Capital expenditure payable(1) - 8,110 -
Accruals and deferred income 6,273 1,604 1,589
Trade creditors 2,740 1,385 538
Advance payment from Joint
Operation Partner 6,905 - -
Total 15,918 11,099 2,127
(1) Capital invoices and associated costs related to the Transocean
legal dispute
PROVIDENCE RESOURCES P.l.c.
Note 8
Trade and other receivables
6 months ended 6 months ended Year ended
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
EUR'000 EUR'000 EUR'000
VAT recoverable 33 54 38
Prepayments 1,418 342 125
Amounts due from Joint Operation
Partner 4,922 2,004 92
Total 6,373 2,400 255
Note 9
Earnings per share
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
EUR'000 EUR'000 EUR'000
Loss attributable to equity holders of the company
from continuing operations (3,441) (4,440) (20,546)
The basic weighted average number of Ordinary share
in issue ('000)
In issue at beginning of year 597,658 140,076 140,077
Adjustment for shares issued in period - - 214,374
Weighted average number of ordinary shares 597,658 140,076 354,451
Basic loss per share (cent) - continuing operations (0.58) (3.17) (5.80)
The weighted average number of ordinary shares for
diluted earnings per share calculated as follows:
Weighted average number of ordinary shares 597,658 140,076 354,451
Diluted loss per share (cent) - continuing
operations (0.58) (3.17) (5.80)
There is no difference between the loss per ordinary share and the
diluted loss per share for the current period as all potentially
dilutive ordinary shares outstanding are anti-dilutive.
PROVIDENCE RESOURCES P.l.c.
Note 10
Share schemes
2009 Scheme
In 2009, the Directors adopted a share option scheme which also contains
share growth performance criteria. The option price is the market price
immediately preceding the date of grant. The "2009 scheme" operates as
an equity-settled share option scheme and the options are granted
subject to the following conditions:
i. 50% of total options granted are exercisable after one year
from the date of grant provided that the market price of the company's
shares has increased by a minimum of 25% and has maintained such
increase over a period of three months prior to the exercise of any
option.
ii. The remaining 50% of the total options granted are
exercisable after a further year has elapsed provided the market price
of the company's shares has increased by a minimum of 50% from date of
grant and has maintained such increase over a period of three months
prior to the exercise of any option.
3,750,000 (2016: nil) options granted during the period 2017 under this
scheme. The fair value of the options granted during the year was
estimated at EUR0.10c per share. The following key input assumptions
were applied:
Volatility 65%
Time period 7 years
Dividend yield 0%
Risk free interest rate (0.22%)
Exercise price 0.17c
At 30 June 2017, options over 28.440 million (2016: 0.910 million)
shares remained outstanding at subscription prices ranging from EUR0.142
to EUR6.13. These options expire at varying dates up to June 2024.
For the period ended 30 June 2017 2016 scheme 2009 scheme
Weighted Weighted
No of average No of average
share exercise share exercise
options price Options price
000's EUR 000's EUR
At 1 January 22,200 0.45 2,490 0.84
2017
Granted during period - - 3,750 0.17
Expired during period - - - -
Cancelled during period - - - -
At 30 June 2017 22,200 0.45 6,240 0.44
Note 11
Commitments
As at 30 June 2017, the Group has capital commitments of approximately
EUR8.585mm to contribute to its share of costs of exploration and
evaluation activities. This is the net cost to Providence Resources Plc
after receiving all funds from JV partners.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Providence Resources plc via Globenewswire
http://www.providenceresources.com/html/
(END) Dow Jones Newswires
September 21, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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