Providence Resources P.l.c. - Interim Results f...

30 September 2014
Embargo: 7am

PROVIDENCE RESOURCES P.l.c.
("Providence", "PVR" or the "Company")
Interim Results for the
Half Year ended 30th June 2014

Providence Resources P.l.c., the Irish oil and gas exploration and appraisal company, whose shares are quoted in London (AIM) and Dublin (ESM), announces its Interim Results for the Half Year ended 30 June 2014.

OPERATIONAL HIGHLIGHTS

APPRAISAL ASSETS

Barryroe Oil Field, North Celtic Sea Basin (PVR 80%)

• Farm out negotiations are at an advanced stage, including planning for 2015 appraisal/ pre-development drilling
• Increase in the area of SEL 1/11 by c. 160 km² through a licence extension
• Transfer of Operatorship to EXOLA Limited, a wholly owned subsidiary of Providence
• Extension of SEL 1/11 and LO 12/4 by one year

Spanish Point Gas Condensate Field, Northern Porcupine Basin (PVR 32%)

• Appraisal drilling to be carried out on Spanish Point in 2015, targeting up to 200 MMBOE REC
  • Rig procurement being carried out by the Operator, Cairn Energy Plc
  • In accordance with its original farm-out agreement with Chrysaor, Providence has a capped exposure of up to $20 million on drilling

Dragon Gas Project, St George's Channel (PVR 100%)

• 3D Pre-Stack Depth Migration ("PSDM") seismic reprocessing nearing completion
• Ongoing work with UK/Irish government regulators on potential field development, including the consent process for the drilling of a development well
• Consultants appointed to work on DICE (Dragon Interconnector) system, which is evaluating the potential for a new utility interconnector between Ireland and the United Kingdom

EXPLORATION ASSETS

Dunquin North & South Oil Prospects, Southern Porcupine Basin (PVR 16%)

• Dunquin North post-well analysis now complete 
  • c. 150' residual oil column encountered in massive over- pressured high porosity carbonate reservoir system
  • Pre-breach oil STOIIP - c. 1.2 BBOE
  • Current residual oil STOIIP - c. 600 MMBOE

• Dunquin South - un-risked Pmean prospective resources
  • Hydrocarbons in place - 3.475 BBOE
  • Recoverable - 1.389 BBOE
  • GPOS - 10%

Cuchulain Oil Prospect, Southern Porcupine Basin (PVR 5%)

• Incorporation of 44/23-1 Dunquin North well data into subsurface geological modelling
• Newly processed 3D seismic being interpreted

Drombeg Oil Prospect, Southern Porcupine Basin (PVR 80%)

• Conversion of Drombeg Licensing Option 11/9 into Frontier Exploration Licence 2/14
• Completed acquisition of 3D seismic survey over the Drombeg prospect (as part of the Polarcus multi-client 2014 programme) with initial results expected by the end Q1 2015

Newgrange Oil Prospect, Goban Spur Basin (80%)

• Conversion of Newgrange Licensing Option 11/11 into Frontier Exploration Licence  6/14
• Completion of 2D seismic survey over the Newgrange prospect (as part of the Polarcus/ Seabird's multi-client 2014 programme) with initial results expected in Q1 2015

Spanish Point South, Oil/Gas Prospects, Northern Porcupine Basin (PVR 32%)

• Conversion of Licencing Option 11/2 south of Spanish Point into Frontier Exploration Licence 1/14
• Completed acquisition of 3D seismic survey in FEL 1/14 with initial results expected in Q1 2015
• Latest resource estimates of 250 MMBOE  REC (excluding Spanish Point Project and other prospects contained within FEL's 2/04 and 4/08)

Silverback Oil Prospect, South Celtic Sea Basin (PVR 100%)

• Ongoing seismic interpretation, mapping and volumetrics for this significant mid-basinal Mesozoic anticlinal closure

Polaris Oil Prospect, Rathlin Basin (PVR 100%)

• Five anomalies have been identified, based on Full Tensor Gradiometry (FTG) Data, with the Polaris oil prospect in the Rathlin Sound high-graded as the main exploration target
• Polaris is geologically on-trend with the recent Ballinlea-1 oil discovery onshore Northern Ireland
• A further Ballinlea oil appraisal well, with EWT programme, is planned for Q1 2015 by Rathlin Energy, the results of which should significantly de-risk the Polaris prospect, in advance of drilling

Kish Bank Oil Prospect, Kish Bank Basin (PVR 50%)

• Ongoing work with regulators on the consent to acquire seismic and the drilling of an exploration well on the Kish Bank oil prospect

All planned drilling, site and seismic activities are based on relevant permit requirements and appropriate equipment availability/procurement.

FINANCIAL HIGHLIGHTS

• Operating loss for the period of €3.016 million compared to a loss of €3.335 million in H1 2013
• Net loss for the period of €3.374 million compared to a profit of €1.328 million in H1 2013, (2013 results included a net credit of €4.971 million attributed to the profit from the sale of the UK onshore operations (net of income tax)
•  Loss per share from continuing operations of 5.22 cents compared to a loss of 5.65 cents in H1 2013
• In June 2014, the Company entered into and drew down two loan facilities for general working capital totaling US$ 24 million with Melody Business Finance LLC, a US based financial provider
• At 30 June 2014, cash and cash equivalents were €18.040 million

Commenting on the Company's operations, Tony O'Reilly, Chief Executive of Providence, said:

"We have had another busy period so far this year. As we stated at our Annual General Meeting last month, the Barryroe farm out remains our main priority. Negotiations are now at an advanced stage and we are working hard to satisfactorily conclude this with the objective to return cash to the business and obtain capital funding, whilst also ensuring that Providence retains a material stake in Barryroe, with a clearly defined road map for the timely drilling (2015) and development of the field.

"In addition to our work to finalise the Barryroe farm out, our drilling plans for 2015 are also advancing well across the portfolio: our Spanish Point partners are currently seeking a rig for the 2015 drilling, which is targeting up to 200 MMBOE REC; appraisal drilling by a third party operator on the onshore part of the Rathlin Basin, which offsets our offshore Polaris oil prospect, is currently planned for Q1 2015,  which we believe will have a significant impact on the future drilling prospects of Polaris; our shallow water, high potential, Kish Bank oil prospect, offshore Dublin, is technically drill-ready and we are continuing to pursue the required consents to proceed with operations on this exciting prospect; and  we have discussed a phased development approach of the Dragon gas field with both UK and Irish regulators and are currently carrying out 3D PSDM seismic reprocessing to pave the way for the future drilling and ultimate development of the field. A separate piece of work is also being carried out on the evaluation of the DICE (Dragon Interconnector) system, where we are looking at the feasibility of a new south east utility interconnector between Ireland and the United Kingdom.

"In 2013, the Dunquin North exploration well confirmed the presence of an active oil-prone petroleum system, which has opened up the petroleum prospectivity of the southern Porcupine Basin in general, and the Dunquin South and Drombeg prospects, in particular. Post well analysis of the Dunquin North well confirms that the well intersected a c. 150' residual oil column, in massive over- pressured high porosity carbonate reservoir system. The analysis confirms the Dunquin North pre-breach oil STOIIP of c. 1.2 BBOE, with current estimated residual oil STOIIP of c. 600 MMBOE. These data have been used to determine updated volumetrics for Dunquin South, located some 25 kilometres miles from Dunquin North. The un-risked prospective Resources (Pmean) for Dunquin South are now estimated to be 3.475 BBOE hydrocarbons in place, with estimated recoverable resources of 1.389 BBOE.

"The Atlantic Margin area remains a key focus area for the Company and, during the period, we further consolidated our leading acreage position in this region with the conversion of the Spanish Point South, Drombeg and Newgrange Licensing Options into Frontier Exploration Licences. During the summer, we followed this up by participating in three new major seismic acquisition programmes off the west coast, over the Drombeg, Spanish Point South and Newgrange areas, all which were operated on time and within budget. We look forward to receiving the processed results from these surveys in the coming months which should put the company in a commanding position with regard to the upcoming Irish Atlantic Margin licensing round.

"We will continue, on behalf of our shareholders, to identify and realise the potential that exists offshore Ireland and we look forward to providing updates on our activities during the weeks and months ahead".

Tony O'Reilly	30 September 2014
Chief Executive

CONFERENCE CALL

A conference call for investors and analysts will be held at 9am BST today, Tuesday, 30 September.

Please see below details for the call:

• Ireland Local Dublin: [phone]
• Standard International Access: [phone]
• UK Toll Free: 0808 109 0700
• Password: Providence

To view the presentation sides, please go to www.meetingzone.com/presenter?partCEC=8965058 and use the following PIN: 8965058

REPLAY DETAILS

Replay for 7 days - [phone]; Pin: 8965058

CONTACTS
Providence Resources P.l.c.	Tel: [phone]
Tony O'Reilly, Chief Executive
John O'Sullivan, Technical Director
Powerscourt	Tel: [phone]
Lisa Kavanagh/Rob Greening
Murray Consultants	Tel: [phone]
Pauline McAlester
Cenkos Securities Plc	Tel: [phone]
Nick Wells/Max Hartley
J&E Davy	Tel: + 353 1 679 6363
Eugenee Mulhern/Anthony Farrell
Liberum	Tel: [phone]
Clayton Bush

TERMS USED IN THIS ANNOUNCEMENT
MMBO - Million Barrels of Oil
MMBOE - Million Barrels of Oil Equivalent
BBOE - Billion Barrels of Oil equivalent
BCF - Billion Cubic Feet of Gas
REC - Recoverable
STOIIP - Stock Tank Oil initially in Place
GPOS - Geological Possibility of Success
PSDM - Pre Stacked Depth Migration
Pmean - The Pmean value is the average of the numbers: a calculated "central" value of a set of numbers.

ABOUT PROVIDENCE
Providence Resources Plc is an Irish based oil & gas company with a portfolio of appraisal and exploration assets offshore Ireland and the U.K. The Company is currently leading a circa $500 million multi-year drilling programme on a number of exploration/development wells over 6 different basins offshore Ireland, representing the largest drilling campaign ever carried out offshore Ireland www.providenceresources.com.

ANNOUNCEMENT
This announcement has been reviewed by John O'Sullivan, Technical Director, Providence Resources P.l.c. John holds a B.Sc. in Geology from University College Cork, Ireland, a M.Sc. in Applied Geophysics from the National University of Ireland, Galway and a M.Sc.in Technology Management from The Smurfit School of Business at University College Dublin. John has worked in the offshore business for over 25 years and is a fellow of the Geological Society of London and member of The Petroleum Exploration Society of Great Britain. Definitions in this press release are consistent with SPE guidelines. He has recently completed a PhD dissertation at Trinity College, Dublin.

SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in preparing this announcement.

PROVIDENCE RESOURCES P.l.c.
Condensed consolidated income statement
For the 6 months ended 30 June 2014

	Notes	6 months ended 30 June 2014 Unaudited €'000	6 months ended 30 June 2013 Unaudited €'000	Year ended 31 December 2013 Audited €'000
Continuing operations
Administration expenses		(2,672)	(3,327)	(6,484)
Pre-licence expenditure		(245)	(8)	(68)
Impairment of  exploration and evaluation  assets		(99)	-	(678)
Operating loss	1	(3,016)	(3,335)	(7,230)
Finance income		16	61	180
Finance expense	3	(374)	(260)	(713)
Loss before income tax		(3,374)	(3,534)	(7,763)
Income tax expense		-	(109)	(5)
Loss from continuing operations		(3,374)	(3,643)	(7,768)
Profit / (loss) from discontinued operations (net of income tax)	2	-	4,971	4,971
(Loss) / profit for the period		(3,374)	1,328	(2,797)
Loss per share (cent) - continuing operations
Basic and diluted loss per share	7	(5.22)	(5.65)	(12.03)
Earnings per share (cent) - discontinued operations
Basic and diluted earnings per share	7	-	7.71	7.70
(Loss) / earnings per share (cent) - total
Basic and diluted earnings/ (loss) per share	7	(5.22)	2.06	(4.33)

PROVIDENCE RESOURCES P.l.c.
Consolidated statement of comprehensive income
For the 6 months ended 30 June 2014

	6 months ended 30 June 2014 Unaudited €'000	6 months ended 30 June 2013 Unaudited €'000	Year ended 31 December 2013 Audited €'000
Profit / (loss) for the financial period	(3,374)	1,328	(2,797)
Items that may be reclassified to profit or loss
Foreign exchange translation differences	83	71	1,426
Total income and expense recognised in other comprehensive income from continuing operations	83	71	1,426
Total comprehensive (expense) / income for the period	(3,291)	1,399	(1,371)

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 2014

	Notes	30 June 2014 Unaudited €'000	30 June 2013 Unaudited €'000	31 December 2013 Audited €'000
Assets
Exploration and evaluation assets	4	84,670	74,244	80,089
Property, plant and equipment		40	43	35
Total non-current assets		84,710	74,287	80,124
Trade and other receivables		3,026	4,880	2,891
Restricted cash		2,928	-	-
Cash and cash equivalents		18,040	23,817	8,998
Total current assets		23,994	28,697	11,889
Total assets		108,704	102,984	92,013
Equity
Share capital	5	18,151	18,137	18,151
Capital conversion reserve fund		623	623	623
Share premium	5	210,230	210,049	210,230
Singleton revaluation reserve		-	-	-
Foreign currency translation reserve		2,469	1,031	2,386
Share based payment reserve		4,738	6,083	5,382
Retained deficit		(168,680)	(162,969)	(165,950)
Total equity attributable to equity holders of the Company		67,531	72,954	70,822
Liabilities
Decommissioning provision		5,361	4,975	5,105
Total non-current liabilities		5,361	4,975	5,105
Trade and other payables		18,959	25,055	16,086
Loans and borrowings	6	16,853	-	-
Total current liabilities		35,812	25,055	16,086
Total liabilities		41,173	30,030	21,191
Total equity and liabilities		108,704	102,984	92,013

PROVIDENCE RESOURCES P.l.c.
Consolidated statement of changes in Equity
For the 6 months ended 30 June 2014

	Share Capital €'000	Capital Conversion Reserve Fund  €'000	Share Premium €'000	Singleton Revaluation   €'000	Foreign Currency Translation Reserve   €'000	Share Based Payment Reserve €'000	Retained Deficit €'000	Total €'000
At 1 January 2013	18,136	623	209,975	2,471	(3,752)	4,942	(164,297)	68,098
Profit for financial period	-	-	-	-	-	-	1,328	1,328
Currency translation	-	-	-	-	71	-	-	71
Cashflow hedge	-	-	-	-	-	-	-	-
Total comprehensive income	-	-	-	-	71	-	1,328	1,399
Transactions with owners, recorded directly in equity
Shares issued in period	-	-	-	-	-	-	-	-
Share based payments	-	-	-	-	-	1,141	-	1,141
Share options exercised	1	-	74	-	-	-	-	75
Transfer to P&L - Singleton sale	-	-	-	(2,471)	4,712	-	-	2,241
At 30 June 2013	18,137	623	210,049	-	1,031	6,083	(162,969)	72,954
At 1 January 2014	18,151	623	210,230	-	2,386	5,382	(165,950)	70,822
Profit for financial period	-	-	-	-	-	-	(3,374)	(3,374)
Currency translation	-	-	-	-	83	-	-	83
Cashflow hedge	-	-	-	-	-	-	-	-
Total comprehensive income	-	-	-	-	83	-	(3,374)	(3,291)
Transactions with owners, recorded directly in equity
Shares issued in period	-	-	-	-	-	-	-	-
Share options lapsed in period	-	-	-	-	-	(644)	644	-
Share options exercised	-	-	-	-	-	-	-	-
Transfer to P&L - Singleton sale	-	-	-		-	-	-
At 30 June 2014	18,151	623	210,230	-	2,469	4,738	(168,680)	67,531
At 1 January 2013	18,136	623	209,975	2,471	(3,752)	4,942	(164,297)	68,098
Loss for financial year	-	-	-	-	-	-	(2,797)	(2,797)
Currency translation	-	-	-	-	1,426	-	-	1,426
Cashflow hedge	-	-	-	-	-	-	-	-
Total comprehensive income	-	-	-	-	1,426	-	(2,797)	(1,371)
Transactions with owners, recorded directly in equity
Shares issued in year	-	-	-	-	-	-	-	-
Share based payments	-	-	-	-	-	1,584	-	1,584
Share options exercised in year	15	-	255	-	-	-	-	270
Share options lapsed in year	-	-	-	-	-	(927)	927	-
Share options forfeited in year	-	-	-	-	-	(217)	217	-
Reclassified to gain on disposal	-	-	-	(2,471)	4,712	-	-	2,241
Warrants redemption	-	-	-	-	-	-	-
Bond redemption	-	-	-	-	-	-	-	-
At 31 December 2013	18,151	623	210,230	-	2,386	5,382	(165,950)	70,822

PROVIDENCE RESOURCES P.l.c.
Consolidated statement of cash flows           
For the 6 months ended 30 June 2014

	6 months ended 30 June 2014	6 months ended 30 June 2013	Year ended 31 December 2013
	Unaudited	Unaudited	Audited
	€'000	€'000	€'000
Cash flows from operating activities
Loss before income tax - continuing operations	(3,374)	(3,534)	(7,763)
Profit/(loss) before income tax - discontinuing operations	-	4,971	4,971
Profit/ (loss) before income tax for the period	(3,374)	1,437	(2,792)
Adjustments for:
Depletion and depreciation	11	309	272
Gain on sale of discontinued operation	-	(6,096)	(6,096)
Abandonment provision	-	-	(379)
Impairment of exploration and evaluation assets	99	8	678
Finance income	(16)	(61)	(180)
Finance expense	374	260	3,455
Equity settled share based  payment charge	-	1,141	1,584
Foreign exchange	(137)	2,795	101
Change in trade and other receivables	(135)	(875)	2,907
Change in trade and other payables	2,896	1,610	(8,869)
Interest paid	-	(363)	(363)
Hedge repayments	-	(36)	(33)
Net cash (outflow) / inflows from operating activities	(282)	129	(9,715)
Cash flows from investing activities
Interest received	16	61	180
Acquisition of exploration and evaluation assets	(4,680)	(7,176)	(13,691)
Acquisition of property, plant and equipment	(15)	-	(14)
Change in restricted cash	(2,928)	-	910
Disposal of discontinued operation	-	15,894	16,235
Net cash from investing activities	(7,607)	8,779	3,620
Cash flows from financing activities
Proceeds from issue of share capital	-	76	270
Share capital issue costs	-	-	-
Repayment of loans and borrowings	-	(1,564)	(1,565)
Proceeds from drawdown of loans and borrowings	16,823	-	-
Net cash from financing activities	16,823	(1,488)	(1,295)
Net increase/(decrease) in cash and cash equivalents	8,934	7,420	(7,390)
Cash and cash equivalents at beginning of  period	8,998	16,831	16,831
Effect of exchange rate fluctuations on cash and cash equivalents	108	(434)	(443)
Cash and cash equivalents at end of period	18,040	23,817	8,998

PROVIDENCE RESOURCES P.l.c.
Note 1
Operating segments

	6 months ended 30 June 2014	6 months ended 30 June 2013	Year ended 31 December 2013
	Unaudited	Unaudited	Audited
	€'000	€'000	€'000
Segment net (loss) for the period
UK - exploration assets	(2)	782	-
Republic of Ireland - exploration assets	(97)	(268)	(678)
US - assets	-	29	-
Corporate expenses	(2,917)	(3,878)	(6,552)
Operating loss for the period	(3,016)	(3,335)	(7,230)
Segment assets
UK - producing assets - classified as held for sale	-	-	-
UK - exploration assets	1,682	1,160	1,141
Republic of Ireland - exploration assets	85,910	77,770	78,948
US	27	138	189
Group assets	21,085	23,916	11,735
Total assets	108,704	102,984	92,013
Segment Liabilities
UK - producing - classified as held for sale	-	-	-
UK - exploration	(159)	(382)	(74)
Republic of Ireland - exploration	(23,437)	(28,220)	(21,047)
US	(15)	(116)	(7)
Group liabilities	(17,562)	(1,312)	(63)
Total Liabilities	(41,173)	(30,030)	(21,191)
Capital Expenditure
UK - producing assets - classified as held for sale	-	-	-
UK - exploration assets	360	293	367
Republic of Ireland - exploration assets	4,320	6,883	13,324
Republic of Ireland - property, plant and equipment	15	-	14
Total Capital Expenditure	4,695	7,176	13,705
Depletion and decommissioning charge
UK - producing assets (discontinued operations)	-	-	-
Republic of Ireland - exploration assets	-	-	-
	-	-	-
Impairment charge
Republic of Ireland - exploration assets	97	8	678
UK - development and production assets	2	-	-
	99	8	678

PROVIDENCE RESOURCES P.l.c.
Note 2
Discontinued Operations

	6 months ended 30 June 2014	6 months ended 30 June 2013	Year ended 31 December 2013
	Unaudited	Unaudited	Audited
	€'000	€'000	€'000
Results of discontinued operations
Revenue	-	2,411	2,411
Cost of sales	-	(615)	(615)
Gross profit	-	1,796	1,796
Administration expenses	-	(179)	(179)
Impairment of assets	-	-	-
Results from operating activities	-	1,617	1,617
Finance expense	-	(2,742)	(2,742)
Results from operating activities before tax	-	(1,125)	(1,125)
Income tax (charge)/credit	-	-	-
Results from operating activities after tax	-	(1,125)	(1,125)
Profit on sale of discontinued operations	-	6,096	6,096
Profit / (loss) for the period	-	4,971	4,971
Basic profit/(loss) per share	-	7.71	7.70
Diluted profit / (loss) per share	-	7.71	7.70
Cashflow from discontinued operations
Net cash from operating activities	-	1,496	1,772
Net cash from investing activities	-	-	-
Net cash from financing activities	-	(1,565)	(1,565)
Net cash flows for the period	-	69	207

Gain on sale of discontinued operations - UK disposal

			Audited
			€'000
Net proceeds received	-	-	17,028
Disposal	-	-	(793)
	-	-	16,235
Net assets disposed of	-	-	7,898
Transfer from revaluation reserve	-	-	(2,471)
Transfer from FCTR			4,712
	-	-	10,139
Gain on disposal	-	-	6,096

PROVIDENCE RESOURCES P.l.c.
Note 3
Finance Expense

	6 months ended 30 June 2014	6 months ended 30 June 2013	Year ended 31 December 2013
	Unaudited	Unaudited	Audited
	€'000	€'000	€'000
Interest expense	118	-	-
Unwinding of discount on decommissioning provision	256	260	713
Total finance expense	374	260	713
Recognised directly in equity
Foreign currency differences on foreign operations	83	4,783	6,138
Reclassified to gain on disposal (note 2)	-	(4,712)	(4,712)
Net change in fair value of cashflow hedge transferred to income statement	-	-	-
Total finance expenses	83	71	1,426

PROVIDENCE RESOURCES P.l.c.
Note 4
Exploration and evaluation assets

	Republic of Ireland	UK	Total
	€'000	€'000	€'000
Cost and book value
At 1 January 2013	66,302	774	67,076
Additions	6,188	175	6,363
Cash calls received in period	-	-	-
Administration expenses capitalised	695	118	813
Impairment charge	(8)	-	(8)
At 30 June 2013	73,177	1,067	74,244
At 1 January 2013	66,302	774	67,076
Additions	13,006	127	13,133
Administration expenses capitalised	1,517	240	1,757
Cash call received in year	(1,199)	-	(1,199)
Impairment charge	(678)	-	(678)
Increase in abandonment provision	-	-	-
At 31 December 2013	78,948	1,141	80,089
At 1 January 2014	78,948	1,141	80,089
Additions	2,977	320	3,297
Administration expenses capitalised	1,343	40	1,383
Impairment charge	(97)	(2)	(99)
At 30 June 2014	83,171	1,499	84,670

PROVIDENCE RESOURCES P.l.c.
Note 5
Share Capital and Share Premium

		Number
Authorised:		'000	€'000
At 1 January and 30 June 2014
Deferred shares of €0.011 each		1,062,442	11,687
Ordinary shares of €0.10 each		123,131	12,313
	Number	Share Capital	Share Premium
Issued:	'000	€'000	€'000
Deferred shares of €0.011 each	1,062,442	11,687	5,691
Ordinary share of €0.10 each	64,498	6,449	204,284
At 1 January 2013	64,498	18,136	209,975
Share options exercised in period	15	1	74
At 30 June 2013	64,513	18,137	210,049
Share options exercised in period	136	14	181
At 31 December 2013	64,649	18,151	210,230
Share options exercised in period	-	-	-
At 30 June 2014	64,649	18,151	210,230

PROVIDENCE RESOURCES P.l.c.
Note 6
Loans and Borrowings

	Loan facility	Loan fees	Total
	€'000	€'000	€'000
At 1 January 2014	-	-	-
Drawn down in year	17,573	(750)	16,823
Written off to income statement	-	30	30
Repaid during year	-	-	-
Foreign exchange	-	-	-
At 30 June 2014	17,573	(720)	16,853
At 1 January 2013	-	-	-
Repaid during year	-	-	-
At 31 December 2013	-	-	-
Repaid during period	-	-	-
Foreign exchange	-	-	-
At 30 June 2013	-	-	-
Analysed as follows:	30 June 2014	31 December 2013	30 June 2013
Non-Current	€'000	€'000	€'000
Credit facility	-	-	-
Total	-	-	-
Current
Credit facility	16,853	-	-
Total	16,853	-	-
At end of period	-	-	-

In June 2014, the Group entered into two short term loan facilities with Melody Finance for $20 million and $4 million. The facilities mature in 1 June 2015. The facilities are secured over the assets of the Group via a floating charge.

PROVIDENCE RESOURCES P.l.c.
Note 7
Earnings per share

	30 June 2014	30 June 2013	31 December 2013
	Unaudited	Unaudited	Audited
	€'000	€'000	€'000
Loss attributable to equity holders of the company from continuing operations	(3,374)	(3,643)	(7,768)
The basic weighted average number of Ordinary share in issue ('000)
In issue at beginning of year	64,649	64,498	64,498
Adjustment for shares issued in period	-	-	64
Weighted average number of ordinary shares	64,649	64,498	64,562
Basic loss per share (cent) - continuing operations	(5.22)	(5.65)	(12.03)
The weighted average number of ordinary shares for diluted earnings per share calculated as follows:
Weighted average number of ordinary shares	64,649	64,498	64,562
Diluted loss per share (cent) - continuing operations	(5.22)	(5.65)	(12.03)
Profit attributable to equity holders from - discontinued operations	-	4,971	4,971
Basic earnings per share (cent) - discontinued operations	-	7.71	7.70
Diluted earnings per share (cent) - discontinued	-	7.71	7.70
Total (loss) / profit attributable to equity holders of the company	(3,374)	1,328	(2,797)
Basic (loss) / earnings per share	(5.22)	2.06	(4.33)
Diluted (loss) / earnings per share	(5.22)	2.06	(4.33)

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 8
Related party transactions

1. Mr. Tony O'Reilly Jnr, has through Kildare Consulting Limited, a company beneficially owned by him, renewed a contract for the provision of service to the company outside the Republic of Ireland effective 1 September 2013. The amount paid under the contract from 1 January to 30 June 2014 was €222,525.
2. The contract referred to in Note 8 (a) above is of two years duration and is subject to one year's notice period.

PROVIDENCE RESOURCES P.l.c.
Note 9
Commitments

As at 30 June 2014, the Group has capital commitments of approximately €19.9m to contribute to its share of costs of exploration and evaluation activities over the next 12 months.

  30 SEPTEMBER 2014

LIST OF ASSETS

				PVR	OTHER	ASSET
LICENCE	ISSUED	ASSET	OPERATOR	EQUITY %	PARTNERS	TYPE
CELTIC SEA BASIN
SEL 1/11	2011	Barryroe	Providence	80%	Lansdowne	Oil discovery
LO 12/4	2012	Barryroe North	Providence	80%	Lansdowne	Oil discovery
SEL 2/07	2007	Dunmore	Providence	73%	Atlantic; Sosina	Oil discovery
SEL 2/07	2007	Helvick	Providence	56%	Atlantic; Sosina; Lansdowne, ABT	Oil and gas discovery
SEL 2/07	2007	Hook Head	Providence	73%	Atlantic; Sosina	Oil and gas discovery
ST GEORGE'S CHANNEL BASIN
SEL 1/07	2007	Dragon	Providence	100%		Gas discovery
PL 1930 (UK)	2011	Dragon	Providence	100%		Gas discovery
SEL 1/07	2007	Pegasus	Providence	100%		Oil and gas exploration
SEL 1/07	2007	Orpheus	Providence	100%		Oil and gas exploration
SEL 1/07	2007	Dionysus	Providence	100%		Oil and gas exploration
KISH BANK BASIN
SEL 2/11	2011	Kish Bank	Providence	50%	Petronas	Oil and gas exploration
RATHLIN BASIN
PL 1885 (UK)	2011	Polaris	Providence	100%		Oil and gas exploration
PORCUPINE BASIN
FEL 2/04	2004	Spanish Point	Cairn	32%	Chrysaor; Sosina	Gas condensate discovery
FEL 2/04	2004	Burren	Cairn	32%	Chrysaor; Sosina	Oil discovery
FEL 2/04	2004	Wilde	Cairn	32%	Chrysaor; Sosina	Oil discovery
FEL 2/04	2004	Beehan	Cairn	32%	Chrysaor; Sosina	Oil discovery
FEL 4/08	2008	Cama (Nth & Sth)	Cairn	32%	Chrysaor; Sosina	Oil and gas exploration
FEL 4/08	2008	Rusheen (Nth & Sth)	Cairn	32%	Chrysaor; Sosina	Oil and gas exploration
FEL 4/08	2008	Costelloe	Cairn	32%	Chrysaor; Sosina	Oil and gas exploration
FEL 4/08	2008	Shaw	Cairn	32%	Chrysaor; Sosina	Oil and gas exploration
FEL 4/08	2008	Synge	Cairn	32%	Chrysaor; Sosina	Oil and gas exploration
FEL 1/14	2014	Spanish Point Sth	Cairn	32%	Chrysaor; Sosina	Oil and gas exploration
SOUTH PORCUPINE BASIN
FEL 3/04	2004	Dunquin	ExxonMobil	16%	Repsol; Eni; Sosina; Atlantic	Oil and gas exploration
FEL 1/99	1999	Cuchulain	ENI	5%	Sosina; ExxonMobil	Oil and gas exploration
FEL 2/14	2014	Drombeg	Providence	80%	Sosina	Oil and gas exploration
GOBAN SPUR BASIN
FEL 6/14	2014	Newgrange	Providence	80%	Sosina	Oil and gas exploration
SOUTH CELTIC SEA BASIN
LO 13/4	2013	Silverback	Providence	100%		Oil and gas exploration

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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

HUG#1859517