Interim Results for the Six Months Ended 30 Jun...

Embargo: 7:00am 28 September 2011 PROVIDENCE RESOURCES P.l.c. ("Providence" or the "Company") INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 PRODUCTION Singleton, Onshore UK * Completion of two well development drilling programme * Increase in audited oil reserve base by 44 % to 7.7 MMBO (2P) * Production levels for the period were down 7.5% to 92,631 BOPD (H1 2010: 100,168 BOPD) primarily due to interruptions caused by the conclusion of the 2010 drilling programme, which carried on into 2011 * Current production has been running at c. 900 BOEPD, close to end 2010 production target * On target for increased production to 1,500 BOEPD within the next 2 years. * Plan for drilling of next production well (X12) underway for Q4 2011 spud Sale of Gulf of Mexico assets * Consideration of up to $22 million: ($15 million cash received in March 2011 with the potential for a further $7 million deferred payment) * Proceeds applied to debt reduction DRILLING ACTIVITIES * Announcement of multi-well drilling programme (from 2011 through 2013) covering both appraisal and exploration projects in six geological basins offshore Ireland. This will be the largest, multi-basin, offshore drilling programme in the history of the State. First drilling activities scheduled for October on the Barryroe oil discovery. KEY APPRAISAL ACTIVITIES Barryroe, North Celtic Sea Basin * GSF Arctic II1 semi-submersible rig contracted for drilling operations on 48/24-J appraisal well, to commence next month * 240 sq km 3D seismic survey acquired over Barryroe oil discovery. Fast-track seismic processing complete with interpretation and finalisation of well location ongoing * Memorandum of Agreement with Shell to negotiate an oil off take sale and purchase agreement in relation to future potential oil production in the North Celtic Sea Basin Spanish Point, Main Porcupine Basin * Exercise of option by Chrysaor to increase its stake to 60.0% in FEL 2/04, with Providence and Sosina retaining 32.0% and 8.0%, respectively * Well commitment given on FEL 2/04 by partners * 220 sq km 3D seismic acquired over FEL 4/08, adjacent to the Spanish Point and Burren discoveries Dragon, St George's Channel Basin * Extension of first phase of SEL 1/07 to 31 December 2012 * Plans being finalised for a well to be drilled in 2012 * Out of Round Application for the adjacent UK seaward block 103/1 made to the UK Department of Energy and Climate Change, which includes the UK portion of the 103/1-1 Dragon gas discovery. The licence award decision is pending ULYSSES, Kish Bank Basin * AMEC Study confirmed ULYSSES gas storage concept is economically and technically feasible KEY EXPLORATION ACTIVITIES Dalkey Island, Kish Bank Basin * Partners made exploration well commitment to Irish Government * Foreshore licence application underway for 2012 drilling * Geochemical study indicates presence of highly mature oil prone source rock Dunquin, South Porcupine Basin * Farm-in by Repsol to licence will lead to equity percentages of ExxonMobil (27.5%), ENI (27.5%), Repsol (25.0%), Providence (16.0%) and Sosina (8.0%) * Drilling preparations ongoing with drill date announcement awaited from the operator Rathlin, Rathlin Basin * Formal award of Rathlin Island Licence PL 5/10 (onshore) * Application pending for offshore licences in Rathlin Basin KEY FINANCIAL ACTIVITIES Share Placing * Successful Placing of 16.096 million new ordinary shares in March 2011 at £2.55 per share, raising gross proceeds of £41.0 million (c.$65.7 million) Debt Re-structuring * New facility of $60 million arranged in July 2011 through innovative pre- paid oil swap transaction with Deutsche Bank AG, with the proceeds being used to repay the BNP Paribas reserve based lending facility and to fund the ongoing development plan at Singleton Sale of AJE * The Company has entered into a Heads of Agreement to divest its Nigerian subsidiary, which holds its interest in OML 113, to Jacka Resources Limited, an ASX-listed company, for a consideration of $16.0 million. FINANCIAL INFORMATION - INTERIM REPORT * Revenue from continuing operations of €5.717 million, down 4.4% (H1 2010: €5.977 million) * Loss from operating activities amounted to €3.191 million  (H1 2010: profit €2.007 million) * Once off impairment charge of €4.4 million related to unfinished drilling at Singleton (X8v well) * Loss before tax of €9.832 million (H1 2010: profit of €0.584 million) * Loss for the period of €16.355 million (H1 2010: loss €1.222 million) * 42.32 cent loss per share (H1 2010: loss 3.74 cent) * Cash and cash equivalents at June 30th of €46.258 million (excludes restricted cash) Commenting on today's results, Tony O'Reilly, Chief Executive of Providence, said: "The first six months of 2011 have been extremely busy for the Company and its partners as we prepare to commence the biggest concerted drilling programme ever carried out offshore Ireland. Providence's shareholders have waited patiently for this moment, and the forthcoming spudding of the first well in the programme, on the Barryroe oil discovery,  is a momentous step forward that should not only unlock the value of this particular asset but should also trigger a complete industry re-appraisal of the Irish offshore. Given recent industry advances in technology and pricing, as well as Ireland's now established infrastructure and fiscal regime, the time has now come for Ireland's hydrocarbon potential to be realised.  Providence, as the leading Irish based E&P company, with its extensive acreage position, outstanding technical capabilities and world class international partners, intends to be at the forefront of this realisation for its' shareholders." Tony O'Reilly Chief Executive September 28, 2011 Contacts: Providence Resources Plc        Tel: +353 (0)1 219 4074 Tony O'Reilly Powerscourt        Tel: +44 (0)207 250 1446 Lisa Kavanagh/Rob Greening Murray Consultants Tel: +353 (0)1 498 0300 Pauline McAlester Cenkos Securities Plc Tel: +44 (0)207 397 8900 Adrian Hargraves/Nick Wells J&E Davy Tel: + 353 (0)1 679 6363 Eugenee Mulhern/ Stephen Barry About Providence Providence Resources Plc is an Irish based oil and gas exploration company listed on the AIM market in London and on Dublin's ESM market. Providence's portfolio of production, appraisal and exploration assets includes licence interests in Ireland (offshore), the United Kingdom (onshore) and Nigeria (offshore). In 2011, Providence announced plans to invest with its partners upwards of $500 million in the drilling of a number of exploration and development wells in the 6 basins in which it has licences interests offshore Ireland. This multi-year programme represents the largest drilling campaign ever carried out offshore Ireland.www.providenceresources.com. Announcement In accordance with the AIM Rules - Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and approved by John O'Sullivan, Exploration Manager of Providence Resources P.l.c. John O'Sullivan is a Geology graduate of University College Cork and holds a Masters in Geophysics from The National University of Ireland, Galway. John 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 PhD in Geology at Trinity College, Dublin. John is a Fellow of the Geological Society and a member of the Petroleum Exploration Society of Great Britain. He has over 20 years experience in the oil and gas exploration and production industry and is a qualified person as defined in the guidance note for Mining Oil & Gas Companies, March 2006 of the London Stock Exchange. Glossary of terms used in this Announcement ALL FIGURES QUOTED ARE GROSS FIGURES, UNLESS OTHERWISE STATED BOPD: Barrels of Oil per Day MMSCFGD: Million Standard Cubic Feet of Gas per Day MMBO: Millions of Barrels of Oil BOEPD: Barrels of Oil Equivalent per Day BOE: Barrels of Oil Equivalent (1 BOE = 6,000 SCFG) BSCF: Billion Standard Cubic Feet of Gas SEL: Standard Exploration Licence (Ireland) FEL: Frontier Exploration Licence (Ireland) PL: Prospecting Licence (United Kingdom) SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in preparing this announcement LIST OF ASSETS Asset Basin Operator   % Type IRELAND Barryroe Celtic Sea Providence 50.0% Oil discovery Hook Head Celtic Sea Providence 72.5% Oil & gas discovery Dunmore Celtic Sea Providence 72.5% Oil discovery Helvick Celtic Sea Providence 62.5% Oil & gas discovery Nemo Celtic Sea Providence 54.4%1 Oil & gas discovery Baltimore Celtic Sea Providence 60.0% Oil discovery Marlin Celtic Sea Providence 30.0%2   Oil & gas exploration Dalkey Island Kish Bank Providence 50.0% Oil & gas exploration ULYSSES Kish Bank EIRGAS 100.0%3 Gas storage evaluation Spanish Point Main Porcupine Providence 32.0% Oil & gas development Burren Main Porcupine Providence 32.0% Oil discovery Wilde Main Porcupine Providence 32.0% Oil & gas exploration Cama Main Porcupine Providence 32.0% Oil & gas exploration FEL 4/08 Main Porcupine Providence 32.0% Oil & gas exploration Spanish Point Main Porcupine Providence 32.0% Oil & gas South exploration Dunquin South Porcupine ExxonMobil 16.0%4 Oil & gas exploration Cuchulain South Porcupine ENI 3.2% Oil & gas exploration Pegasus St George's Providence 100.0% Oil & gas Channel exploration Orpheus St George's Providence 100.0% Oil & gas Channel exploration Dionysus St George's Providence 100.0% Oil & gas Channel exploration Dragon (part) St George's Providence c.25.0% Gas development Channel 1 Subject to terms of farm out with Nautical 2 Providence holds 60% of licence; Equity shown is net for Marlin Prospect 3 EIRGAS Limited is a 100% owned SPV established by Providence to invest in gas storage/ CCS opportunities offshore Ireland/UK 4 Subject to terms of farm out with ExxonMobil UNITED KINGDOM Singleton Onshore, Weald Providence 99.1% Oil & gas production Baxter's Copse Onshore, Weald Providence 50.0% Oil discovery Burton Down Onshore, Weald Providence 50.0% Oil & gas exploration Rathlin Island Rathlin, N. Providence 100.0% Oil & gas Ireland exploration NIGERIA AJE, OML 1135 Offshore Nigeria YFP/Chevron 6.7% Oil & gas development 5 Subject to conditional sale to Jacka Resources Limited as per HOA FINANCIAL HIGHLIGHTS Financial Results for the Half Year ending June 30th 2011 Revenues from continuing operations for the first half of 2010 were down 4.35% to €5.717 million (from €5.977 million in H1 2011) due to decreased volumes, arising from interruptions caused primarily by the completion of works from the 2010 drilling operations, which carried on into 2011. The average oil price per barrel achieved (after swaps) in H1 2011 was $90.40 compared to $78.42 in the same period last year, and overall production was 92,631 barrels of oil (H1 2010: 100,168). The Company incurred a loss from operating activities of €3.191 million (HI 2010 profit of €2.007 million), and following finance expenses, the loss before tax was €9.832 million (HI 2010 profit of €0.584 million). Included in the results is a once off impairment charge relating to the costs of the drilling and commissioning of the X8 dual lateral well at Singleton. Due to down-hole mechanical issues, production from this well has been delayed and a remedial work-over is planned for 2012. After taxation expenses of €1.346 million (H1 2010: €1.265 million), and the added net loss from discontinued operations in the period of €5.177 million, the Company incurred an overall loss of €16.355 million (H1 2010: loss €1.222 million). On a per share basis, this resulted in a 42.32 cent loss per share (H1 2010: loss 3.74 cent). In March 2011, the Company raised $65.7 million (gross) through the placing of 16.1 million new ordinary shares, with the proceeds being used to strengthen Providence's balance sheet by reducing net debt levels, as well as providing additional working capital for future drilling and seismic activities. As of June 30th, cash and cash equivalents were €46.258 million. In July 2011, the Company borrowed $60 million via an oil prepaid swap with Deutsche Bank AG based on a forward sale of a percentage of Singleton production for the next six years. The Company used the proceeds of this transaction to repay all outstanding bank borrowings under the reserve base lending facility with BNP Paribas. Sale of AJE, OML 113, Offshore Nigeria The Company has entered into a Heads of Agreement to divest its Nigerian subsidiary, which holds its interest in OML 113, to Jacka Resources Limited, ("Jacka") an ASX-listed company, for a consideration of $16 million, which will be paid in instalments, with the final payment due on 30 April 2012.  Jacka and the Company have negotiated a formal Sale & Purchase agreement which is expected to be executed before the end of October. The transaction is conditional upon waiver of Joint Venture pre-emptive rights and the receipt of all necessary corporate and regulatory approvals. Upon satisfaction of these conditions, this divestment is due to complete in November 2011, with the proceeds being used to reduce a portion of the convertible bond debt. OPERATIONAL HIGHLIGHTS - PRODUCTION Singleton Oil Field, Onshore UK (99.125% interest) The Singleton oil field is located in the Weald Basin, West Sussex, southern England. Since production commenced in 1986, the field has produced c. 4.1 MMBO from an oil in-place resource of up to c.107 MMBO. The latest Singleton field development plan indicates that the Company can expect to meet its stated objective of increasing field production to in excess of 1,500 BOEPD within the next two years. This will be achieved through a phased programme of activities on the field including in-fill drilling, monetisation of gas through gas to wire power generation and massive acid stimulation programmes. In the first half of 2011, daily oil production averaged 512 barrels (versus 553 in HI 2010), with production rates in the first half being interrupted by the conclusion of drilling operations on site, which resulted in increased production from the new X11 well.  Current daily production rates are c. 900 BOEPD (c. 650 BOPD). Updated Reserve Report In March 2011, an independent updated third party reserve audit was completed by reserve auditors, Collarini & Associates. This audit confirmed an increase in reserves to 7.7 MMBO of 2P net oil reserves at Singleton as of 1st March 2011, representing an increase of 44% in 2P oil reserves compared to the previous report (from 1st January 2010). Forward Programme The planned investment programme at Singleton includes a new production well (X12), the ongoing work on the GTW (Gas to wire) programme, combined with regular well optimisation through acid stimulation and work-overs. The Company has secured a rig for the X12 well and is finalising drilling preparations, with an expected spud date in Q4 2011. Other activities, such as acid stimulation, are expected to commence in the first half of 2012. Baxter's Copse, PEDL 233, Onshore UK (50.0% interest) The Company and Northern Petroleum Plc are partners in licence PEDL 223, which is adjacent to Singleton. A number of exploration and development opportunities have been identified within the block, principally the Baxter's Copse oil discovery. An RPS Energy third party reserve audit attributes 2P and 3P gross undeveloped reserves of 2.7 MMBO and 7.5 MMBO respectively net to Providence. OPERATIONAL HIGHLIGHTS - DEVELOPMENT/APPRAISAL Barryroe, Celtic Sea Basin, Offshore Ireland (50.0% interest) Barryroe is a proven oil discovery situated in the Celtic Sea Basin. The field has been 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 Cretaceous Middle and Lower Wealden age and the oil is light (c. 30-45o API) with a relatively high wax content ranging from c12- 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 (Jaguar survey) was carried out in June 2011 as part of the planned pre-development programme. Barryroe 48/24-J Appraisal Well The pre-development drilling programme on the Barryroe oil discovery is scheduled to commence next month using the contracted semi-submersible rig, the GSF Arctic III. Providence will operate the drilling of the well with partners San Leon Energy (30.0%) and Lansdowne Oil & Gas (20.0%). This well, which will be the fifth on the field, has been designed to provide appraisal of the discovery through the acquisition of key data such as core/image logs, reservoir extent/connectivity, geo-mechanical data, and fluid samples and flow rates - all of which will be incorporated in field development planning. Hook Head, Celtic Sea Basin, Offshore Ireland (72.5% interest) Hook Head is located offshore Wexford in Standard Exploration Licence 2/07 in the North Celtic Sea Basin. 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. Shell MOU 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. Baltimore, Celtic Sea Basin, Offshore Ireland (60.0% interest) The Baltimore heavy oil discovery located in block 48/19(p) in the North Celtic Sea Basin. The 48/19-2 discovery well is situated some c. 30 kilometres off the south coast of Ireland. Discovered in 1992, this c. 11o API heavy oil accumulation is estimated to have an in-place resource potential of up to c. 300 MMBO. Field assessment studies are continuing through our partner Nautical Petroleum ("Nautical"), and a technical update is expected during Q4 2011. Nemo, Celtic Sea Basin, Offshore Ireland (54.4% interest) In 2010, the Company completed a resource assessment of the heavy oil potential underlying the Ardmore gas field (which contains an estimated 30 BCF), known as Nemo. This work indicated an in-place resource potential of up to c. 230 MMBO of c. 16o API oil. Providence subsequently announced a two step farm-out with Nautical, 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. Helvick, Celtic Sea Basin, Offshore Ireland (62.5% interest) The Helvick Field is located in Standard Exploration Licence (SEL) 2/07 in the North Celtic Sea Basin. 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. Spanish Point, Main Porcupine Basin, Ireland (32.0% interest) In 2009, Providence and its partners (Chrysaor and Sosina) acquired a c. 300 sq km 3D seismic survey over the Spanish Point licence, which contains the Spanish Point gas discovery and the adjacent Burren oil discovery. The Company subsequently announced encouraging results from this 3D seismic, which confirmed a resource level of up to c. 510 MMBOE in place with up to c. 200 MMBOE recoverable, with peak production rates having been modelled at over 70,000 BOEPD. This was followed, in the first quarter 2011, with a confirmation by the partners to move to the next stage of licence, requiring a well commitment. Chrysaor Exercises Option In March 2011, under the terms of its farm-in, Chrysaor elected to exercise its option to drill up to two appraisal wells on the Spanish Point discovery. In return for committing to this work programme, Chrysaor will double its equity participation in FEL 2/04 and FEL 4/08 from 30% to 60% and will assume the drilling management role for the Spanish Point programme. As a result, Providence's equity decreases from 56.0% to 32.0%. As part of the option, there is a cap on Providence's financial exposure to the drilling. The partnership has already high-graded the primary appraisal well location and planning has commenced for drilling, including the sourcing of a suitable rig for 2012 drilling. Galleon Survey In July 2011, the Company, on behalf of its partners Chrysaor and Sosina, acquired a c. 220 km2 survey over acreage adjacent to the Spanish Point licence. Processing of this seismic data has commenced. Independent CPR over FEL 2/04 and FEL 4/08 Senergy, a leading Aberdeen-headquartered energy services company, carried out a Competent Persons Report (CPR) on the resource potential of FEL 2/04 and FEL 4/08 in April 2011. This study independently assessed gross un-risked recoverable prospective resources of up to c. 750 MMBOE in FEL 2/04 and FEL 4/08. This resource potential covers a number of prospects including Wilde, the newly identified Cama prospect, and the Burren oil discovery (up to c. 66 MMBO REC). The CPR also evaluated the contingent resource potential at Spanish Point and has attributed gross contingent resources that are in line with the previously reported volumes of up to c. 200 MMBOE REC. Dragon, St George's Channel Basin, Offshore Ireland (100.0% interest) The Dragon gas field is partially located in Standard Exploration Licence (SEL) 1/07 in the St George's Channel Basin. The licence contains the mapped extension of the UK Dragon gas discovery into Irish waters, as well as the deeper Orpheus and Pegasus exploration prospects. Providence's application for a licence on the UK side of the Dragon gas field is pending and well preparations are underway for the drilling of an appraisal well in 2012. OPERATIONAL HIGHLIGHTS - EXPLORATION Dunquin Prospect, South Porcupine Basin, Offshore Ireland (16.0% interest) The Dunquin exploration prospect is located in the South Porcupine Basin. The prospect is operated by ExxonMobil Exploration and Production (Offshore) Ireland Limited and has associated P50 & P10 prospective recoverable resources of c. 1.7 BBOE & c. 3.7 BBOE, respectively. In August 2009, the Company confirmed that ExxonMobil, on behalf of the Dunquin partners, had notified the Irish Department of Communications, Energy and Natural Resources that it had elected to enter the second phase of the licence, which carries a firm well commitment within the Dunquin licence area. In 2010, a pre-drill site survey was successfully concluded in September 2011, the multi-national Spanish headquartered oil company Respol farmed in to 25.0% of the prospect. The resultant equity holdings are ExxonMobil (operator, 27.5%), ENI (27.5%), Repsol (25.0%), Providence (16.0%) and Sosina (8.0%), and the Dunquin partners now await formal notification of a spud date from the operator. Dalkey Island Prospect, Kish Bank Basin, Offshore Ireland (50.0% interest) In 2010, the Company identified the Lower Triassic Dalkey Island prospect, offshore Dublin, as a significant undrilled oil exploration prospect with an in- place prospective resource potential of c. 870 MMBO. Providence operates the prospect on behalf of its partner Star Energy Group. Similarly aged oil productive reservoirs have been discovered in the Liverpool Bay area of the East Irish Sea Basin, offshore UK. Oil source rock has now been identified in the basin and the Company has started planning operations, including a foreshore licence application as well as  discussions with rig operators to source a suitable unit for the drilling of a well in the first half of 2012. Marlin Prospect, Celtic Sea Basin, Offshore Ireland (60.0% interest) As part of Nautical's study on the Baltimore heavy oil discovery (detailed above), Licensing Option 10/1 and the surrounding area were mapped using available seismic data. This work revealed the new Marlin exploration prospect which is located c. 10 km NW of the producing Kinsale Head gas field. This structure, which is the same age as the primary producing reservoirs in the Kinsale Head gas field, has been mapped to extend beyond the current Option area. Accordingly, the Baltimore partners increased the area covered by the Option to include the mapped extension of the Marlin prospect into open acreage.  Geological modelling of the prospect suggests that it is likely to be gas charged with a total in place prospective resource potential of up to c. 74 BSCF. Pegasus Prospect, St George's Channel Basin, Offshore Ireland (100.0% interest) The Pegasus gas exploration prospect is located north-west of the Dragon Field in the St George's Channel, with estimated prospective resource potential of c. 300 BSCF. Orpheus Prospect, St George's Channel Basin, Offshore Ireland (100.0% interest) The Orpheus gas exploration prospect lies beneath the Dragon gas field, which straddles the Irish/UK Median Line. It is planned that the deeper Orpheus prospect, which has an estimated prospective resource potential of c. 290 BSCF, would be drilled as part of any appraisal programme of the Dragon Field. Wilde Prospect, Porcupine Basin, Offshore Ireland (32.0% interest) Previous 2D seismic interpretation over the Spanish Point area indicated the presence of a potentially large structural closure known as the Wilde exploration prospect underlying the Spanish Point discovery. Interpretation and mapping of the new 3D data has confirmed the presence of the Wilde prospect with an associated c. 45 sq km of areal closure. ENERGY AND THE ENVIRONMENT The Company is totally committed to supplying energy in an environmentally responsible manner. Its ongoing exploration, development and production operations are carried out in compliance with all environmental rules and regulations. PROVIDENCE RESOURCES P.l.c. Condensed consolidated income statement For the 6 months ended 30 June 2011 +---------------------+-----+----------------+------------------+--------------+ |  |Notes|   |  |   | | | | 6 months ended |6 months ended 30 |Year ended 31 | | | | 30 June 2011 | June 2010 |December 2010 | | | | Unaudited | Unaudited | Audited | | | | €'000 | €'000 | €'000 | | | | | (re-presented)* | | +---------------------+-----+----------------+------------------+--------------+ |Continuing operations|  |  |  |  | |  | | | | | +---------------------+-----+----------------+------------------+--------------+ |Revenue | 1 | 5,717| 5,977| 11,080| +---------------------+-----+----------------+------------------+--------------+ |Cost of sales |  | (2,311)|     (2,362)| (4,660)| +---------------------+-----+----------------+------------------+--------------+ |  |  |  |  |  | +---------------------+-----+----------------+------------------+--------------+ |Gross profit |  | 3,406| 3,615| 6,420| +---------------------+-----+----------------+------------------+--------------+ |  |  |  |  |  | +---------------------+-----+----------------+------------------+--------------+ |Administration |  | | | | |expenses | | (1,985)| (1,443)| (3,578)| +---------------------+-----+----------------+------------------+--------------+ |Pre-licence |  | | | | |expenditure | | (200)| (165)| (113)| +---------------------+-----+----------------+------------------+--------------+ |Impairment of |  | | | | |exploration and | | | | | |evaluation assets | | -| -| (1,263)| +---------------------+-----+----------------+------------------+--------------+ |Impairment of |  | | | | |development and | | | | | |production assets | | (4,412)| -| -| +---------------------+-----+----------------+------------------+--------------+ |Operating (loss) / |  | | | | |profit | | (3,191)| 2,007| 1,466| +---------------------+-----+----------------+------------------+--------------+ |  |  |  |  |  | +---------------------+-----+----------------+------------------+--------------+ |Finance income |  | 39| 30| 228| +---------------------+-----+----------------+------------------+--------------+ |Finance expense | 3 | (6,680)| (1,453)| (7,659)| +---------------------+-----+----------------+------------------+--------------+ |  |  |  |  |  | +---------------------+-----+----------------+------------------+--------------+ |(Loss)/profit before |  | | | | |income tax | | (9,832)| 584| (5,965)| +---------------------+-----+----------------+------------------+--------------+ |Income tax (expense) |  | (1,346)| (1,265)| (3,841)| +---------------------+-----+----------------+------------------+--------------+ |  |  |  |  |  | +---------------------+-----+----------------+------------------+--------------+ |Loss from continuing |  | | | | |operations | | (11,178)| (681)| (9,806)| +---------------------+-----+----------------+------------------+--------------+ |  |  |  |  |  | +---------------------+-----+----------------+------------------+--------------+ |Loss from | 2 | | | | |discontinued | | | | | |operations (net of | | | | | |income tax) | | (5,177)| (541)| (31,795)| +---------------------+-----+----------------+------------------+--------------+ |  |  |  |  |  | +---------------------+-----+----------------+------------------+--------------+ |Loss for the period |  | (16,355)| (1,222)| (41,601)| +---------------------+-----+----------------+------------------+--------------+ |  |  |  |  |  | +---------------------+-----+----------------+------------------+--------------+ |Loss per share (cent)|  |  |  |  | +---------------------+-----+----------------+------------------+--------------+ |Basic loss per share | 8 | (42.32)| (3.74)| (125.32)| +---------------------+-----+----------------+------------------+--------------+ |Diluted loss per | 8 | | | | |share | | (42.32)| (3.74)| (125.32)| +---------------------+-----+----------------+------------------+--------------+ |  |  |  |  |  | +---------------------+-----+----------------+------------------+--------------+ *Re-presented to show the Group's U.S. operations as discontinued - see Note 2 PROVIDENCE RESOURCES P.l.c. Consolidated statement of comprehensive income For the 6 months ended 30 June 2011 +-------------------------------+---------------+---------------+--------------+ |  |6 months ended |6 months ended |Year ended 31 | | | 30 June 2011 | 30 June 2010 |December 2010 | | | Unaudited | Unaudited | Audited | | | €'000 | €'000 | €'000 | +-------------------------------+---------------+---------------+--------------+ |Loss for the financial year | (16,355)| (6,585)| (41,601)| +-------------------------------+---------------+---------------+--------------+ |  |  |  |  | +-------------------------------+---------------+---------------+--------------+ |Foreign exchange translation | | | | |differences | 5,624| 2,371| (216)| +-------------------------------+---------------+---------------+--------------+ |Net change in fair value of | | | | |available for sale equity | | | | |instruments | -| 40| -| +-------------------------------+---------------+---------------+--------------+ |Net change in fair value of | | | | |cash flow hedges transferred to| | | | |income statement | (1,930)| (4,002)| (1,539)| +-------------------------------+---------------+---------------+--------------+ |Cashflow hedges - net fair | | | | | value (loss) / | | | | | gain | (617)| (4,411)| (2,046)| | +---------------+---------------+--------------+ |    - related | | | | | deferred tax | 680| 2,417| 918| +-------------------------------+---------------+---------------+--------------+ |  |  |  |  | +-------------------------------+---------------+---------------+--------------+ |Total income and expenses | | | | |recognised in other | | | | |comprehensive income | 3,757| (2,664)| (2,883)| +-------------------------------+---------------+---------------+--------------+ |  |  |  |  | +-------------------------------+---------------+---------------+--------------+ |Total comprehensive expense | (12,598)| (3,886)| (44,484)| +-------------------------------+---------------+---------------+--------------+ The total recognised income and expense for the year is entirely attributable to equity holders of the Company. PROVIDENCE RESOURCES P.l.c. Consolidated statement of financial position As at 30 June 2011 +-----------------------------+-----+------------+------------+----------------+ |  |Notes|30 June 2011|30 June 2010|31 December 2010| | | | Unaudited | Unaudited | Audited | | | | €'000 | €'000 | €'000 | +-----------------------------+-----+------------+------------+----------------+ |Assets |  |  |  |  | +-----------------------------+-----+------------+------------+----------------+ |Exploration and evaluation | 4 | | | | |assets | | 14,726| 9,966| 10,140| +-----------------------------+-----+------------+------------+----------------+ |Development and production | 5 | | | | |assets | | 53,889| 99,411| 57,407| +-----------------------------+-----+------------+------------+----------------+ |Property, plant and equipment|  | 449| 140| 123| +-----------------------------+-----+------------+------------+----------------+ |Derivative instruments |  | -| 160| 75| +-----------------------------+-----+------------+------------+----------------+ |Deferred tax |  | 3,191| 5,735| 3,408| +-----------------------------+-----+------------+------------+----------------+ |Total non-current assets |  | 72,255| 115,412| 71,153| +-----------------------------+-----+------------+------------+----------------+ |  |  | _______| _______| _______| +-----------------------------+-----+------------+------------+----------------+ |Trade and other receivables |  | 1,929| 4,400| 3,568| +-----------------------------+-----+------------+------------+----------------+ |Derivative instruments |  | -| 2,146| 736| +-----------------------------+-----+------------+------------+----------------+ |Restricted cash |  | 2,520| 2,520| 2,520| +-----------------------------+-----+------------+------------+----------------+ |Cash and cash equivalents |  | 46,258| 15,230| 9,171| +-----------------------------+-----+------------+------------+----------------+ |  |  | 50,707| 24,296| 15,995| +-----------------------------+-----+------------+------------+----------------+ |Assets classified as held for|  | | | | |sale | | -| -| 13,574| +-----------------------------+-----+------------+------------+----------------+ |  |  | _______| _______| _______| +-----------------------------+-----+------------+------------+----------------+ |Total currents assets |  | 50,708| 24,296| 29,569| +-----------------------------+-----+------------+------------+----------------+ |Total assets |  | 122,962| 139,708| 100,722| +-----------------------------+-----+------------+------------+----------------+ |  |  |  |  |  | +-----------------------------+-----+------------+------------+----------------+ |Equity |  |  |  |  | +-----------------------------+-----+------------+------------+----------------+ |Share capital | 6 | 16,668| 15,058| 15,058| +-----------------------------+-----+------------+------------+----------------+ |Capital conversion reserve | 6 | | | | |fund | | 623| 623| 623| +-----------------------------+-----+------------+------------+----------------+ |Share premium |  | 130,547| 86,918| 86,918| +-----------------------------+-----+------------+------------+----------------+ |Singleton revaluation reserve|  | 2,838| 2,969| 2,919| +-----------------------------+-----+------------+------------+----------------+ |Convertible bond - equity |  | | | | |portion | | 2,944| 2,944| 2,944| +-----------------------------+-----+------------+------------+----------------+ |Foreign currency translation |  | | | | |reserve | | 3,502| (5,123)| (2,122)| +-----------------------------+-----+------------+------------+----------------+ |Share based payment reserve |  | 4,033| 3,083| 3,537| +-----------------------------+-----+------------+------------+----------------+ |Warrant reserve |  | 5,641| 5,641| 5,641| +-----------------------------+-----+------------+------------+----------------+ |Cashflow hedge reserve |  | (5,122)| (35)| (3,255)| +-----------------------------+-----+------------+------------+----------------+ |Retained deficit |  | (152,275)| (95,672)| (136,001)| +-----------------------------+-----+------------+------------+----------------+ |Total equity attributable to |  | | | | |equity holders of the Company| | 9,399| 16,406| (23,738)| +-----------------------------+-----+------------+------------+----------------+ |  |  |  |  |  | +-----------------------------+-----+------------+------------+----------------+ |Liabilities |  |  |  |  | +-----------------------------+-----+------------+------------+----------------+ |Loans and borrowings | 7 | 72,760| 89,693| 83,109| +-----------------------------+-----+------------+------------+----------------+ |Decommission provision |  | 3,411| 5,633| 3,551| +-----------------------------+-----+------------+------------+----------------+ |Deferred tax |  | 19,217| 17,894| 18,912| +-----------------------------+-----+------------+------------+----------------+ |Derivative instruments |  | 1,844| 1,730| 3,001| +-----------------------------+-----+------------+------------+----------------+ |  |  |  |  |  | +-----------------------------+-----+------------+------------+----------------+ |Total non-current liabilities|  | 97,232| 114,950| 108,573| +-----------------------------+-----+------------+------------+----------------+ |  |  |  |  |  | +-----------------------------+-----+------------+------------+----------------+ |Trade and other payables |  | 11,645| 7,794| 8,911| +-----------------------------+-----+------------+------------+----------------+ |Loans and borrowings | 7 | -| -| 2,678| +-----------------------------+-----+------------+------------+----------------+ |Derivative instruments |  | 4,686| 558| 1,978| +-----------------------------+-----+------------+------------+----------------+ |  |  |  |  |  | +-----------------------------+-----+------------+------------+----------------+ |Total current liabilities |  | 16,331| 8,352| 13,567| +-----------------------------+-----+------------+------------+----------------+ |  |  |  |  |  | +-----------------------------+-----+------------+------------+----------------+ |Liabilities classified as |  | | | | |held for sale | | -| -| 2,320| +-----------------------------+-----+------------+------------+----------------+ |  |  |  |  |  | +-----------------------------+-----+------------+------------+----------------+ |Total current liabilities |  | 16,331| 8,352| 15,887| +-----------------------------+-----+------------+------------+----------------+ |Total liabilities |  | 113,563| 123,302| 124,460| +-----------------------------+-----+------------+------------+----------------+ |Total equity and liabilities |  | 122,962| 139,708| 100,722| +-----------------------------+-----+------------+------------+----------------+ PROVIDENCE RESOURCES P.l.c. Consolidated statement of changes in Equity For the 6 months ended 30 June 2011 +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |  | |Capital| | |Foreign | | |Conver-| | | | | | | Con- | |Singleton|Currency| Share | | tible | | | | | | |version| | Re- | Trans- | Based | |Bond - |Cashflow| | | | | Share |Reserve| Share |valuation| lation |Payment| |Equity | Hedge |Retained | | | |Capital| Fund |Premium| Reserve |Reserve |Reserve|Warrants|portion|Reserve | Deficit | Total | | | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |At 1 January| | | | | | | | | | | | |2011 | 15,058| 623| 86,918| 2,919| (2,122)| 3,537| 5,641| 2,944| (3,255)|(136,001)|(23,738)| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Loss for | | | | | | | | | | | | |financial | | | | | | | | | | | | |year | -| -| -| -| -| -| -| -| -| (16,355)|(16,355)| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Currency | | | | | | | | | | | | |translation | -| -| -| -| 5,624| -| -| -| -| -| 5,624| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Share based | | | | | | | | | | | | |payment | -| -| -| -| -| 496| -| -| -| -| 496| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Transfer | | | | | | | | | | | | |from | | | | | | | | | | | | |Singleton | | | | | | | | | | | | |revaluation | | | | | | | | | | | | |reserve | -| -| -| (81)| -| -| -| -| -| 81| -| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Cashflow | | | | | | | | | | | | |hedge | -| -| -| -| -| -| -| -| (1,867)| -| (1,867)| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Transactions| | | | | | | | | | | | |with owners,| | | | | | | | | | | | |recorded | | | | | | | | | | | | |directly in | | | | | | | | | | | | |equity |  |  |  |  |  |  |  |  |  |  |  | +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Shares | | | | | | | | | | | | |issued in | | | | | | | | | | | | |period | 1,610| -| 43,629| -| -| -| -| -| -| -| 45,239| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |At 30 June | | | | | | | | | | | | |2011 | 16,668| 623|130,547| 2,838| 3,502| 4,033| 5,641| 2,944| (5,122)|(152,275)| 9,399| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |  |  |  |  |  |  |  |  |  |  |  |  | +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |At 1 January| | | | | | | | | | | | |2010 | 14,609| 623| 71,836| 3,066| (1,906)| 2,519| 5,641| 2,944| (588)| (94,547)| 4,197| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Loss for | | | | | | | | | | | | |financial | | | | | | | | | | | | |year | -| -| -| -| -| -| -| -| -| (1,222)| (1,222)| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Currency | | | | | | | | | | | | |translation | -| -| -| -| (3,217)| -| -| -| -| -| (3,217)| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Share based | | | | | | | | | | | | |payments | -| -| -| -| -| 564| -| -| -| -| 564| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Transfer | | | | | | | | | | | | |from | | | | | | | | | | | | |Singleton | | | | | | | | | | | | |revaluation | | | | | | | | | | | | |reserve | -| -| -| (97)| -| -| -| -| -| 97| -| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Cashflow | | | | | | | | | | | | |Hedge | -| -| -| -| -| -| -| -| 553| -| 553| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Transactions| | | | | | | | | | | | |with owners,| | | | | | | | | | | | |recorded | | | | | | | | | | | | |directly in | | | | | | | | | | | | |equity |  |  |  |  |  |  |  |  |  |  |  | +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Shares | | | | | | | | | | | | |issued in | | | | | | | | | | | | |period | 449| -| 15,082| -| -| -| -| -| -| -| 15,531| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |At 30 June | | | | | | | | | | | | |2010 | 15,058| 623| 86,918| 2,969| (5,123)| 3,083| 5,641| 2,944| (35)| (95,672)| 16,406| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |  |  |  |  |  |  |  |  |  |  |  |  | +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |At 1 January| | | | | | | | | | | | |2010 | 14,609| 623| 71,836| 3,066| (1,906)| 2,519| 5,641| 2,944| (588)| (94,547)| 4,197| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Loss for | | | | | | | | | | | | |financial | | | | | | | | | | | | |year | -| -| -| -| -| -| -| -| -| (41,601)|(41,601)| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Currency | | | | | | | | | | | | |translation | -| -| -| -| (216)| -| -| -| -| -| (216)| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Share based | | | | | | | | | | | | |payments | -| -| -| -| -| 1,018| -| -| -| -| 1,018| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Transfer | | | | | | | | | | | | |from | | | | | | | | | | | | |Singleton | | | | | | | | | | | | |revaluation | | | | | | | | | | | | |reserve | -| -| -| (147)| -| -| -| -| -| 147| -| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Cashflow | | | | | | | | | | | | |Hedge | -| -| -| -| -| -| -| -| (2,667)| -| (2,667)| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Transactions| | | | | | | | | | | | |with owners,| | | | | | | | | | | | |recorded | | | | | | | | | | | | |directly in | | | | | | | | | | | | |equity |  |  |  |  |  |  |  |  |  |  |  | +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |Shares | | | | | | | | | | | | |issued in | | | | | | | | | | | | |year | 449| -| 15,082| -| -| -| -| -| -| -| 15,531| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ |At 31 | | | | | | | | | | | | |December | | | | | | | | | | | | |2010 | 15,058| 623| 86,918| 2,919| (2,122)| 3,537| 5,641| 2,944| (3,255)|(136,001)|(23,738)| +------------+-------+-------+-------+---------+--------+-------+--------+-------+--------+---------+--------+ PROVIDENCE RESOURCES P.l.c. Consolidated statement of cash flows For the 6 months ended 30 June 2011 +----------------------+------------------+------------------+-----------------+ |  |6 months ended 30 |6 months ended 30 | Year ended 31 | | | June 2011 | June 2010 | December 2010 | | | Unaudited | Unaudited | Audited €'000 | | | €'000 | €'000 | | +----------------------+------------------+------------------+-----------------+ |Cash flows from | | | | |operating activities |  |  |  | +----------------------+------------------+------------------+-----------------+ |Loss/profit before | | | | |income tax for the | | | | |year | (15,009)| 43| (33,522)| +----------------------+------------------+------------------+-----------------+ |Adjustments for: |  |  |  | +----------------------+------------------+------------------+-----------------+ |Depletion and | | | | |depreciation | 1,434| 4,072| 8,099| +----------------------+------------------+------------------+-----------------+ |Abandonment provision | (131)| 10| -| +----------------------+------------------+------------------+-----------------+ |Impairment of | | | | |exploration and | | | | |evaluation assets | 200| 165| 1,263| +----------------------+------------------+------------------+-----------------+ |Impairment of | | | | |production and | | | | |development assets | 4,412| -| 26,806| +----------------------+------------------+------------------+-----------------+ |Finance income | (39)| (31)| (228)| +----------------------+------------------+------------------+-----------------+ |Finance expense | 6,680| 4,913| 7,659| +----------------------+------------------+------------------+-----------------+ |Equity settled share | | | | |payment charge | 496| 564| 1,018| +----------------------+------------------+------------------+-----------------+ |Change in trade and | | | | |other receivables | 1,639| 1,071| 1,903| +----------------------+------------------+------------------+-----------------+ |Change in trade and | | | | |other payables | 2,734| (3,504)| (2,387)| +----------------------+------------------+------------------+-----------------+ |Foreign exchange | 2,982| (1,418)| 703| +----------------------+------------------+------------------+-----------------+ |Interest paid | (3,438)| (4,100)| (8,229)| +----------------------+------------------+------------------+-----------------+ |Tax paid | -| (60)| (48)| +----------------------+------------------+------------------+-----------------+ |  |  |  |  | +----------------------+------------------+------------------+-----------------+ |Net cash inflow from | | | | |operating activities | 1,960| 1,725| 3,037| +----------------------+------------------+------------------+-----------------+ |  |  |  |  | +----------------------+------------------+------------------+-----------------+ |Cash flows from | | | | |investing activities |  |  |  | +----------------------+------------------+------------------+-----------------+ |Interest received | 39| 31| 228| +----------------------+------------------+------------------+-----------------+ |Acquisition of | | | | |exploration and | | | | |evaluation assets | (4,809)| (519)| (1,714)| +----------------------+------------------+------------------+-----------------+ |Acquisition of | | | | |development and | | | | |production assets | (4,327)| (2,684)| (8,998)| +----------------------+------------------+------------------+-----------------+ |Acquisition of | | | | |property, plant and | | | | |equipment | (511)| (32)| -| +----------------------+------------------+------------------+-----------------+ |Proceeds from disposal| | | | |of available for sale | | | | |assets | 10,475| -| -| +----------------------+------------------+------------------+-----------------+ |  |  |  |  | +----------------------+------------------+------------------+-----------------+ |Net cash from | | | | |investing activities | 867| (3,204)| (10,484)| +----------------------+------------------+------------------+-----------------+ |  |  |  |  | +----------------------+------------------+------------------+-----------------+ |Cash flows from | | | | |financing activities |  |  |  | +----------------------+------------------+------------------+-----------------+ |Proceeds from issue of| | | | |share capital | 47,663| 16,523| 16,522| +----------------------+------------------+------------------+-----------------+ |Share capital issue | | | | |costs | (2,424)| (991)| (918)| +----------------------+------------------+------------------+-----------------+ |Repayment of loans and| | | | |borrowings | (10,475)| -| (406)| +----------------------+------------------+------------------+-----------------+ |Proceeds from drawdown| | | | |of loans and | | | | |borrowings | -| -| 406| +----------------------+------------------+------------------+-----------------+ |  |  |  |  | +----------------------+------------------+------------------+-----------------+ |Net cash from | | | | |financing activities | 34,764| 15,532| 15,531| +----------------------+------------------+------------------+-----------------+ |  |  |  |  | +----------------------+------------------+------------------+-----------------+ |Net increase in cash | | | | |and cash equivalents | 37,591| 14,052| 8,084| +----------------------+------------------+------------------+-----------------+ |  |  |  |  | +----------------------+------------------+------------------+-----------------+ |Cash and cash | | | | |equivalents at 1 | | | | |January | 9,171| 1,012| 1,012| +----------------------+------------------+------------------+-----------------+ |Effect of exchange | | | | |rate fluctuations on | | | | |cash and cash | | | | |equivalents | (504)| 165| 75| +----------------------+------------------+------------------+-----------------+ |  |  |  |  | +----------------------+------------------+------------------+-----------------+ |Cash and cash | | | | |equivalents at 30 June| 46,258| 15,230| 9,171| +----------------------+------------------+------------------+-----------------+ PROVIDENCE RESOURCES P.l.c. Note 1 Segment Reporting +------------------------+-----------------+-----------------+-----------------+ |  | 6 months ended | 6 months ended | Year ended 31 | | | 30 June 2011 | 30 June 2010 | December 2010 | +------------------------+-----------------+-----------------+-----------------+ |  | Unaudited | Unaudited | Audited | +------------------------+-----------------+-----------------+-----------------+ |  | €'000 | €'000 | €'000 | +------------------------+-----------------+-----------------+-----------------+ |Revenue by destination |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |  |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |UK | 5,717| 5,977| 11,080| +------------------------+-----------------+-----------------+-----------------+ |US (Discontinued | | | | |operations) | (270)| 5,358| 10,872| +------------------------+-----------------+-----------------+-----------------+ |  |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |Total Revenue | 5,447| 11,335| 21,952| +------------------------+-----------------+-----------------+-----------------+ |  |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |Segment net (loss) for | | | | |the period |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |UK - producing assets | (1,256)| 2,621| 5,742| +------------------------+-----------------+-----------------+-----------------+ |UK - exploration assets | -| -| (225)| +------------------------+-----------------+-----------------+-----------------+ |Republic of Ireland - | | | | |exploration assets | (151)| (102)| (1,131)| +------------------------+-----------------+-----------------+-----------------+ |Africa - development | | | | |assets | -| -| (366)| +------------------------+-----------------+-----------------+-----------------+ |US - producing assets | | | | |(discontinued | | | | |operations) | (4,003)| 80| (27,557)| +------------------------+-----------------+-----------------+-----------------+ |Corporate expenses | (2,)| (513)| (2,556)| +------------------------+-----------------+-----------------+-----------------+ |  |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |Operating (loss) / | | | | |profit for the period | (7,423)| 2,086| (26,093)| +------------------------+-----------------+-----------------+-----------------+ |  |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |Finance expense | (7,641)| (2,074)| (7,659)| +------------------------+-----------------+-----------------+-----------------+ |Finance income | 55| 31| 228| +------------------------+-----------------+-----------------+-----------------+ |Tax charge | (1,346)| (1,265)| (8,077)| +------------------------+-----------------+-----------------+-----------------+ |  |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |Group loss for the | | | | |period | (16,355)| (1,222)| (41,601)| +------------------------+-----------------+-----------------+-----------------+ |  |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |Segment assets |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |  |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |UK - producing | 44,382| 43,392| 48,382| +------------------------+-----------------+-----------------+-----------------+ |Republic of Ireland - | | | | |exploration assets | 14,726| 9,966| 10,140| +------------------------+-----------------+-----------------+-----------------+ |Africa  - development | | | | |and production assets | 12,618| 12,356| 12,480| +------------------------+-----------------+-----------------+-----------------+ |US - producing assets | | | | |(discontinued | | | | |operations) | 231| 55,268| 15,984| +------------------------+-----------------+-----------------+-----------------+ |Group assets | 51,005| 18,726| 13,736| +------------------------+-----------------+-----------------+-----------------+ |Total assets | 122,962| 139,708| 100,722| +------------------------+-----------------+-----------------+-----------------+ |  |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |Segment Liabilities |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |  |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |UK - producing | (28,000)| (21,840)| (27,646)| +------------------------+-----------------+-----------------+-----------------+ |Republic of Ireland - | | | | |exploration | (6,380)| (4,712)| (5,308)| +------------------------+-----------------+-----------------+-----------------+ |Africa  - development | | | | |and production | (65)| (486)| -| +------------------------+-----------------+-----------------+-----------------+ |US - producing assets | | | | |(discontinued | | | | |operations) | (968)| (4,634)| (4,205)| +------------------------+-----------------+-----------------+-----------------+ |Group liabilities | (78,150)| (91,630)| (87,301)| +------------------------+-----------------+-----------------+-----------------+ |Total Liabilities | (113,563)| (123,302)| (124,460)| +------------------------+-----------------+-----------------+-----------------+ |  |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |Capital Expenditure |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |  |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |UK - producing assets | 4,167| 1,817| 8,086| +------------------------+-----------------+-----------------+-----------------+ |UK - exploration assets | -| 67| 225| +------------------------+-----------------+-----------------+-----------------+ |  | 4,167| 1,884| 8,311| +------------------------+-----------------+-----------------+-----------------+ |Republic of Ireland - | | | | |exploration assets | 4,786| 832| 1,489| +------------------------+-----------------+-----------------+-----------------+ |Africa - development and| | | | |production assets | 183| 934| 911| +------------------------+-----------------+-----------------+-----------------+ |Total Capital | | | | |Expenditure | 9,136| 3,650| 10,711| +------------------------+-----------------+-----------------+-----------------+ |  |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |Depletion and | | | | |decommissioning charge |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |UK - producing | 1,162| 1,128| 2,789| +------------------------+-----------------+-----------------+-----------------+ |US - producing assets | | | | |(discontinued | | | | |operations) | (131)| 2,694| 5,194| +------------------------+-----------------+-----------------+-----------------+ |  | 1,031| 3,822| 7,983| +------------------------+-----------------+-----------------+-----------------+ |Impairment charge |  |  |  | +------------------------+-----------------+-----------------+-----------------+ |Republic of Ireland - | | | | |exploration assets | -| 98| 1,038| +------------------------+-----------------+-----------------+-----------------+ |UK - exploration assets | -| 67| 225| +------------------------+-----------------+-----------------+-----------------+ |UK - development and | | | | |production assets | 4,412| -| -| +------------------------+-----------------+-----------------+-----------------+ |US - development and | | | | |production assets | | | | |(discontinued | | | | |operations) | -| -| 26,806| +------------------------+-----------------+-----------------+-----------------+ |  | 4,412| 165| 28,069| +------------------------+-----------------+-----------------+-----------------+ PROVIDENCE RESOURCES P.l.c. Note 2 Discontinued Operations +-----------------------+------------------+------------------+----------------+ |  |6 months ended 30 |6 months ended 30 | Year ended 31 | | | June 2011 | June 2010 | December 2010 | +-----------------------+------------------+------------------+----------------+ |  | Unaudited | Unaudited | Audited | +-----------------------+------------------+------------------+----------------+ |  | €'000 | €'000 | €'000 | +-----------------------+------------------+------------------+----------------+ |Results of discontinued|  |  |  | |operations | | | | +-----------------------+------------------+------------------+----------------+ |  |  |  |  | +-----------------------+------------------+------------------+----------------+ |Revenue | (270)| 5,358| 10,872| +-----------------------+------------------+------------------+----------------+ |Expenses | (4,907)| (5,899)| (11,623)| +-----------------------+------------------+------------------+----------------+ |Results from operating | | | | |activities | (5,177)| (541)| (751)| +-----------------------+------------------+------------------+----------------+ |  |  |  |  | +-----------------------+------------------+------------------+----------------+ |Income tax charge | -| -| (4,238)| +-----------------------+------------------+------------------+----------------+ |  |  |  |  | +-----------------------+------------------+------------------+----------------+ |Results from operating | | | | |activities (net of tax)| (5,177)| (541)| (4,989)| +-----------------------+------------------+------------------+----------------+ |  |  |  |  | +-----------------------+------------------+------------------+----------------+ |Impairment loss on | | | | |classification of | | | | |assets as available for| | | | |sale | -| -| (26,806)| +-----------------------+------------------+------------------+----------------+ |  |  |  |  | +-----------------------+------------------+------------------+----------------+ |Loss for the period | (5,177)| (541)| (31,795)| +-----------------------+------------------+------------------+----------------+ |  |  |  |  | +-----------------------+------------------+------------------+----------------+ |Basic loss per share | (0.13)| (0.02)| (0.96)| +-----------------------+------------------+------------------+----------------+ |Diluted loss per share | (0.13)| (0.02)| (0.96)| +-----------------------+------------------+------------------+----------------+ |  |  |  |  | +-----------------------+------------------+------------------+----------------+ |Cashflow from | | | | |discontinued operations|  |  |  | +-----------------------+------------------+------------------+----------------+ |  |  |  |  | +-----------------------+------------------+------------------+----------------+ |Net cash from operating| | | | |activities | (2,196)| (1,212)| 1,770| +-----------------------+------------------+------------------+----------------+ |Net cash from investing| | | | |activities | 10,475| 1| 40| +-----------------------+------------------+------------------+----------------+ |Net cash from financing| | | | |activities | (10,475)| -| -| +-----------------------+------------------+------------------+----------------+ |  |  |  |  | +-----------------------+------------------+------------------+----------------+ |Net cash flows for the | | | | |period | (2,196)| (1,211)| 1,810| +-----------------------+------------------+------------------+----------------+ |  |  |  |  | +-----------------------+------------------+------------------+----------------+ In December 2010, the Group entered into negotiations with a third party for the sale of its entire US development and production asset portfolio. Negotiations concluded post year end and the sale was completed on 31 March 2011. This segment was not a discontinued operation or classified as held for sale at 30 June 2010 and the comparative consolidated income statement has been re- presented to show the discontinued operation separately from continuing operations. PROVIDENCE RESOURCES P.l.c. Note 3 Finance Expense +------------------------+------------------+-----------------+----------------+ |  |6 months ended 30 | 6 months ended | Year ended 31 | | | June 2011 | 30 June 2010 | December 2010 | +------------------------+------------------+-----------------+----------------+ |  | Unaudited | Unaudited | Audited | +------------------------+------------------+-----------------+----------------+ |  | €'000 | €'000 | €'000 | +------------------------+------------------+-----------------+----------------+ |  |  |  |  | +------------------------+------------------+-----------------+----------------+ |Interest expense | 3,692| 4,066| 9,031| +------------------------+------------------+-----------------+----------------+ |Foreign exchange | 2,880| (2,855)| (1,169)| +------------------------+------------------+-----------------+----------------+ |Unwinding of discount on| | | | |decommissioning | | | | |provision | 108| 242| 238| +------------------------+------------------+-----------------+----------------+ |Ineffective portion of | | | | |changes in fair value of| | | | |cash flow hedge | -| -| (61)| +------------------------+------------------+-----------------+----------------+ |Impairment loss | -| -| (380)| +------------------------+------------------+-----------------+----------------+ |  |  |  |  | +------------------------+------------------+-----------------+----------------+ |Total finance expense | 6,680| 1,453| 7,659| +------------------------+------------------+-----------------+----------------+ |  |  |  |  | +------------------------+------------------+-----------------+----------------+ |  |  |  |  | +------------------------+------------------+-----------------+----------------+ |Recognised directly in | | | | |equity |  |  |  | +------------------------+------------------+-----------------+----------------+ |  |  |  |  | +------------------------+------------------+-----------------+----------------+ |Foreign currency | | | | |differences on foreign | | | | |operations | 5,624| (3,217)| (216)| +------------------------+------------------+-----------------+----------------+ |Effective portion of | | | | |change in fair value of | | | | |cashflow hedge | (617)| 1,083| (2,046)| +------------------------+------------------+-----------------+----------------+ |Net change in fair value| | | | |of cashflow hedge | | | | |transferred to income | | | | |statement | (1,930)| (1,191)| (1,539)| +------------------------+------------------+-----------------+----------------+ |  |  |  |  | +------------------------+------------------+-----------------+----------------+ |Finance income / | | | | |(expense) recognised | | | | |directly in equity | 3,077| (3,325)| (3,801)| +------------------------+------------------+-----------------+----------------+ |  |  |  |  | +------------------------+------------------+-----------------+----------------+ PROVIDENCE RESOURCES P.l.c. Note 4 Exploration and evaluation assets +-------------------------------------+-------------------+-----+------+-------+ |  |Republic of Ireland| UK |Africa| Total | +-------------------------------------+-------------------+-----+------+-------+ |  | €'000 |€'000|€'000 | €'000 | +-------------------------------------+-------------------+-----+------+-------+ |Cost and book value |  |  |  |  | +-------------------------------------+-------------------+-----+------+-------+ |  |  |  |  |  | +-------------------------------------+-------------------+-----+------+-------+ |At 1 January 2010 | 9,232| -| -| 9,232| +-------------------------------------+-------------------+-----+------+-------+ |Additions | 464| -| -| 464| +-------------------------------------+-------------------+-----+------+-------+ |Administration expenses capitalised | 368| 67| 66| 501| +-------------------------------------+-------------------+-----+------+-------+ |Impairment charge | (98)| (67)| -| (165)| +-------------------------------------+-------------------+-----+------+-------+ |Transfer to development and | | | | | |production assets | -| -| (66)| (66)| +-------------------------------------+-------------------+-----+------+-------+ |At 30 June 2010 | 9,966| -| -| 9,966| +-------------------------------------+-------------------+-----+------+-------+ |  |  |  |  |  | +-------------------------------------+-------------------+-----+------+-------+ |At 1 January 2010 | 9,232| -| -| 9,232| +-------------------------------------+-------------------+-----+------+-------+ |Additions | 572| 225| -| 797| +-------------------------------------+-------------------+-----+------+-------+ |Administration expenses capitalised | 814| -| 103| 917| +-------------------------------------+-------------------+-----+------+-------+ |Increase in abandonment provision | 560| -| -| 560| +-------------------------------------+-------------------+-----+------+-------+ |Impairment charge | (1,038)|(225)|  |(1,263)| +-------------------------------------+-------------------+-----+------+-------+ |Transfer to development and | | | | | |production assets | -| -| (103)| (103)| +-------------------------------------+-------------------+-----+------+-------+ |At 31 December 2010 | 10,140| -| -| 10,140| +-------------------------------------+-------------------+-----+------+-------+ |  |  |  |  |  | +-------------------------------------+-------------------+-----+------+-------+ |At 1 January 2011 | 10,140| -| -| 10,140| +-------------------------------------+-------------------+-----+------+-------+ |Additions | 4,708| -| -| 4,708| +-------------------------------------+-------------------+-----+------+-------+ |Cash calls received in year | (407)| -| -| (407)| +-------------------------------------+-------------------+-----+------+-------+ |Administration expenses capitalised | 485| -| 23| 508| +-------------------------------------+-------------------+-----+------+-------+ |Impairment charge | (200)| -| -| (200)| +-------------------------------------+-------------------+-----+------+-------+ |Transfer to development and | | | | | |production assets | -| -| (23)| (23)| +-------------------------------------+-------------------+-----+------+-------+ |  |  |  |  |  | +-------------------------------------+-------------------+-----+------+-------+ |At 30 June 2011 | 14,726| -| -| 14,726| +-------------------------------------+-------------------+-----+------+-------+ |  |  |  |  |  | +-------------------------------------+-------------------+-----+------+-------+ PROVIDENCE RESOURCES P.l.c. Note 5 Development and production assets +---------------------------------------------+-------+--------+------+--------+ |  | UK | US |Africa| Total | +---------------------------------------------+-------+--------+------+--------+ |  | €'000 | €'000 |€'000 | €'000 | +---------------------------------------------+-------+--------+------+--------+ |Cost |  |  |  |  | +---------------------------------------------+-------+--------+------+--------+ |At 1 January 2010 | 42,906| 53,616|11,422| 107,944| +---------------------------------------------+-------+--------+------+--------+ |Additions | 1,448| -| 868| 2,316| +---------------------------------------------+-------+--------+------+--------+ |Transfer from exploration and evaluation | | | | | |assets | -| -| 66| 66| +---------------------------------------------+-------+--------+------+--------+ |Administration expenses | 369| -| -| 369| +---------------------------------------------+-------+--------+------+--------+ |Exchange rate adjustment | 2,926| 8,315| -| 11,241| +---------------------------------------------+-------+--------+------+--------+ |At 30 June 2010 | 47,649| 61,931|12,356| 121,936| +---------------------------------------------+-------+--------+------+--------+ |  |  |  |  |  | +---------------------------------------------+-------+--------+------+--------+ |At 1 January 2010 | 42,906| 53,616|11,422| 107,944| +---------------------------------------------+-------+--------+------+--------+ |Additions | 7,610| -| 911| 8,521| +---------------------------------------------+-------+--------+------+--------+ |Transfer to assets held for sale | -|(30,289)| -|(30,289)| +---------------------------------------------+-------+--------+------+--------+ |Transfer from exploration and evaluation | | | | | |assets | -| -| 103| 103| +---------------------------------------------+-------+--------+------+--------+ |Administration expenses | 477| -| -| 477| +---------------------------------------------+-------+--------+------+--------+ |Exchange rate adjustment | 2,002| 3,479| -| 5,481| +---------------------------------------------+-------+--------+------+--------+ |At 31 December 2010 | 52,995| 26,806|12,436| 92,237| +---------------------------------------------+-------+--------+------+--------+ |  |  |  |  |  | +---------------------------------------------+-------+--------+------+--------+ |At 1 January 2010 | 52,995| 26,806|12,436| 92,237| +---------------------------------------------+-------+--------+------+--------+ |Additions | 3,988| -| 160| 4,148| +---------------------------------------------+-------+--------+------+--------+ |Transfer from exploration and evaluation | | | | | |assets | -| -| 23| 23| +---------------------------------------------+-------+--------+------+--------+ |Impairment |(4,412)| -| -| (4,412)| +---------------------------------------------+-------+--------+------+--------+ |Administration expenses | 179| -| -| 179| +---------------------------------------------+-------+--------+------+--------+ |Exchange rate adjustment |(2,698)| (2,023)| -| (4,721)| +---------------------------------------------+-------+--------+------+--------+ |At 30 June 2011 | 50,052| 24,783|12,619| 87,454| +---------------------------------------------+-------+--------+------+--------+ |  |  |  |  |  | +---------------------------------------------+-------+--------+------+--------+ |Depletion |  |  |  |  | +---------------------------------------------+-------+--------+------+--------+ |At 1 January 2010 | 5,074| 10,744| -| 15,818| +---------------------------------------------+-------+--------+------+--------+ |Charge for the year | 1,190| 2,857| -| 4,047| +---------------------------------------------+-------+--------+------+--------+ |Exchange rate adjustment | 438| 2,222| -| 2,660| +---------------------------------------------+-------+--------+------+--------+ |At 30 June 2010 | 6,702| 15,823| -| 22,525| +---------------------------------------------+-------+--------+------+--------+ |  |  |  |  |  | +---------------------------------------------+-------+--------+------+--------+ |At 1 January 2010 | 5,074| 10,744| -| 15,818| +---------------------------------------------+-------+--------+------+--------+ |Charge for the year | 2,789| 5,194| -| 7,983| +---------------------------------------------+-------+--------+------+--------+ |Impairment of assets | -| 26,806| -| 26,806| +---------------------------------------------+-------+--------+------+--------+ |Transfer to assets held for sale | -|(16,715)| -|(16,715)| +---------------------------------------------+-------+--------+------+--------+ |Exchange rate adjustment | 161| 777| -| 938| +---------------------------------------------+-------+--------+------+--------+ |At 31 December 2010 | 8,024| 26,806| -| 34,830| +---------------------------------------------+-------+--------+------+--------+ |  |  |  |  |  | +---------------------------------------------+-------+--------+------+--------+ |At 31 December 2010 | 8,024| 26,806| -| 34,830| +---------------------------------------------+-------+--------+------+--------+ |Charge for the period | 1,130| -| -| 1,130| +---------------------------------------------+-------+--------+------+--------+ |Exchange rate adjustment | (372)| (2,023)| -| (2,395)| +---------------------------------------------+-------+--------+------+--------+ |At 30 June 2011 | 8,782| 24,783| -| 33,565| +---------------------------------------------+-------+--------+------+--------+ |  |  |  |  |  | +---------------------------------------------+-------+--------+------+--------+ |Net book value |  |  |  |  | +---------------------------------------------+-------+--------+------+--------+ |At 30 June 2011 | 41,270| -|12,619| 53,889| +---------------------------------------------+-------+--------+------+--------+ |  |  |  |  |  | +---------------------------------------------+-------+--------+------+--------+ |At 31 December 2010 | 44,971| -|12,436| 57,407| +---------------------------------------------+-------+--------+------+--------+ |  |  |  |  |  | +---------------------------------------------+-------+--------+------+--------+ |At 30 June 2010 | 40,947| 46,108|12,356| 99,411| +---------------------------------------------+-------+--------+------+--------+ Once off impairment charge of €4.4m related to unfinished drilling at Singleton (X8v well) PROVIDENCE RESOURCES P.l.c. Note 6 Share Capital and Share Premium +---------------------------------+-----------+-------------+-------------+ |  |  |  |  | +---------------------------------+-----------+-------------+-------------+ |  |  | Number |   | +---------------------------------+-----------+-------------+-------------+ |Authorised: |  | 000 | €'000 | +---------------------------------+-----------+-------------+-------------+ |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| 12,750| 5,691| +---------------------------------+-----------+-------------+-------------+ |Ordinary share of €0.001 each | 1,859,997| 1,859| 66,145| +---------------------------------+-----------+-------------+-------------+ |  |  |  |  | +---------------------------------+-----------+-------------+-------------+ |At 1 January 2010 | 2,922,439| 14,609| 71,836| +---------------------------------+-----------+-------------+-------------+ |Shares issued | 448,750| 449| 16,074| +---------------------------------+-----------+-------------+-------------+ |Share issue costs | -| -| (992)| +---------------------------------+-----------+-------------+-------------+ |Adjustment for share organisation|(3,337,477)| -| -| +---------------------------------+-----------+-------------+-------------+ |At 30 June 2010 | 33,712| 15,058| 86,918| +---------------------------------+-----------+-------------+-------------+ |  |  |  |  | +---------------------------------+-----------+-------------+-------------+ |At 1 January 2011 | 33,712| 15,058| 86,918| +---------------------------------+-----------+-------------+-------------+ |  |  |  |  | +---------------------------------+-----------+-------------+-------------+ |Share issued | 16,097| 1,610| 46,053| +---------------------------------+-----------+-------------+-------------+ |Share issue costs | -| -| (2,424)| +---------------------------------+-----------+-------------+-------------+ |  |  |  |  | +---------------------------------+-----------+-------------+-------------+ |At 30 June 2011 | 49,809| 16,668| 130,547| +---------------------------------+-----------+-------------+-------------+ PROVIDENCE RESOURCES P.l.c. Note 7 Loans and Borrowings +----------------+--------------+--------------+----------------+--------------+ |  |BNP Revolving |BNP Loan Fees |Convertible Bond| Total | | | Facility | | | | +----------------+--------------+--------------+----------------+--------------+ |  | €'000 | €'000 | €'000 | €'000 | +----------------+--------------+--------------+----------------+--------------+ |At 1 January | | | | | |2010 | 44,550| (2,408)| 38,644| 80,786| +----------------+--------------+--------------+----------------+--------------+ |Written off to | | | | | |income statement| -| 599| 557| 1,156| +----------------+--------------+--------------+----------------+--------------+ |Foreign exchange| 7,751| -| -| 7,751| +----------------+--------------+--------------+----------------+--------------+ |At 30 June 2010 | 52,301| (1,809)| 39,201| 89,693| +----------------+--------------+--------------+----------------+--------------+ |  |  |  |  |  | +----------------+--------------+--------------+----------------+--------------+ |At 1 January | | | | | |2010 | 44,550| (2,408)| 38,644| 80,786| +----------------+--------------+--------------+----------------+--------------+ |Repaid during | | | | | |year | (406)| -| -| (406)| +----------------+--------------+--------------+----------------+--------------+ |Refund during | | | | | |year | -| 406| -| 406| +----------------+--------------+--------------+----------------+--------------+ |Written off to | | | | | |income statement| -| 405| 1,158| 1,563| +----------------+--------------+--------------+----------------+--------------+ |Foreign exchange| 3,438| -| -| 3,438| +----------------+--------------+--------------+----------------+--------------+ |At 31 December | | | | | |2010 | 47,582| (1,597)| 39,802| 85,787| +----------------+--------------+--------------+----------------+--------------+ |  |  |  |  |  | +----------------+--------------+--------------+----------------+--------------+ |At 1 January | | | | | |2011 | 47,582| (1,597)| 39,802| 85,787| +----------------+--------------+--------------+----------------+--------------+ |Repaid during | | | | | |year | (10,475)| -| -| (10,475)| +----------------+--------------+--------------+----------------+--------------+ |Written off to | | | | | |income statement| -| 213| 645| 858| +----------------+--------------+--------------+----------------+--------------+ |Foreign exchange| (3,410)| -| -| (3,410)| +----------------+--------------+--------------+----------------+--------------+ |At 30 June 2011 | 33,697| (1,384)| 40,447| 72,760| +----------------+--------------+--------------+----------------+--------------+ |  |  |  |  |  | +----------------+--------------+--------------+----------------+--------------+ |Maturity |  |30 June 2011 | 31 December |30 June 2010 | |analysis of | | Unaudited | 2010 Unaudited | Unaudited | |loans and | | | | | |borrowings: | | | | | +----------------+--------------+--------------+----------------+--------------+ |Non Current |  | €'000 | €'000 | €'000 | +----------------+--------------+--------------+----------------+--------------+ |Revolving credit|  | | | | |facility | | 32,313| 43,307| 50,492| +----------------+--------------+--------------+----------------+--------------+ |Convertible bond|  | 40,447| 39,802| 39,201| +----------------+--------------+--------------+----------------+--------------+ |Total |  | 72,760| 83,109| 89,693| +----------------+--------------+--------------+----------------+--------------+ |  |  |  |  |  | +----------------+--------------+--------------+----------------+--------------+ |Current |  |  |  |  | +----------------+--------------+--------------+----------------+--------------+ |Revolving credit|  | | | | |facility | | -| 2,678| -| +----------------+--------------+--------------+----------------+--------------+ |Total |  | -| 2,678| -| +----------------+--------------+--------------+----------------+--------------+ |  |  |  |  |  | +----------------+--------------+--------------+----------------+--------------+ |At end of period|  | 72,760| 85,787| 89,693| +----------------+--------------+--------------+----------------+--------------+ |  |  |  |  |  | +----------------+--------------+--------------+----------------+--------------+ PROVIDENCE RESOURCES P.l.c. Note 8 Earnings per share +-----------------------------------+------------+------------+----------------+ |  |30 June 2011|30 June 2010|31 December 2010| +-----------------------------------+------------+------------+----------------+ |  | Unaudited | Unaudited | Audited | +-----------------------------------+------------+------------+----------------+ |  | €'000 | €'000 | €'000 | +-----------------------------------+------------+------------+----------------+ |  |  |  |  | +-----------------------------------+------------+------------+----------------+ |Loss attributable to equity holders| | | | |of the company | (16,355)| (1,222)| (41,601)| +-----------------------------------+------------+------------+----------------+ |  |  |  |  | +-----------------------------------+------------+------------+----------------+ |The basic weighted average number | | | | |of Ordinary share in issue |  |  |  | +-----------------------------------+------------+------------+----------------+ |  |  |  |  | +-----------------------------------+------------+------------+----------------+ |In issue at beginning of year | | | | |('000s) | 33,712| 29,224| 29,224| +-----------------------------------+------------+------------+----------------+ |Adjustment for shares issued in | | | | |year ('000s) | 4,939| 3,446| 3,971| +-----------------------------------+------------+------------+----------------+ |  |  |  |  | +-----------------------------------+------------+------------+----------------+ |Weighted average number of ordinary| | | | |shares ('000s) | 38,651| 32,670| 33,195| +-----------------------------------+------------+------------+----------------+ |  |  |  |  | +-----------------------------------+------------+------------+----------------+ |Basic loss per share (cent) | (42.32)| (3.74)| (125.32)| +-----------------------------------+------------+------------+----------------+ |  |  |  |  | +-----------------------------------+------------+------------+----------------+ |  |  |  |  | +-----------------------------------+------------+------------+----------------+ |  |  |  |  | +-----------------------------------+------------+------------+----------------+ There is no difference between the loss per ordinary share and the diluted loss per ordinary share for the current period as all potentially dilutive ordinary shares outstanding are anti-dilutive. There were 823 ((as restated) 2010: 485) anti-dilutive share options and 998 ((as restated) 2010: 918) anti-dilutive share warrants in issue at 30 June 2011. PROVIDENCE RESOURCES P.l.c. Note 9 Related party transactions Mr. Tony O'Reilly, Chief Executive, has a service contract effective 1 September 2005 in respect of services in the Republic of Ireland. In addition, a company beneficially owned by him, Kildare Consulting Limited, has entered into a contract for the provision of services to the company outside the Republic of Ireland, also effective from 1 September 2005. Both contracts are for a two year rolling term and were extended in September 2007 and again in September 2009. The emoluments payable under the above mentioned contracts amounted to €247,250 in the 6 month period ended 30 June 2011, inclusive of all benefits. PROVIDENCE RESOURCES P.l.c. Note 10 Commitments The Group has capital commitments of approximately €5.4m to contribute to its share of costs of exploration, evaluation and production activities for the next 6 months. This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Providence Resources plc via Thomson Reuters ONE [HUG#1550326]

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