Embargo: 7:00am
28 September 2012
PROVIDENCE RESOURCES P.l.c.
("Providence" or the "Company")
INTERIM RESULTS FOR THE
SIX MONTHS ENDED 30 JUNE 2012
OPERATIONAL HIGHLIGHTS
Barryroe drilling results - March 2012: successful drilling of 48/24-10z well with tested flow rates of 3,514 BOPD and 2.93 MMSCFGD (4,000 BOEPD), which materially exceeded pre-drill expectations; additional gas interval also successfully tested
Barryroe resource assessment - March to September 2012:`post-well analysis and updated mapping, based on new 3D data confirms a large total P50 oil resource potential at Barryroe of 1,821 MMBO (P10 resource of 2,777 MMBO)
Dunquin exploration programme - September 2012: Letter of intent signed for a rig for an exploration well to be drilled in Q1 2013
Other pre-drilling preparation works - pre-drilling works on various assets including Dalkey Island (foreshore licence process), Spanish Point (site survey), Rathlin (FTG study) and Dragon (seismic re-processing )
FINANCIAL HIGHLIGHTS
Share placing - April 2012: placing of 13.149 million new ordinary shares at £4.80 per share to raise gross proceeds of US$100 million (£63 million)
Bond repayment - July 2012: repayment of final balance on Convertible Bond of 11.017 million from proceeds from the April share placing; during the period, total bond repayments of 34.3 million were made
Sale of UK onshore assets - September 2012: agreement to sell UK assets (Singleton, Baxter's Copse and Burton Down) to IGas Energy Plc for a consideration of $66 million
INTERIM FINANCIAL RESULTS TO 30 JUNE, 2012
Revenue from continuing operations increased 35.5% to 7.746 million (H1 2011: 5.717 million)
Loss from operating activities amounted to 27.864 million (H1 2011: loss 3.191 million) due to 28.3 million impairment charges for UK onshore assets.
Loss before tax of 29.730 million (H1 2011: Loss of 9.832 million)
Loss for the period of 33.295 million (H1 2011: Loss 16.355 million)
60.41 cents loss per share from continuing operations (H1 2011: Loss 28.92 cents)
Cash and cash equivalents at 30 June of 41.145 million plus restricted cash of 3.473 million
Commenting on today's results, Tony O'Reilly, Chief Executive of Providence, said:
"For many years, Providence has been strident in its views on the material hydrocarbon prospectivity of the Irish offshore. I am therefore pleased to report that, during the period under review, we successfully turned the drill bit and confirmed just some of the area's huge potential. The drilling, testing and post well analysis of Barryroe has exceeded expectations and we now look forward to advancing this large oil project towards development. Barryroe represents a truly world-class oil resource and its importance should not be underestimated, not just in terms of the future plans for Providence, but also for the renaissance of the Irish offshore sector.
"However, it should be remembered that Barryroe represents only the first stage of our multi-faceted drilling programme which spans six basins off the island of Ireland. Accordingly, pre-drill activities continue apace across our portfolio and during the period, we were pleased to report on-going progress on a number of our other projects. This included the successful completion of the Spanish Point site survey by Chrysaor, who are to assume operatorship of the project as part of the ramp up to drilling, the signing of a letter of intent for a deepwater rig to drill the Dunquin prospect by ExxonMobil, and the on-going foreshore licence application to drill an exploration well on the Dalkey Island prospect, offshore Dublin.
"During what has been an exceptionally busy time for your Company, we were also pleased to be able to raise appropriate funding to facilitate our drilling programme, in addition to reducing corporate debt levels. The balance sheet restructuring, which started with the repayment of the convertible bond, is currently being completed with the proposed sale of our onshore UK asset portfolio to IGas Energy Plc. This US$ 66 million transaction will show a substantial gain on our original investment in Singleton in 2007, will result in Providence being debt free and will provide additional working capital to finance our drilling programme in 2013.
"In summary, as the leading Irish-focused E&P company, it is important that we continue to lead the way in building on the momentum created by our success and take full advantage of the advances in technology, infrastructure, the favourable fiscal regime and higher oil prices as we look to unlock the region's substantial hydrocarbon potential. In doing so, we are more confident than ever of being able to deliver real long term value for all of Providence's shareholders."
Tony O'Reilly
Chief Executive September 28, 2012
Contacts:
Providence Resources Plc Tony O'Reilly / John O'Sullivan | Tel: +353 (0)1 219 4074 |
Powerscourt Lisa Kavanagh / Rob Greening | Tel: +44 (0)207 250 1446 |
Murray Consultants Pauline McAlester / Pauline Dooley | Tel: +353 (0)1 498 0300 |
Cenkos Securities Plc Adrian Hargraves / Nick Wells | Tel: +44 (0)207 397 8900 |
J&E Davy Eugenee Mulhern | Tel: + 353 (0)1 679 6363 |
Liberum Simon Atkinson / Clayton Bush | Tel: +44 203 100 2000 |
About Providence
Providence Resources Plc is an Irish based oil and gas exploration company with a portfolio of appraisal and exploration assets in Ireland (offshore) and the United Kingdom (offshore). In 2011, Providence, along with its partners, commenced a circa US$500 million multi-year drilling programme on a number of exploration and development wells in 6 different basins offshore Ireland. This 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 MMSCFGD MMBO BOEPD BOE BBOE BSCF | Barrels of Oil per Day Million Standard Cubic Feet of Gas per Day Millions of Barrels of Oil Barrels of Oil Equivalent per Day Barrels of Oil Equivalent (1 BOE = 6,000 SCFG) Billion Barrels of Oil Equivalent Billion Standard Cubic Feet of Gas |
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 | 80.0% | Oil development |
Hook Head | Celtic Sea | Providence | 72.5% | Oil and gas discovery |
Dunmore | Celtic Sea | Providence | 72.5% | Oil discovery |
Helvick | Celtic Sea | Providence | 62.5% | Oil and gas discovery |
Nemo | Celtic Sea | Providence | 54.4%1 | Oil and gas discovery |
Baltimore | Celtic Sea | Providence | 60.0% | Oil discovery |
Marlin | Celtic Sea | Providence | 30.0%2 | Oil and gas exploration |
Dalkey Island | Kish Bank | Providence | 50.0% | Oil and gas exploration |
ULYSSES | Kish Bank | EIRGAS3 | 50.0% | Gas storage evaluation |
Kylemore | Slyne Basin | Providence | 66.6% | Gas exploration |
Shannon | Slyne Basin | Providence | 66.6% | Gas exploration |
Spanish Point | Main Porcupine | Providence | 32.0% | Oil and gas development |
Burren | Main Porcupine | Providence | 32.0% | Oil discovery |
Wilde/Beehan | Main Porcupine | Providence | 32.0% | Oil and gas exploration |
Cama (North and South) | Main Porcupine | Providence | 32.0% | Oil and gas exploration |
Rusheen (North and South) | Main Porcupine | Providence | 32.0% | Oil and gas exploration |
Costelloe (Main, North and South) | Main Porcupine | Providence | 32.0% | Oil and gas exploration |
Shaw | Main Porcupine | Providence | 32.0% | Oil and gas exploration |
Synge | Main Porcupine | Providence | 32.0% | Oil and gas exploration |
Spanish Point South | Main Porcupine | Providence | 32.0% | Oil and gas exploration |
Dunquin | South Porcupine | ExxonMobil | 16.0%4 | Oil and gas exploration |
Cuchulain | South Porcupine | ENI | 3.2% | Oil and gas exploration |
Drombeg | South Porcupine | Providence | 80.0% | Oil and gas exploration |
Newgrange | Goban Spur | Repsol | 40.0% | Oil and gas exploration |
Pegasus | St George's Channel | Providence | 100.0% | Oil and gas exploration |
Orpheus | St George's Channel | Providence | 100.0% | Oil and gas exploration |
Dionysus | St George's Channel | Providence | 100.0% | Oil and gas exploration |
Dragon5 | St George's Channel | Providence | 100.0% | Gas development |
1 Subject to terms of farm out with Nautical (now part of Cairn) 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 5 Dragon sits 75% in Irish territorial waters/ 25% in UK territorial waters 6 Subject to offer from I-Gas Energy Plc | ||||
UNITED KINGDOM | ||||
Singleton6 | Onshore, Weald | Providence | 100.0% | Oil and gas production |
Baxter's Copse6 | Onshore, Weald | Providence | 50.0% | Oil discovery |
Burton Down6 | Onshore, Weald | Providence | 50.0% | Oil and gas exploration |
Rathlin Island | Rathlin, N. Ireland | Providence | 100.0% | Oil and gas exploration |
Rathlin Basin | Rathlin, N. Ireland | Providence | 100.0% | Oil and gas exploration |
Dragon5 | St Georges Channel | Providence | 50.0% | Gas development |
FINANCIAL HIGHLIGHTS
Financial results for the half year ending 30 June 2012
Revenues for the first half of 2012 from continuing operations were up 35.5% to 7.746 million from 5.717 million, due to increased volumes and higher oil prices. The average oil price per barrel achieved in H1 2012 was US$ 110.14 H1 2011: US$ 90.40). Overall production was 97,309 barrels of oil (H1 2011: 92,631).
The Company incurred a loss from operating activities of 27.864 million, (H1 2011: 3.191 million), due to impairment charges at the onshore UK operations, related primarily to the suspended drilling of the X12 well at Singleton in June due to mechanical and equipment issues. Following finance expenses, the loss before tax was 29.730 million, (H1 2011: loss of 9.832 million. After taxation expenses of 3.565 million (H1 2011: 1.346 million), the Company incurred an overall loss of 33.295 million (H1 2011: loss of 16.355 million). On a per share basis, this resulted in a 60.41 cent loss per share from continuing operations (H1 2011: loss 28.92 cent).
In April 2012, the Company raised US$ 100 million (£63 million) gross through the placing of 13.1 million new ordinary shares at a premium to market price, with the proceeds being used to strengthen the 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 41.145 million and there was a further 3.473 million of restricted cash related to the convertible bond and the Deutsche Bank facility. In July 2012, the Company made a final payment of 11.017 million to repay the convertible bond and this instrument has now been extinguished. Additionally, all outstanding warrants were exercised in the period realising 6.9 million.
OPERATIONAL HIGHLIGHTS
DRILLING SUMMARY
The Company continues to be focused on its multi-well drilling programme covering both appraisal and exploration projects in six geological basins offshore Ireland. This is the largest, concerted multi-basin, offshore drilling programme in the history of Ireland. It represents an investment of up to $500 million by Providence and its partners.
BASIN | ASSET NAME | WELL DESIGNATION | PLANNED DATE* |
Celtic Sea | Barryroe | Appraisal | Completed |
Kish Bank | Dalkey Island | Exploration | Q1 2013 |
South Porcupine | Dunquin | Exploration | Q1 2013 |
Main Porcupine | Spanish Point | Appraisal | Q2/Q3 2013 |
Rathlin | Rathlin | Exploration | Q1 2014 |
Dragon | St George's Channel | Appraisal | Q1 2014 |
*Operator estimates based on relevant permit requirements and equipment availability/procurement.
KEY APPRAISAL ACTIVITIES
BARRYROE, North Celtic Sea Basin, offshore Ireland (80.0% interest)
HIGHLIGHTS
Well testing confirms light sweet high quality mobile oil (43o API)
Tested rates of 3,514 BOPD + 2.93 MMSCFD (4,000 BOED) from two sections
Confirmation of marine influence in depositional setting
Modelling of potential IP rates using average permeability of 400 md and standard 4.5" OD production tubing confirms that 1,000 ft horizontal well delivers 12,500 BOPD + 11 MMSCFGD
Updated oil in place estimates:
P50 | P10 | ||
(MMBO) | (MMBO) | ||
MIDDLE WEALDEN | 287 | 706 | |
LOWER WEALDEN | 416 | 663 | |
BASAL WEALDEN | 756 | 906 | |
PURBECKIAN | 362 | 502 | |
TOTAL | 1,821 | 2,777 |
New two year Licensing Option granted over c. 500 SQ KM area north and west of Standard Exploration Licence 1/11
The Barryroe licence (SEL 1/11) lies in the North Celtic Sea and is a proven oil discovery situated c. 50 km offshore in c. 100 metres water depth. The field is operated by Providence (80%) on behalf of its partner Lansdowne (20%). The structure has had six wells drilled on it to date, all of which have either logged and/or successfully tested hydrocarbons. The latest well, 48/24-10z, was drilled by Providence earlier this year and was tested at c. 4,000 BOEPD without artificial lift. The field is fully covered by both 2D and new 3D seismic with the stacked reservoir sands being of Early Cretaceous Middle and Lower Wealden age located between 4,500 TVDSS and 7,550 TVDSS. The Barryroe crudes are light 30-43o API with a wax content ranging from c. 17-23%. Oil resource estimates contained within SEL 1/11 total 1,821 MMBO (P50) and 2,777 MMBO (P10) with further evaluation being undertaken on any incremental potential in the recently awarded adjacent licensing option (LO 12/4). Work is currently ongoing on the dynamic modelling of the oil in place resources in the main Basal Wealden sand interval, which together with outline field development studies, will lead to a determination of recoverable reserves, the optimal path to first oil and associated economics. Results from this dynamic modelling are expected in the coming weeks.
SPANISH POINT, Main Porcupine Basin, offshore Ireland (32.0% interest)
HIGHLIGHTS
Commencement of appraisal well preparation activities
Chrysaor assumes role of Operator
Site survey operation undertaken in advance of planned 2013 drilling
Results from Galleon 3D survey
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 of 2011, with a confirmation by the partners to move to the next stage of licence, requiring a well commitment. 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 executing this work programme, Chrysaor doubled its equity participation in FEL 2/04 and FEL 4/08 from 30% to 60% and has assumed the drilling management role for the Spanish Point programme. As a result, Providence's equity has decreased to 32.0%. As part of the option, there is a financial cap of US$ 20 million on Providence's financial exposure to the drilling costs associated with two wells. The partnership has identified the appraisal well location at Spanish Point and a site survey has just been completed with plans for drilling in 2013 currently subject to regulatory consent and finalisation of rig availability.
In July 2011, the Company, on behalf of its partners Chrysaor and Sosina, acquired a c. 220 km2 survey (the Galleon Survey) over the adjacent Frontier Exploration Licence (4/08) which lies to the north of Spanish Point. Processing of this seismic has now been completed and evaluation of a number of leads and prospects which were mapped on the previous 2D data is currently underway.
DRAGON, St George's Channel Basin, offshore Ireland (100.0% interest)
HIGHLIGHTS
Award of UK Licence P1930 over UK seaward block 103/1
Discussions with Irish/UK authorities on consents for drilling an appraisal well have commenced
The Dragon gas field straddles Standard Exploration Licence (SEL) 1/07 (Providence, 100% interest) in the St. George's Channel Basin of the Irish Offshore and UK Licence P1930 (Providence 50%, Star Energy 50%) offshore Wales. Both licences contain the mapped extension of the UK Dragon gas discovery into Irish waters, as well as the deeper Orpheus and Pegasus exploration prospects. Previous work on Dragon suggested an in-place resource of up to c.100 BCF with a 25:75 split between Ireland and the UK. Work carried out by IKON Geoscience determined that the Dragon gas bearing reservoir sands may be directly detectable from the 3D seismic data. Revised mapping using this inverted seismic data indicates that the Dragon gas field may extend further in to Irish territorial waters than had previously been mapped, with a larger potential resource base of up to 300 BCF and a c. 75:25 split between Ireland and the UK. Additional processing of the 3D seismic is on-going in relation to the drilling of an appraisal well and a farm-out campaign covering the St Georges Channel area continues.
OTHER APPRAISAL ASSETS
HOOK HEAD, Celtic Sea Basin, offshore Ireland (72.5% interest)
The Hook Head oil accumulation is located c. 60 km offshore Wexford in SEL 2/07 in the North Celtic Sea Basin. Providence (72.5%) operates Hook Head on behalf of its partners Atlantic Petroleum (18.33%) and Sosina (9.17%). 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 hydrocarbons encountered in both, although operational constraints resulted in limited test data. Further evaluation of the field suggests that the majority of the resource (estimated 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 planned future drilling.
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 and is operated by Providence (62.5%) on behalf of its partners, Atlantic Petroleum (18.33%), Sosina (9.17%) and Lansdowne (10%). The co-venturers are currently reviewing a number of low cost development options including unmanned production buoys for the ultimate development of the Helvick field. Lansdowne has highlighted an independent reserve update on Helvick which stated that under the current conditions of high oil prices, commercial production at Helvick (3 MMBO Gross, 1.875 MMBO net 2C Contingent Resources) could be achieved and, as a result, first oil could potentially be achieved within two years of project sanction.
KEY EXPLORATION ACTIVITIES
DALKEY ISLAND, Kish Bank Basin, offshore Ireland (50.0% interest)
HIGHLIGHTS
Foreshore Licence application process ongoing
The Lower Triassic Dalkey Island prospect is located c. 10km offshore Dublin in shallow water, with an in-place prospective resource potential of c. 870 MMBO. Providence (50%) operates the prospect, which is contained within SEL 2/11, on behalf of its partner PETRONAS. Similar aged prolific oil productive reservoirs have been discovered in the Liverpool Bay area of the East Irish Sea Basin, offshore UK and four wells drilled to date in the Kish Bank Basin have proven the presence of excellent quality Sherwood sandstone reservoir, Mercia Mudstone caprock as well as gas prone Upper Carboniferous source rocks. Oil shows in two of the four wells together with published airborne seep detection data suggests the presence of a Paleozoic oil prone source rock. A foreshore licence application has been submitted to the regulatory authorities and the relevant licence is awaited. The Company has started planning operations for the drilling of a well in the first half of 2013, subject to receipt of a foreshore licence.
DUNQUIN,South Porcupine Basin, offshore Ireland (16.0% interest)
HIGHLIGHTS
Drilling of an exploration well being planned for Q1 2013
Letter of intent signed for Eirik Raude deepwater semi-submersible rig
The Dunquin exploration prospect is located FEL 3/04 in the South Porcupine Basin. The prospect has associated P50 & P10 prospective recoverable resources of c. 1.7 BBOE & c. 3.7 BBOE, respectively. Recently, it was announced that the Operator, ExxonMobil, had signed a letter of intent with Ocean Rig UDW Inc. for the Eirik Raude semi-submersible drilling rig to drill the Dunquin prospect. ExxonMobil Exploration and Production (Offshore) Ireland Limited (27.5%) operates the licence on behalf of partners ENI (27.5%), Repsol (25%), Providence (16%) and Sosina (4%). Additional basin exploration targets include the Drombeg prospect (see below) and in the Cuchulain prospect (FEL 1/99, 3.2% interest).
RATHLIN, onshore Rathlin Island and offshore Rathlin Island (100% interest)
HIGHLIGHTS
Formal award of Rathlin Basin Licence P1885 (offshore) received
New Airborne Full Tensor Gradiometry survey completed
Initial interpretation confirms five significant anomaliesReprocessing of existing 2D seismic data is planned
Exploration drilling location review has commenced
The Rathlin Basin is located onshore/offshore Northern Ireland and is a Permo-Triassic rift system underlain by proven rich Carboniferous oil prone source rocks similar to the East Irish Sea Basin. The Providence interest is covered by licence PL5/10 onshore Rathlin Island and licence P1885 offshore Rathlin Island. Since licensing the acreage, Providence's subsurface team has been actively engaged in the evaluation of existing 2D seismic, shallow and deep well bore and outcrop geological data. Work has identified conventional hydrocarbon prospectivity within the Lower Triassic Sherwood Sandstone Group reservoir interval, which is proven to exist in the basin and which is a prolific hydrocarbon productive reservoir in the nearby East Irish Sea Basin, offshore Liverpool. Further vertically stacked potential has been identified within the deeper Carboniferous section where sandstones with porosities of up to 29% have been recorded in onshore outcrops. To date, just one deep hydrocarbon exploration well has been drilled in the basin, the onshore Ballinlea-1. It was drilled by Rathlin Energy Limited who reported that samples of good quality oil were brought to the surface for analysis.
Providence has acquired a recently completed Full Tensor Gradiometry (FTG) and magnetic airborne survey carried out over its blocks by Bell Geospace. The drilling of anomalies identified using this technology has been proven to be extremely successful elsewhere in the world in frontier hydrocarbon exploration. The initial evaluation of these data has identified five large anomalies within Providence's acreage. Notably, one of these anomalies is structurally on-trend and just c.10 km from the Ballinlea-1 well. It is now planned to integrate the FTG dataset with existing 2D seismic data and the onshore stratigraphy to high-grade the prospectivity of these anomalies. Further reprocessing of the existing 2D seismic data is also planned in order to progress the area towards drilling. A screening review of potential drilling locations has commenced with options to drill from both offshore as well as onshore sites currently being assessed.
OTHER EXPLORATION ACTIVITIES
DROMBEG, Porcupine Basin, offshore Ireland (80% interest)
The Drombeg prospect is located in the south Porcupine Basin and is held under Licencing Option 11/11. The prospect, which lies in c. 2,500 metre water depth, is c. 220 km offshore and is operated by Providence (80%) on behalf of its partner Sosina Exploration (20%).
As mapped, the Lower Cretaceous Drombeg stratigraphic prospect demonstrates a significant seismic amplitude anomaly and low seismic impedance as well as a marked AVO (amplitude versus offset) response. Providence recently engaged Ikon Science to carry out a rock physics modeling and 2D seismic inversion study of the Drombeg prospect using a number of key 2D seismic lines together with regional well data. This study has concluded that the mapped seismic anomaly is consistent with a modelled hydrocarbon bearing sandstone interval which has a seismically derived thickness of c. 200-300 ft. Providence's mapping shows that the anomaly is aerially extensive covering c. 240 sq km and is interpreted to be the deepwater equivalent of Lower Cretaceous Apto-Albian aged shallow water marine sandstones encountered in the BP-operated 43/13-1 well, drilled in 1988. That well, which was situated c. 80 km from Drombeg, encountered c. 70 ft of net Apto-Albian sandstone (average porosity of c. 19%). An underlying second seismic anomaly has also been identified and modeled to be consistent with hydrocarbon bearing sandstone with a seismically derived thickness of c. 140-200 ft and both anomalies appear to have a potential common down-dip depth termination.
A major Jurassic tilted fault block closure covering c. 150 sq km has been mapped beneath the prospect and a marked fluid escape feature has been identified at its crest. This 'chimney' appears to terminate at the down-dip edge of the Drombeg seismic anomaly and provides potential evidence of hydrocarbon sourcing and migration into the prospect. Providence recently presented these results at the 3rd Central and North Atlantic Conjugate Margins Conference and has received significant interest from major industry players.
NEWGRANGE, Goban Spur Basin, offshore Ireland (40% interest)
The Newgrange prospect is located in the Goban Spur Basin offshore South West Ireland and is held under Licencing Option 11/11 and operated by Repsol, which is recognised as a deepwater drilling expert. The prospect, which lies in c. 1,000 metre water depth is c. 250 km offshore and comprises a large four way dip closed anticline which extends over a c. 1,000 sq km area. Nearby well control suggests the potential for excellent carbonate reservoir with the most recent volumetric analysis indicating a mean gas in place prospective resource potential of c. 14 TSCF.
KYLEMORE & SHANNON, Slyne Basin, offshore Ireland (66.6% interest)
The Kylemore prospect is located c. 20 km south-west of the Corrib field and is interpreted to be a mid-basinal inverted four way dip-closed anticline based on a combination of 2D and 3D seismic data. It is held under Licence Option 11/12 and is located c. 70 km offshore the west coast of Ireland in c. 300 metre water depth. Providence (66.6%) operates the option on behalf of its partner, First Oil Expro Limited. The most recent mapping of the Kylemore prospect indicates that it is structurally analogous to the Corrib Field with a potential gas in place of up to 228 BSCF. The Shannon structure which is fully covered by 3D seismic data is situated c. 10 km south-west of Corrib. An exploration well 18/25-2 drilled in 1999 by Enterprise Oil on the Shannon structure did not encounter the Corrib reservoir and they interpreted the reservoir to be faulted out at the well location. As the Enterprise pre-drill map demonstrated significant structural closure covering c. 23 sq. km, both Providence and First Oil Energy believe that the Shannon structure warrants a complete re-evaluation in the context of any remaining resource potential.
PEGASUS, St George's Channel Basin, offshore Ireland (100.0% interest)
The Pegasus exploration prospect is located north-west of the Dragon Field in the St George's Channel in SEL 1/07 where Providence holds 100% equity. The prospect has an estimated prospective resource potential of c. 300 BSCF.
ORPHEUS, St George's Channel Basin, offshore Ireland (100.0% interest)
The Orpheus 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 and is held within SEL 1/07 where Providence holds 100% equity,, would be drilled as part of any appraisal programme of the Dragon Field.
RECENT CORPORATE ACTIVITY
Sale of onshore UK assets to IGas Energy Plc
On September 28th, 2012, the Company announced that it had entered into a conditional agreement with IGas Energy Plc to divest its UK onshore production and development assets (Singleton, Baxter's Copse and Burton Down) for a total consideration of US$ 66 million. This transaction, which will allow the Company to repay all outstanding indebtedness to Deutsche Bank, is scheduled to close by December. With debt levels at closing to be repaid forecast to be c. US$ 44 million, the balance of the gross sale proceeds of US$ 22 million will be available for general working capital purposes and the Company will be debt free.
PROVIDENCE RESOURCES P.l.c.
Condensed consolidated income statement
For the 6 months ended 30 June 2012
Notes | 6 months ended 30 June 2012 Unaudited '000 | 6 months ended 30 June 2011 Unaudited '000 | Year ended 31 December 2011 Audited '000 | |
Continuing operations | ||||
Revenue | 1 | 7,746 | 5,717 | 13,752 |
Cost of sales | (3,317) | (2,311) | (4,055) | |
Gross Profit | 4,429 | 3,406 | 9,697 | |
Administration expenses | (2,703) | (2,130) | (4,074) | |
Foreign exchange | (1,292) | 145 | 1,541 | |
Pre-licence expenditure | - | (200) | (117) | |
Loss on disposal of asset | - | - | (381) | |
Impairment of exploration, evaluation and production assets | (28,298) | (4,412) | (6,635) | |
Operating (loss) / profit | (27,864) | (3,191) | 31 | |
Finance income | 178 | 39 | 134 | |
Finance expense | 3 | (2,044) | (6,680) | (5,378) |
Loss before income tax | (29,730) | (9,832) | (5,213) | |
Income tax (expense) | (3,565) | (1,346) | (4,503) | |
Loss from continuing operations | (33,295) | (11,178) | (9,716) | |
Loss from discontinued operations (net of income tax) | 2 | - | (5,177) | (4,224) |
Loss for the period | (33,295) | (16,355) | (13,940) | |
Loss per share (cent) - continuing operations | ||||
Basic loss per share | 8 | (60.41) | (28.92) | (20.78) |
Diluted loss per share | 8 | (60.41) | (28.92) | (20.78) |
Loss per share (cent) - discontinued operations | ||||
Basic loss per share | - | (13.40) | (9.03) | |
Diluted loss per share | - | (13.40) | (9.03) | |
PROVIDENCE RESOURCES P.l.c.
Consolidated statement of comprehensive income
For the 6 months ended 30 June 2012
6 months ended 30 June 2012 Unaudited '000 | 6 months ended 30 June 2011 Unaudited '000 | Year ended 31 December 2011 Audited '000 | ||
Loss for the financial year | (33,295) | (16,355) | (13,940) | |
Foreign exchange translation differences | (1,770) | 5,624 | (1,533) | |
Net change in fair value of cash flow hedges transferred to income statement | - | (1,930) | 1,342 | |
Cashflow hedges | - net fair value loss | - | (617) | (2,449) |
- related deferred tax | - | 680 | 2,057 | |
Total income and expense recognised in other comprehensive income | (1,770) | 3,757 | (583) | |
Total comprehensive expense | (35,065) | (12,598) | (14,523) |
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 2012
Notes | 30 June 2012 Unaudited '000 | 30 June 2011 Unaudited '000 | 31 December 2011 Audited '000 | |
Assets | ||||
Exploration and evaluation assets | 4 | 53,621 | 14,726 | 36,214 |
Development and production assets | 5 | 39,615 | 53,889 | 46,159 |
Property, plant and equipment | 27 | 449 | 32 | |
Derivative instruments | 5,795 | - | 5,111 | |
Deferred tax | 4,749 | 3,191 | 5,887 | |
Total non-current assets | 103,807 | 72,255 | 93,403 | |
_______ | _______ | _______ | ||
Trade and other receivables | 22,267 | 1,929 | 6,626 | |
Derivative instruments | 1,433 | - | 513 | |
Restricted cash | 3,473 | 2,520 | 17,491 | |
Cash and cash equivalents | 41,145 | 46,258 | 18,563 | |
Total currents assets | 68,318 | 50,707 | 43,193 | |
_______ | _______ | _______ | ||
Total assets | 172,125 | 122,962 | 136,596 | |
Equity | ||||
Share capital | 6 | 18,123 | 16,668 | 16,668 |
Capital conversion reserve fund | 623 | 623 | 623 | |
Share premium | 6 | 209,589 | 130,548 | 130,548 |
Singleton revaluation reserve | 2,559 | 2,838 | 2,650 | |
Convertible bond - equity portion | 673 | 2,944 | 2,333 | |
Foreign currency translation reserve | (5,425) | 3,501 | (3,655) | |
Share based payment reserve | 4,512 | 4,033 | 4,368 | |
Warrant reserve | - | 5,641 | 5,641 | |
Cashflow hedge reserve | (1,124) | (5,122) | (2,305) | |
Retained deficit | (174,897) | (152,275) | (148,994) | |
Total equity attributable to equity holders of the Company | 54,633 | 9,399 | 7,877 | |
Liabilities | ||||
Loans and borrowings | 7 | 24,520 | 72,760 | 30,033 |
Decommissioning provision | 5,525 | 3,411 | 5,165 | |
Deferred tax | 28,319 | 19,217 | 24,091 | |
Derivative instruments | - | 1,844 | - | |
Total non-current liabilities | 58,364 | 97,232 | 59,289 | |
Trade and other payables | 39,610 | 11,645 | 27,651 | |
Loans and borrowings | 7 | 11,017 | - | 33,447 |
Loans and borrowings - prepaid swap | 7 | 8,501 | - | 8,332 |
Derivative instruments | - | 4,686 | - | |
Total current liabilities | 59,128 | 16,331 | 69,430 | |
Total liabilities | 117,492 | 113,563 | 128,719 | |
Total equity and liabilities | 172,125 | 122,962 | 136,596 |
PROVIDENCE RESOURCES P.l.c.
Consolidated statement of changes in Equity
For the 6 months ended 30 June 2012
Share Capital | Capital Con- version Reserve Fund | Share Prem-ium | Singleton Re- valuation | Foreign Currency Trans- lation | Share Based Payment | Warrants | Conver- tible Bond - equity portion | Cashflow Hedge | Retained Deficit | Total | |
'000 | '000 | '000 | '000 | '000 | '000 | '000 | '000 | '000 | '000 | '000 | |
At 1 January 2012 | 16,668 | 623 | 130,548 | 2,650 | (3,655) | 4,368 | 5,641 | 2,333 | (2,305) | (148,994) | 7,877 |
Loss for financial period | - | - | - | - | - | - | - | - | - | (33,295) | (33,295) |
Currency translation | - | - | - | - | (1,770) | - | - | - | - | - | (1,770) |
Cashflow hedge | - | - | - | - | - | - | - | - | 1,181 | - | 1,181 |
Total comprehen-sive income | 16,668 | 623 | 130,548 | 2,650 | (5,425) | 4,368 | 5,641 | 2,333 | (1,124) | (182,289) | (26,007) |
Share based payment | - | - | - | - | - | 144 | - | - | - | - | 144 |
Warrants redemption | - | - | - | - | - | - | (5,641) | - | - | 5,641 | - |
Bond redemption | - | - | - | - | - | - | - | (1,660) | - | 1,660 | - |
Transfer from Singleton revaluation reserve | - | - | - | (91) | - | - | - | - | - | 91 | - |
Transactions with owners, recorded directly in equity | |||||||||||
Shares issued in year | 1,455 | - | 79,041 | - | - | - | - | - | - | - | 80,496 |
At 30 June 2012 | 18,123 | 623 | 209,589 | 2,559 | (5,425) | 4,512 | - | 673 | (1,124) | (174,897) | 54,633 |
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 period | - | - | - | - | - | - | - | - | - | (16,355) | (16,355) |
Currency translation | - | - | - | - | 5,623 | - | - | - | - | - | 5,623 |
Cashflow hedge | - | - | - | - | - | - | - | - | (1,867) | - | (1,867) |
Total comprehensive income | 15,058 | 623 | 86,918 | 2,919 | 3,501 | 3,537 | 5,641 | 2,944 | (5,122) | (152,356) | (36,337) |
Share issued in period | 1,610 | - | 43,630 | - | - | - | - | - | - | - | 45,240 |
Share based payments | - | - | - | - | - | 496 | - | - | - | - | 496 |
Transfer from Singleton revaluation reserve | - | - | - | (81) | - | - | - | - | - | 81 | - |
Transactions with owners, recorded directly in equity | |||||||||||
At 30 June 2011 | 16,668 | 623 | 130,548 | 2,838 | 3,501 | 4,033 | 5,641 | 2,944 | (5,122) | (152,275) | 9,399 |
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 | - | - | - | - | - | - | - | - | - | (13,940) | (13,940) |
Currency translation | - | - | - | - | (1,533) | - | - | - | - | - | (1,533) |
Cashflow hedge | - | - | - | - | - | - | - | - | 950 | - | 950 |
Total comprehensive income | 15,058 | 623 | 86,918 | 2,919 | (3,655) | 3,537 | 5,641 | 2,944 | (2,305) | (149,941) | (38,261) |
Transactions with owners, recorded directly in equity | |||||||||||
Shares issued in year | 1,610 | - | 43,630 | - | - | - | - | - | - | - | 45,240 |
Share based payments | - | - | - | - | - | 898 | - | - | - | - | 898 |
Share options forfeited in year | - | - | - | - | - | (67) | - | - | - | 67 | - |
Transfer from Singleton revaluation reserve | - | - | - | (269) | - | - | - | - | - | 269 | - |
Bond redemption | - | - | - | - | - | - | - | (611) | - | 611 | - |
At 31 December 2011 | 16,668 | 623 | 130,548 | 2,650 | (3,655) | 4,368 | 5,641 | 2,333 | (2,305) | (148,994) | 7,877 |
PROVIDENCE RESOURCES P.l.c.
Consolidated statement of cash flows
For the 6 months ended 30 June 2012
6 months ended 30 June 2012 | 6 months ended 30 June 2011 | Year ended 31 December 2011 | |
Unaudited | Unaudited | Audited | |
'000 | '000 | '000 | |
Cash flows from operating activities | |||
Loss before income tax for the period | (29,730) | (15,009) | (9,437) |
Adjustments for: | |||
Depletion and depreciation | 1,794 | 1,434 | 2,634 |
Loss on disposal | - | - | 381 |
Abandonment provision | 365 | (131) | - |
Impairment of exploration and evaluation assets | - | 200 | 1,731 |
Impairment of production and development assets | 28,298 | 4,412 | 4,904 |
Finance income | (178) | (39) | (134) |
Finance expense | 2,044 | 6,680 | 5,378 |
Equity settled share based payment charge | 144 | 496 | 898 |
Foreign exchange | (3,425) | 2,982 | 2,307 |
Change in trade and other receivables | (15,641) | 1,639 | 1,579 |
Change in restricted cash | 14,018 | - | (14,971) |
Change in trade and other payables | 11,959 | 2,734 | 18,811 |
Interest paid | (4,537) | (3,438) | (6,798) |
Tax paid | - | - | - |
Hedge repayments | (581) | - | (7,714) |
Net cash inflows / (outflows) from operating activities | 4,530 | 1,960 | (431) |
Cash flows from investing activities | |||
Interest received | 178 | 39 | 134 |
Acquisition of exploration and evaluation assets | (17,407) | (4,809) | (27,576) |
Acquisition of development and production assets | (22,177) | (4,327) | (8,889) |
Acquisition of property, plant and equipment | - | (511) | (38) |
Disposal of development and production assets - AJE | 4,610 | 7,759 | |
Disposal of development and production assets - Triangle | - | 10,475 | 10,475 |
Net cash from investing activities | (34,796) | 867 | (18,135) |
Cash flows from financing activities | |||
Proceeds from issue of share capital | 84,407 | 47,663 | 47,662 |
Share capital issue costs | (3,911) | (2,424) | (2,422) |
Repayment of loans and borrowings | (28,027) | (10,475) | (56,540) |
Proceeds from drawdown of loans and borrowings | - | - | 39,033 |
Net cash from financing activities | 52,469 | 34,764 | 27,733 |
Net increase in cash and cash equivalents | 22,203 | 37,591 | 9,167 |
Cash and cash equivalents at 1 January | 18,563 | 9,171 | 9,171 |
Effect of exchange rate fluctuations on cash and cash equivalents | 379 | (504) | 225 |
Cash and cash equivalents at 30 June | 41,145 | 46,258 | 18,563 |
PROVIDENCE RESOURCES P.l.c.
Note 1
Segment Reporting
6 months ended 30 June 2012 | 6 months ended 30 June 2011 | Year ended 31 December 2011 | |
Unaudited | Unaudited | Audited | |
'000 | '000 | '000 | |
Revenue by destination | |||
UK | 7,746 | 5,717 | 13,752 |
Total Revenue | 7,746 | 5,717 | 13,752 |
Segment net (loss) for the period | |||
UK - producing assets | (26,018) | (1,256) | 2,977 |
Republic of Ireland - exploration assets | (275) | (151) | (1,815) |
Africa - development assets | 144 | 489 | (422) |
US - assets | (862) | - | - |
Corporate expenses | (853) | (2,273) | (709) |
Operating (loss) / profit for the period | (27,864) | (3,191) | 31 |
Segment assets | |||
UK - producing | 46,098 | 44,382 | 61,943 |
Republic of Ireland - exploration assets | 70,067 | 14,726 | 67,306 |
Africa - development and production assets | - | 12,618 | 4,637 |
US | 260 | 231 | 91 |
Group assets | 55,700 | 51,005 | 2,619 |
Total assets | 172,125 | 122,962 | 136,596 |
Segment Liabilities | |||
UK - producing | (31,280) | (28,000) | (67,201) |
Republic of Ireland - exploration | (27,288) | (6,380) | (23,747) |
Africa - development and production | - | (65) | - |
US | (772) | (968) | (1,343) |
Group liabilities | (58,152) | (78,150) | (36,428) |
Total Liabilities | (117,492) | (113,563) | (128,719) |
Capital Expenditure | |||
UK - producing assets | 22,177 | 4,167 | 7,927 |
Republic of Ireland - exploration assets | 17,407 | 4,786 | 27,805 |
Africa - development and production assets | - | 183 | 245 |
Total Capital Expenditure | 39,584 | 9,136 | 35,977 |
Depletion and decommissioning charge | |||
UK - producing | 1,633 | 1,162 | 2,505 |
US - producing assets (discontinued operations) | - | (131) | - |
1,633 | 1,031 | 2,505 | |
Impairment charge | |||
Republic of Ireland - exploration assets | - | - | 1,731 |
UK - development and production assets | 28,298 | 4,412 | 4,904 |
28,298 | 4,412 | 6,635 |
PROVIDENCE RESOURCES P.l.c.
Note 2
Discontinued Operations
6 months ended 30 June 2012 | 6 months ended 30 June 2011 | Year ended 31 December 2011 | |
Unaudited | Unaudited | Audited | |
'000 | '000 | '000 | |
Results of discontinued operations | |||
Revenue | - | (270) | - |
Expenses | - | (4,907) | (2,421) |
Results from operating activities | - | (5,177) | (2,421) |
Income tax charge | - | - | - |
Results from operating activities (net of tax) | - | (5,177) | (2,421) |
Loss on sale of discontinued operations | - | - | (1,803) |
Loss for the period | - | (5,177) | (4,224) |
Basic loss per share | - | (0.13) | (9.03) |
Diluted loss per share | - | (0.13) | (9.03) |
Cashflow from discontinued operations | |||
Net cash from operating activities | - | (2,196) | 279 |
Net cash from investing activities | - | 10,475 | 16 |
Net cash from financing activities | - | (10,475) | - |
Net cash flows for the period | - | (2,196) | 295 |
PROVIDENCE RESOURCES P.l.c.
Note 3
Finance Expense
6 months ended 30 June 2012 | 6 months ended 30 June 2011 | Year ended 31 December 2011 | |
Unaudited | Unaudited | Audited | |
'000 | '000 | '000 | |
Interest expense | 2,369 | 3,692 | 8,918 |
Net change in fair value of financial assets - measured at fair value through income statement | (1,812) | 2,880 | (5,624) |
Unwinding of discount on decommissioning provision | 306 | 108 | 370 |
Reclassification of amounts from hedging reserve on maturity of hedges | 1,181 | - | 1,714 |
Total finance expense | 2,044 | 6,680 | 5,378 |
Recognised directly in equity | |||
Foreign currency differences on foreign operations | (1,770) | 5,624 | (1,533) |
Effective portion of change in fair value of cashflow hedge | - | (617) | (2,449) |
Net change in fair value of cashflow hedge transferred to income statement | - | (1,930) | 1,342 |
Finance (expense) / income recognised directly in equity | (1,770) | 3,077 | (2,640) |
PROVIDENCE RESOURCES P.l.c.
Note 4
Exploration and evaluation assets
Republic of Ireland | Africa | Total | |
'000 | '000 | '000 | |
Cost and book value | |||
At 1 January 2011 | 10,140 | - | 10,140 |
Additions | 4,708 | - | 4,708 |
Cash calls received in period | (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 |
At 1 January 2011 | 10,140 | - | 10,140 |
Additions | 32,972 | - | 32,972 |
Administration expenses capitalised | 1,007 | 37 | 1,044 |
Cash call received in year | (6,440) | - | (6,440) |
Impairment charge | (1,731) | - | (1,731) |
Increase in abandonment provision | 266 | - | 266 |
Transfer to development and production assets | - | (37) | (37) |
At 31 December 2011 | 36,214 | - | 36,214 |
At 31 December 2011 | 36,214 | - | 36,214 |
Additions | 18,847 | - | 18,847 |
Cash calls received in period | (2,054) | - | (2,054) |
Administration expenses capitalised | 614 | - | 614 |
At 30 June 2012 | 53,621 | - | 53,621 |
PROVIDENCE RESOURCES P.l.c.
Note 5
Development and production assets
UK | US | Africa | Total | |
'000 | '000 | '000 | '000 | |
Cost | ||||
At 1 January 2011 | 52,995 | 26,806 | 12,436 | 92,237 |
Additions | 3,988 | - | 160 | 4,148 |
Transfer from exploration and evaluation assets | - | - | 23 | 23 |
Administration expenses | 179 | - | - | 179 |
Exchange rate adjustment | (2,698) | (2,023) | - | (4,721) |
At 30 June 2011 | 54,464 | 24,783 | 12,619 | 91,866 |
At 1 January 2011 | 52,995 | 26,806 | 12,436 | 92,237 |
Additions | 7,590 | - | 208 | 7,798 |
Transfer from exploration and evaluation assets | - | - | 37 | 37 |
Administration expenses | 337 | - | - | 337 |
Disposed of in year | - | (26,806) | (12,681) | (39,487) |
Exchange rate adjustment | 911 | - | - | 911 |
At 31 December 2011 | 61,833 | - | - | 61,833 |
At 1 January 2012 | 61,833 | - | - | 61,833 |
Additions | 21,972 | - | - | 21,972 |
Administration expenses | 205 | - | - | 205 |
Exchange rate adjustment | 1,764 | - | - | 1,764 |
At 30 June 2012 | 85,774 | - | - | 85,774 |
Depletion | ||||
At 1 January 2011 | 8,024 | 26,806 | - | 34,830 |
Charge for the year | 1,130 | - | - | 1,130 |
Impairment of assets | 4,412 | - | - | 4,412 |
Exchange rate adjustment | (372) | (2,023) | - | (2,395) |
At 30 June 2011 | 13,194 | 24,783 | - | 37,977 |
At 1 January 2011 | 8,024 | 26,806 | - | 34,830 |
Charge for the year | 2,505 | - | - | 2,505 |
Impairment of assets | 4,904 | - | - | 4,904 |
Eliminated on disposal | - | (26,806) | - | (26,806) |
Exchange rate adjustment | 241 | - | - | 241 |
At 31 December 2011 | 15,674 | - | - | 15,674 |
At 1 January 2012 | 15,674 | - | - | 15,674 |
Charge for the period | 1,633 | - | - | 1,633 |
Impairment of assets | 28,298 | - | - | 28,298 |
Exchange rate adjustment | 554 | - | - | 554 |
At 30 June 2012 | 46,159 | - | - | 46,159 |
Net book value | ||||
At 30 June 2012 | 39,615 | - | - | 39,615 |
At 31 December 2011 | 46,159 | - | - | 46,159 |
At 30 June 2011 | 41,270 | - | 12,619 | 53,889 |
PROVIDENCE RESOURCES P.l.c.
Note 6
Share Capital and Share Premium
Number | |||
Authorised: | 000 | '000 | |
At 1 January and 30 June 2011 | |||
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 | 10,624 | 12,750 | 5,691 |
Ordinary share of 0.10 each | 23,088 | 2,308 | 81,227 |
At 1 January 2011 | 33,712 | 15,058 | 86,918 |
Shares issued | 16,097 | 1,610 | 46,053 |
Share issue costs | - | - | (2,423) |
At 30 June 2011 | 49,809 | 16,668 | 130,548 |
At 31 December 2011 | 49,809 | 16,668 | 130,548 |
Share issued | 14,549 | 1,455 | 82,952 |
Share issue costs | - | - | (3,911) |
At 30 June 2012 | 64,358 | 18,123 | 209,589 |
PROVIDENCE RESOURCES P.l.c.
Note 7
Loans and Borrowings
Deutsche bank loan facility | Deutsche bank loan fees | BNP Revolving Facility | BNP Loan Fees | Convertible Bond | Total | |
'000 | '000 | '000 | '000 | |||
At 1 January 2011 | 47,582 | (1,597) | 39,802 | 85,787 | ||
Written off to income statement | - | - | - | 213 | 645 | 858 |
Repaid during year | - | - | (10,475) | - | - | (10,475) |
Foreign exchange | - | - | (3,410) | - | - | (3,410) |
At 30 June 2011 | - | - | 33,697 | (1,384) | 40,447 | 72,760 |
At 1 January 2011 | - | - | 47,582 | (1,597) | 39,802 | 85,787 |
Drawn down in year | 39,033 | (808) | - | - | - | 38,225 |
Repaid during year | (3,112) | - | (44,866) | - | (7,735) | (55,713) |
Written off to income statement | - | 54 | - | 1,597 | 1,380 | 3,031 |
Foreign exchange | 3,230 | (32) | (2,716) | - | - | 482 |
At 31 December 2011 | 39,151 | (786) | - | - | 33,447 | 71,812 |
Repaid during period | (4,918) | - | - | - | (23,109) | (28,027) |
Written off to income statement | (1,393) | 68 | - | - | 679 | (646) |
Foreign exchange | 921 | (22) | - | - | - | 899 |
At 30 June 2012 | 33,761 | (740) | - | - | 11,017 | 44,038 |
Analysed as follows: | 30 June 2012 | 31 December 2011 | 30 June 2011 | |||
Non-Current | '000 | '000 | '000 | |||
Credit facility (prepaid swap) | 24,520 | 30,033 | - | |||
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