PROVIDENCE RESOURCES P.L.C. - COURT OF APPEAL RULING ISSUED COURT OF APPEAL RULING ISSUED Dublin and London - April 13, 2016 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, provides notification regarding the litigation between Providence and Transocean Drilling U.K. Limited ("Transocean"), a subsidiary of Transocean Ltd. The case relates to certain costs claimed by Transocean against Providence regarding the use of the semi-submersible drilling unit, the Arctic III, in 2011/12 on Providence's Barryroe oilfield, offshore Ireland. The total claim, which was made by Transocean in 2012, amounted to approximately US$19 million. Providence, in defence of its position, counterclaimed against Transocean. The Hon. Mr Justice Popplewell, in his judgment of 19 December 2014 in the Commercial Court in London, found that Transocean was in breach of contract for failing to maintain various parts of its sub-sea equipment and that Transocean was not, therefore, entitled to certain amounts reflecting Transocean's own day rate remuneration. As previously disclosed, Transocean sought and was granted the right to appeal one aspect of Mr Justice Popplewell's judgment, which specifically related to whether Providence was entitled to set off certain spread costs against Transocean's claim. The appeal of this aspect of the judgment turned on the Court of Appeal's interpretation of the wording of the consequential loss clause in the rig contract (Mr. Justice Popplewell had found that Providence was entitled to set off certain spread costs). The appeal was heard in March 2016. In a judgment handed down today, 13 April 2016, the Court of Appeal has granted Transocean's appeal on the set off point. All other aspects of Mr Justice Popplewell's judgment remain in force, including the finding that Transocean was in breach of contract. Providence estimates the financial implications of the Court of Appeal's judgment will result in the payment of approximately US$7 million (excluding interest and costs) to Transocean. The parties and their legal advisors are currently in the process of agreeing the final amount payable to Transocean (together with any costs and interest thereon) and the terms of payment. Accordingly, at this time the Company cannot confirm the final amount payable to Transocean, nor the terms or timing of such payment. Pending clarification of such matters, and having regard to the Company's existing financial resources, the Company has requested the continued suspension of its shares from trading on AIM and ESM. In the meantime, the Company is in active discussions with its financial advisors and current debt provider with the objective of ensuring that the Company has the appropriate financial resources to satisfy its obligations to Transocean. As outlined in note 24c of the Group's Consolidated Financial Statements, no provision for the appeal was recorded in the Financial Accounts for the year ending 31 December 2014. On the basis of this issued judgment, Providence will now make a provision for its net amount in its Financial Accounts for the year ending 31 December 2015. Further updates will be issued in due course. INVESTOR ENQUIRIES Providence Resources P.l.c. Tel: +353 1 219 4074 Tony O'Reilly, Chief Executive Officer Cenkos Securities plc Tel: +44 131 220 9771 Neil McDonald/Derrick Lee J&E Davy Tel: +353 1 679 6363 Eugenee Mulhern/Anthony Farrell MEDIA ENQUIRIES Powerscourt Tel: +44 207 250 1446 Lisa Kavanagh/Rob Greening Murray Consultants Tel: +353 1 498 0300 Pauline McAlester ABOUT PROVIDENCE RESOURCES Providence Resources is an Irish based Oil and Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland and the UK. Providence's shares are quoted on AIM in London and the ESM in Dublin. ANNOUNCEMENT This announcement has been reviewed by Dr John O'Sullivan, Technical Director, Providence Resources P.l.c. John is a geology graduate of University College, Cork and holds a Masters in Applied Geophysics from the National University of Ireland, Galway. He also holds a Masters in Technology Management from the Smurfit Graduate School of Business at University College Dublin and a doctorate in Geology from Trinity College Dublin. John is a Chartered Geologist and a Fellow of the Geological Society of London. He is also a member of the Petroleum Exploration Society of Great Britain, the Society of Petroleum Engineers and the Geophysical Association of Ireland. John has more than 25 years of experience in the oil and gas exploration and production industry having previously worked with both Mobil and Marathon Oil. John is a qualified person as defined in the guidance note for Mining Oil & Gas Companies, March 2006 of the London Stock Exchange. Definitions in this press release are consistent with SPE guidelines. SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in preparing this announcement. HUG#2003159
Taken from an article in sep 30th 2015. Does winning the case mean we have an extra 19m?...While €21.7m is due to be repaid to Melody Finance next May, Providence, which only has cash balances of just over €11m, at present, has held talks with its debt providers over a possible extension of terms and the maturity of the facility.
Providence Resources P.l.c. ("Providence" or the "Company"), the Irish oil and gas exploration and appraisal company, whose shares are quoted in London (AIM) and Dublin (ESM), confirms that it has requested the temporary suspension in trading of its shares on AIM and ESM in advance of a final decision of the Court of Appeal, which is expected today at 10.30 a.m., in relation to an appeal lodged by Transocean Drilling UK Limited against the judgement of Mr Justice Popplewell, which was notified by the Company on 22 December 2014. A further announcement in relation to this matter will be issued in due course.
Fair play spuddy. Hope you get a sincere reply and not the standard, when there is news we will report to the market. And If they do actually look on discussion boards it dosnt show. Time will eventually tell on this one. The sooner the better.
Thanks Spuddy and Mamms for the honest advice. Two totally different opinions but both very valid. I will hold for now. Mostly because i have less to lose st this stage. Fingers crossed and good luck to all. But just to give my view, i think we have been dangled a carrot on a stick for too long. I attended the agm 2 years ago and was listening to the same story. There is obviously some problem but I dont know what it is and for some reason i am giving my money to this group in blind faith to pull something out. Dosnt dound very clever. Anyway, sell something pvr!!!!
Is this share doomed. Or is there some good news to help it rocket to €2 or €3. I was treating this as forget i have shares and wait. But now i wonder should i cut my losses and take what little i have left. Loads lost. Very angry with myself. Pure waste. What we need is a detailed message of what is happening. Things will happen soon and lots of ppl in the data room is ridiculus
Is this share doomed. Or is there some good news to help it rocket to €2 or €3. I was treating this as forget i have shares and wait. But now i wonder should i cut my losses and take what little i have left. Loads lost. Very angry with myself. Pure waste. What we need is a detailed message of what is happening. Things will happen soon and lots of ppl in the data room is ridiculous
Yes zero traded in dublin since 18th of march. Current price .19. Current bid .191 but current offer is .23 big jump if you want to buy. Nobody selling at least is good. They must be near some sort of deal. I pray.
Company name PROVIDENCE RES. Headline Providence Resources P.l.c - Porcupine & Global Spur Basins - Asset Portfolio Update PORCUPINE & GOBAN SPUR BASINS ASSET PORTFOLIO UPDATE SPANISH POINT FARM-OUT STATUS AND UPDATE ON PROPOSED WELL PROGRAMME SUB-SURFACE EVALUATION CONTINUING ON ADJACENT RUADHAN 3D SURVEY ADJACENT THIRD PARTY LICENCING OPTION APPLICATIONS SUBMITTED DUNQUIN DUNQUIN NORTH POST-WELL TECHNICAL STUDIES CONTINUING DUNQUIN SOUTH PROSPECT DUNQUIN RIDGE PROSPECT EVIDENCE OF MORE SIGNIFICANT RESIDUAL OIL IN THE DUNQUIN NORTH WELL ADJACENT THIRD PARTY LICENCING OPTION APPLICATIONS SUBMITTED DRUID/DROMBEG FARM-OUT PROCESS LAUNCHED BY SCHLUMBERGER GEOMECHANICS SUPPORTS THE PRESENCE OF TOP-SEAL ACROSS BOTH PROSPECTS SEISMIC ANALYSIS SUPPORTS POTENTIAL DIRECT HYDROCARBON DETECTION AND RESERVOIR ZONATION ADJACENT NEW LICENCING OPTIONS OFFERED TO NEXEN (CNOOC), EXXONMOBIL & STATOIL NEWGRANGE SEISMIC VESSEL CONFIRMED FOR THE PROPOSED 2016 3D MULTI-CLIENT SURVEY SEISMIC SUPPORTS TOP SEAL AND RESERVOIR PRESENCE FOR CRETACEOUS TARGET PRE-CRETACEOUS STRUCTURAL CLOSURE FAR LARGER THAN PREVIOUSLY MAPPED ADJACENT NEW LICENCING OPTIONS OFFERED TO NEXEN (CNOOC), EXXONMOBIL & STATOIL Dublin and London - March 11, 2016 Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, today provides an update on a number of its assets located in the Porcupine Basin, offshore southern Ireland. Spanish Point Field, Northern Porcupine Basin (Providence 58%) Farm-out discussions continue with third parties The proposed Spanish Point appraisal drilling programme is subject to regulatory consent and consists of appraising the original 35/8-2 Spanish Point discovery Subsurface evaluation of the exploration potential within the adjacent FEL's 4/08 and 1/14 (including the recent Ruadhan 3D seismic survey) areas is continuing The Irish government has indicated that third party Licensing Option applications have been received for acreage in the vicinity of Spanish Point Dunquin South Prospect, Southern Porcupine Basin (Providence 20%) Dunquin North post-well technical studies are continuing focused on the future potential of the adjacent Dunquin South prospect Additional stacked potential is also being assessed in the underlying c. 700 km2 Dunquin Ridge which may be of pre-rift sedimentary origin Providence's third-party petrophysical evaluation has indicated the presence of residual oil saturations over the entire drilled c. 250 metre Dunquin North Lower Cretaceous carbonate reservoir interval suggesting potentially prolific oil source rock access to the Dunquin licence The Irish government has indicated that third party Licensing Option applications have been received directly adjacent to the east and west flanks of the Dunquin licence Druid/Drombeg Prospects, Southern Porcupine Basin (Providence 80%) The formal Druid/Drombeg farm-out process has begun with the release of the eCard & eFlyer advertising this high impact opportunity Geo-mechanical analysis for Drombeg/Druid prospects shows potential seal presence over the whole area Detailed 3D seismic data analysis shows Class II AVO anomalies at the Paleocene Druid and Lower Cretaceous Drombeg prospects Rock physics analysis suggests the potential to extract facies type at Druid/Drombeg directly from the 3D seismic data The Irish government has recently offered awards of new Licensing Options in the adjacent area to Nexen (CNOOC), ExxonMobil & Statoil Newgrange Prospect, Goban Spur Basin (Providence 80%) Searcher Seismic has confirmed to Providence the Polar Marquis vessel for the proposed Newgrange 3D seismic programme which is scheduled to commence in later in 2016, subject to all necessary regulatory approvals Geopressure analysis from newly acquired 2D seismic data, integrated with the Dunquin well data, indicates the likely presence of top-seal at Newgrange Initial pre-stack seismic inversion and rock physics analysis shows low acoustic impedance, indicative of good quality reservoir Mapping of newly acquired 2D seismic data indicates the pre-rift Base Cretaceous Newgrange structural closure to be much larger than previously thought covering a total area of c. 1,800 km2, with c. 1,000 km2 within the Providence licenced area The Irish government has recently offered awards of new Licensing Options in the nearby southern Porcupine/Goban Spur area - notable licensees include ExxonMobil, Statoil, Nexen (CNOOC), Woodside & ENI (in conjunction with BP) Speaking today, Tony O'Reilly, Chief Executive of Providence, said: "It is extremely encouraging to see the significant interest being shown in offshore Ireland with last week's announcement of the First Phase offered awards of new Licensing Options to major industry players confirming Ireland as a global exploration focal point." "Providence was the only licensee in the Porcupine Basin in the 2004 Licensing Round and since then, it has been the major catalyst for inward investment in the basin - with ExxonMobil farming into Dunquin in 2006 and then subsequently, Chrysaor and Cairn farming into Spanish Point in 2008 and 2013, respectively. The subsequent drilling of the Dunquin North exploration well in 2013 was a significant new data point for the basin, further enhanced by the follow-on acquisition of multiple industry seismic surveys, together with the major regional survey carried out by ENI on behalf of the Irish government - the results of which have dramatically changed the industry's perception of the potential of the Irish Atlantic Margin." "Today's announcement demonstrates that Providence continues to progress its activities across its portfolio of assets in the Porcupine Basin. Providence is pleased to announce the launch of data rooms for Farm-In for Exploration opportunities in the South Porcupine Basin. As part of a joint "Collaboration in Exploration" agreement with Schlumberger, significant technical work has been completed between Providence and Schlumberger Centres of Excellence to de-risk these prospects. The farm-out process for Spanish Point, which was announced late last year, continues and there has also been further important technical analysis carried out on the Dunquin North well data as well as reaching agreement with Searcher Seismic on a proposed 3D survey over Newgrange later this year." "From a purely Providence perspective, the First Phase offered awards demonstrate the material interest being shown in our core Porcupine exploration areas; our Newgrange prospect in the Goban Spur has been effectively encircled by large companies, whilst at Druid/Drombeg in the southern Porcupine, major players have again been awarded authorisations over adjacent acreage. It will be interesting to see what other areas will be awarded and to whom when the Second Phase of the Licensing Round is announced in May. Importantly, the arrival of these new players validates Providence's Irish-centric exploration strategy and portfolio. Working with our respective partners, we look forward to advancing these assets to the drilling stage."