Strategy

Providence’s strategy is to assemble a material equity position in a portfolio of assets offshore Ireland combining existing discoveries with new prospects to improve overall economics and reduce risk profile in order to realise value and to generate sustainable incremental wealth for the Company and its shareholders.

- Focus on Oil & Gas exploration offshore the ‘Island of Ireland’
   • Core focus on early stage exploration & appraisal opportunities  

- Create diversified material exploration & appraisal portfolio
   • c. 358 MMBOE net audited 2C Contingent Resources
   • c. + 6,000 MMBOE gross un-risked Prospective Resources

- Leverage in third parties to validate and co-venture with on prospects and projects
   • ExxonMobil, ENI, Repsol, PETRONAS & Cairn Energy

- Farm out to defray CAPEX for subsequent drilling/development

As a result of these elements, Providence is leading the most ambitious multi-basin, multi-year drilling programme offshore Ireland. This programme, expected to last several  years, is the largest concerted drilling programme ever carried offshore the island of Ireland and comprises a mixture of appraisal/development drilling on proven discoveries as well as exploration drilling.