The North Celtic Sea Basin: A Resurgent Proven Hydrocarbon

Province

Ireland Oil & Gas Summit

2013

2

Disclaimer

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rules produced and implemented by the Financial Conduct Authority (“FCA”) by virtue of the Prospectus Rules Instrument 2005) and

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form the basis of, or be relied upon in connection with, any contract with Lansdowne relating to any Lansdowne securities.

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completeness, accuracy or fairness of such information and/or opinions expressed herein. No representation or warranty, express or

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them for any such information or opinions or for any errors or omissions.

3

Key Points

Proven Petroleum Systems

Underexplored

Resurgent Activity

4

Key Points

Proven Petroleum Systems

Basin Definition

Stratigraphy Source rocks

Reservoir rocks

Petroleum Systems

5

North Celtic Sea Basin Definition

6

North Celtic Sea Basin Definition

7

Stratigraphy and Source Rocks

8

Lower Jurassic Source rocks

9

Lower Jurassic Source rocks

10

Upper Jurassic Source Rocks

11

Upper Jurassic Source Rocks

12

Cretaceous Gas Play

Cretaceous Gas Play • Shallow water 270 – 300 ft

• Reservoirs c. 2500- 4500ft subsea

• Dry Gas (c 99% methane)

• Production to date • Kinsale 1.7 TCF

• Ballycotton c 61 BCF

• Seven Heads c 25 BCF

13

Stratigraphy and Reservoir Rocks

14

Celtic Sea Petroleum Systems

15

Key Points

Proven Petroleum Systems

Underexplored

Resurgent Activity

16

Wells Drilled off south coast of Ireland

0

1

2

3

4

5

6

7

8

1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

FASTNET

SCS

NCS

103 Wells

17

Wells Drilled - NCSB

0

1

2

3

4

5

6

7

8

1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

NCS

NCS

88 Wells

18

NCSB - minus development wells

0

1

2

3

4

5

6

7

8

1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

NCS

80 Wells

19

NCSB - wells on KH, 7H/Barryroe and

Ballycotton

0

1

2

3

4

5

6

7

8

1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

COMM FIELDS

E&A

16

64

20

NCSB - minus wells on producing

structures & Barryroe

0

1

2

3

4

5

6

7

8

1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

E&A

E&A

64 wells

21

Underexplored

64 wells

But a number of these are on discoveries & their appraisals

Cretaceous Hook Head – 50/11-1, 50/11-2, 50/11-3, 50/11-4

Ardmore – 49/14-1, 49/14-2

Galley Head – 48/18-1

Schull – 57/2-2, 57/2-3

Carrigaline – 48/24-4

Old Head – 49/23-1, 49/23-2z

22

NCSB - Cret. tech success structures

0

1

2

3

4

5

6

7

8

1970197219741976197819801982198419861988199019921994199619982000200220042006200820102012

CRET DISC

E&A

12

52

23

NCSB - minus producing & Cret. tech

success structures

0

1

2

3

4

5

6

7

8

1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

E&A

E&A

52 Wells

24

Underexplored

52 wells

But a number of these are on discoveries & their appraisals

Jurassic Helvick – 49/9-2, 49/9-3Y, 49/9-6

Dunmore – 50/6-1, 50/6-4

25

NCSB – showing Jurassic disc/appraisal

0

1

2

3

4

5

6

7

8

1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

JURA DISC & APP

E&A

5

47

26

NCSB – minus Jurassic disc/appraisal

0

1

2

3

4

5

6

1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

E&A

E&A

27

NCSB – Just Exploration wells

0

1

2

3

4

5

6

7

1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

EXPLORATION

EXPLORATION

59 EXPLORATION

WELLS

ONLY 2 SINCE 1995

- BLACKROCK 49/26-1A

- OLD HEAD 49/23-1

BLACKROCK

DRY

OLD HEAD

GAS

28

NCSB – Drilling Depth

-14000

-12000

-10000

-8000

-6000

-4000

-2000

0

Wells drilled in NCSB in chronological order

Total

Depth

TVDSS

in feet

29

NCSB – Drilling Depth

-14000

-12000

-10000

-8000

-6000

-4000

-2000

0

Wells drilled in NCSB in chronological order

Total

Depth

TVDSS

in feet

Deepest well in the basin

57/2-1 12,385 ft

30

NCSB – Drilling Depth

-14000

-12000

-10000

-8000

-6000

-4000

-2000

0

Wells drilled in NCSB in chronological order

Total

Depth

TVDSS

in feet

9 wells beneath 10,000ft

(10% of wells)

31

NCSB – Drilling Depth

-14000

-12000

-10000

-8000

-6000

-4000

-2000

0

Wells drilled in NCSB in chronological order

Total

Depth

TVDSS

in feet

35 wells above 6,000ft

(40% of wells)

32

Well - Stratigraphy at TD

33

Key Points

Proven Petroleum Systems

Underexplored

Resurgent Activity

34

NCSB – 3D Seismic

0

200

400

600

800

1000

1200

1400

1600

1800

1970197219741976197819801982198419861988199019921994199619982000200220042006200820102012

3D SEISMIC

3D SEISMIC

Helvick Helvick

SW Kinsale

35

NCSB – 3D Seismic

0

200

400

600

800

1000

1200

1400

1600

1800

1970197219741976197819801982198419861988199019921994199619982000200220042006200820102012

3D SEISMIC

3D SEISMIC

An exploration well has

yet to be sited using 3D

seismic

90% of 3D Seismic in the basin acquired

since 2011

36

3D Seismic

Midleton Ballycotton

Rosscarbery

Amergin Barryroe

Polarcus Samur on Location 2011

37

Barryroe – (Lansdowne 20%)

Basal Wealden sandstone tested at 3,514 bopd

& 2.93 mmscfgd

38

Barryroe – Schematic Cross - Section

Source: Providence Resources

39

Barryroe – CPR Estimates

Source: Providence Resources

Reservoir Interval 1C

(MMBO)

2C

(MMBO)

3C

(MMBO)

Middle Wealden

STOIIP (RPS)

Recoverable (RPS)

31

4

287

45

706

113

Basal Wealden

STOIIP (NSAI)

Recoverable (NSAI)

338

85

761

266

1,135

511

TOTAL STOIIP

TOTAL Recoverable

369

89

1,048

311

1,841

624

LANSDOWNE (20%)

NET RECOVERABLE

18 62 125

Note: The table above excludes recoverable solution gas (i.e. 207 BCF or 34.5 MMBOE in the 2C case)

Additional potential in drilled Lower Wealden and Purbeckian sandstones and in undrilled deeper

Jurassic section

40

The Future

Wells located on 3D seismic

Pre-inversion structures

Deeper targets

41

Amergin

Base Chalk

Apto-Albian

Hauterivian

Valanginian

BCU

Kimmeridgian

Bathonian Lmst

North South

42

Conclusions

Proven Petroleum Systems

Underexplored

Resurgent Activity

The North Celtic Sea Basin: A Resurgent Proven Hydrocarbon

Province

Ireland Oil & Gas Summit

2013