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Providence Resources PLC
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2016 Annual General Meeting
| James McCarthy; Tony O’Reilly; John O’Sullivan; | Page 9 of 11 |
November 23, 2024
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"2016 Annual General Meeting"
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• The number of jobs that the industry supports will have fallen 33% from its peak of 450,000 in 2014 to around 300,000 by the end of 2016 • Net investment has fallen £1 billion – 1/8 th of the average over the last 5 years and insufficient to sustain current rates of production • Exploration and appraisal activity has all but stopped with only 13-1wells expected to be drilled in 2016 • Industry focus shifting to large scale decommissioning • M&A activity has stalled due to the decommissioning liability issues and lack of funding Industry Overview - North Sea Developments