PROVIDENCE RESOURCES P.L.C. 
By www.numis.com
Oil & Gas
For FSA purposes this is a Marketing Communication
16 January 2012
BUYCurrent Share Price 258p
Providence ResourcesCompany Update
Taking a bigger slice of Barryroe and DragonTarget Price 446p
Market Capitalisation £129m
Shares In Issue 50m RIC/BLBG PVR.L/PVR LN Avg. Daily Volume (3M) 107,155
Net Cash (Debt) (12/11F) €(44.8)m
Current share price(s) timed at 4:30PM on 13/01/12
Share Price (p)
350
300
250
200
150
Jan-11 Apr-11 Jul-11 Oct-11 Jan-12
Providence Resources
Relative to FTSE (ALL SHARE)
Performance % 1M 3M 12M
Absolute 23 62 -4
Relative 19 56 3
Source: Datastream
Analysts
Matthew Lambourne
+44 (0) 20 7260 1217 m.lambourne@numis.com
Sanjeev Bahl
+44 (0)20 7260 1279 s.bahl@numis.com
This research was prepared and approved by
Numis Securities Ltd
The London Stock Exchange Building
10 Paternoster Square London EC4M 7LT, UK Tel +44 (0)20 7260 1000
Fax +44 (0)20 7260 1010
Email mail@numiscorp.com
We update our Providence NAV to reflect increased stakes in the Barryroe and Dragon appraisal assets. The net impact, in addition to rebasing our valuation to 2012, is a 9% (+73p) increase in our NAV to 891p/sh. We believe Providence remains undervalued - the portfolio offers several very high impact exploration wells that could unlock value many times the current share price, and in our view the risks of potential farmdown dilution and near-term appraisal drilling are overpriced. Our price target moves from 400p to 446p, and we retain our Buy rating.
