Providence Resources Forum

True Fencer I am one of those who has been over optimistic It appears or more likely It appears to believe the pack of mistruths told to us By the scoundrels on the BOD. However one thing I cannot understand is How all the Institutional Investors also apparently believed the Same. They put in most of the New funds and did not move to remove TOR and the BOD. In fact they Will probably put in more money with new Equity Fund. And this not to mention our activist shareholder Pagent. So I am bewildered.

Common sense at the time would have suggested no one would leave that much oil in the ground. Common sense now dictates there is something is not quite right and we have been told a pack of porkies because the oil is still in the ground and we can get a deal for love nor money. But you could also call that hindsight. Which of course is 20/20.

While i agree to some extent fencer i cannot recall reading one negative report about providence. I think only the motley fool said to invest at your peril only about a year ago. All the others were over whelmingly positive.

Re I told you so. So many of the regular posters here deluded themselves for long, trying to turn every bit of negative news into a positive, if you invest/gamble on shares , you need to use logic and common sense, not hope and dreams. Far too many optimists on this board.

Well he has finally had his day. "I told you so" no sweeter words for jimmy

Asset dilution is far far worse than current loan*

Benifts will not be visible when share holdings increases*

In december the statement was farmout will be in new year and melody loan extension is agreed etc etc what happened to both statements. The asset is getting at this rock bottom prices to pay debts. Asset dilution at this price os far far worse than asset dilution. If you assess carefully u will realise whats happening for loan you only interest but if any upside will be beneficial to current shareholders which is not visible when share capital increases. Whats happening is more than one can see easily

The point here is the % of dilution they are making, you will end up to take about 6 times of your current holdings. He has mislead us for a while will you give money even if its handed over if he comes up with xyz reason tomorrow and asks for more funds, its not sustainable. Also, new players got in during previous fund raise who are already on positive side but now for sure some more new entrants. The percentage of dilution in 1 year 3 months anout 94%; rather than sharing assets further better to pull the plug

Ahh ....the nigh on 2 year anniversary of this comment
Thursday, June 05, 2014
Providence Resources chief executive Tony O’Reilly Jr has hinted that the company is getting close to naming a farm-out partner for its highly anticipated Barryroe oil field in the Celtic Sea.
Speaking at the second annual Ireland Oil and Gas Summit in Dublin yesterday, Mr O’Reilly said Providence is in negotiations with interested parties.
The discussions are understood to be at a very detailed level, with first-phase production costs one of the specifics being negotiated.
Mr O’Reilly did not speculate on the timing of a deal, but did say that the matter is “the utmost focus of the company” and would be one of the very few such deals to be done this year.
I agree though we have gone past the hapless idiot and into the realms of some far more dishonest. In my view recently this has all been about him maintain his standard of living. Let's face it who else would employ him? What I don't understand is this - we as PI's are pretty much helpless but why on earth aren't the II's leaning heavily on him or getting shot of him? I thought we had a so called "activist investor" Apart from anything else if he raises all that extra money he can remain filibustering at the helm posturing about drilling next year...............................or maybe the year after