Providence Resources Forum

I was optimistic based on the Assets and their potential. Then became less optimistic based on what I perceived was management incompetence but still held belief that asset quality would overcome the disasterous governance. Not I am pesimistic and disgusted as I do not believe the Management is imcompetent but unethitical, underhanded, negligent and corrupt.

It's worse than that really the two classes as I see it comprise of those in the know and the general public - albeit they have to read The Standard! The private investor is not even informed on a "need to know" basis PVR have somehow justified putting the word "no" in front of it. I'm disgusted that they are currently trying to hide behind and use market rules for their own purposes when IMO they've breached them. The most glaring of which was the timing of TOR senior's sales. As for that ridiculous sponsorship, how strange is it that it's junior's favourite hobby. The company should be run for and on behalf of shareholders not as a private piggy bank. It's grossly incompetent.

There are Two tiers of shareholders those who Know what is Going on and those who are being messed around. Complete rubbish on Providence's side to suggest that they cannot respond on present matters. The share is in suspension. Many things We should Have been told via RNS 1: what happened to commercial agreement reached on Barryroe. 2: what are the details of the agreement with Schlumberger. 3: Has the agreement to extend Melody Finance loan been signed and if not why. I believe It fell through and Transocean mess was a convenient smoke screen to cover up the dog dirt. 4: Whatever hsppened to discussions with Kinsale Energy. 5: why were We only told about Transocean Last Year When the losses were incurres in 2012. 6: How did the auditors sign Off on the financial accounts if no provisions were made for These losses. 7: why were We not informed of all takeover approaches and near Farmouts in a timely and transparent manner.

My only point*

Good, my only poiny if they are selling 85% for peanuts why cant they put whole company on market?

Spuddy I have emailed PVR too. First response was that they couldn't';t comment on press articles. I have emailed back as that is complete tosh. The share is suspended from trading so there is no advantage to be had. The article in question is already in the public domain and by virtue of the sums being talked about clearly contradicts PVR's own comments about this imminent farm out. I've only asked them to deny it . I have further suggested that it is beholden upon them to treat all shareholders fairly and disclose information in a timely fashion. If there is an equity raise being openly discussed in the city then shareholders should be informed via RNS.

Hi Spuddy, if this share allocation comes as rns its monstrous act on current shareholders, it shows there incompetance its 94% asset dilution better company is on market; in a week or two if they cant conclude deal he need put this company on market will single light. I dont have words to describe how they are moving forward if its true

Expect RNS By end of next week. It is Going to be Hard For TOR to explain if 100m to be raised via equity issue at 11 p a Share why is this being done at a moment when the oil Price is rising and Market sentiment improving. As stated before (even if Melody want their 24m back) all We require is 24m (Melody), 7 m ( Transocean), lets say 16m ( for total Cost of Barryroe drill and perhaps 10m for SP portion. That is 57m minus 8 m in Cash on hand. Thus if they were to raise 55m that Would give a further 6 m in cash for Day to day. So maximum of 55m. Success on Barryroe or SP Would drive up share price and a further equity raise could Take place Later with much less dilution. So a SHare issue for 100m is completely unjustifiable. It is as Sharemate poInter Out a sale of the Company By stealth at give away price

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Situation is changing from oil front