Providence Resources Forum

I don't believe it is a coincidence. They have all been affected by the fall in oil prices and the inability to farm out any of their assets.

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Sorry l flicked the send by mistake the map has been there for a while though and iran has 157 billion barrels recoverable--l'm happy to agree with though good luck

Thanks for that Spuddy l know the Saudis dont want them reach 4 ml barrels even though l thought they were at 2ml at nt

Iran Will require 200bn in investment just to maintain Its targetted production of 4.1m barrels. So at Present They Are at Nearly maximum production and urgently in need of a rise in oil price to encourage investment. Production is falling everywhere else so Ireland must be on the map now

Hindering extraction like compartmentilisization because at 10 euro per barrel = 3.5 billion profit

Iran can fill the gap created by US frackers what I cant understand is if there is 350 million barrels recoverable that nobody has taken this up unless there is somthing

If a stake is sold in Providence it Will be in the 20 to 30 percent Range, I imagine. For lets say 40 million a drill could be done on Barryroe and debt repaid. The Share Price Would surge on this and inmediately the investor Would make a profit plus gain from results of Barryroe drill, SP, Druid, Drombeg, Newgrange farm outs. It could be Schlumberger, it could be Sequa, it could be someone else. It Will happen though I believe

Spuddy, as you know I’ve had a jaundiced view of Sequa since the phantom deal was mooted. It was opportunist on Sequa’s part, probably a punt on a rising oil price followed by an offload of their share.....and was rather cynical of TOR probably to convince the faithful that something was happening. One can never say never, but I’d be amazed if Sequa got involved now. They have proved to be a total disaster area. Under the old management, they got taken to the cleaners by Bolz LLP in Khazakhstan. Under the new Sequa management, they pulled out of their deal with Wintershall, costing them, if I recall correctly, $31m in a lost deposit. Their takeover of Tellus Petroleum has proven to be another disaster, as their investment into Total’s Gina Krog was called off, costing this time, a 50m NOK (about $6m) lost deposit. Finally their 4th sally into prospective production, a minor share in an OMV field was abandoned. All this when crude prices were staging a turnaround. Their bonds have fallen 32% on the Frankfurt exchange. I reckon the deals were pulled because a further bond issue would have failed. Against this backdrop, financing a PVR well would be quite miraculous. If you read their 2015 Annual Report, they are on life support from parent Sapinda. In 2 very expensive years and 4 projects, they have zilch to show for it and I don’t think Lars will want to continue to pay for two expensive managements, Sequa and Tellus. Reading between the lines of the Going Concern note, Sapinda could pull the plug at any moment.

However I disagree with Mamms and am totally confused By Jimmy. Would find myself agreeing with Sobeit. This company Will not go into receivership. Someone Will take a stake in Providence eg Sequa or Schlumberger. Things Are changing in oil market and These moves Are in our favour. We shall see soon enough who is right. If it is Sobeit or I Than We will all be happy or perhaps some on this Board will not