Providence Resources Forum

If all this is true why is Daddy not buying in with a steal like this

I think 20 - 30 cents is more likely and that is hopeful!

If we are to place any kind of fair value on these supposed assets. We need a share price in the region of 20-30 euro per share, anything less is a sell out with these kind of oil & gas reserves.

Yes lastcall - I am also looking forward to retirement based on your very very conservative calculations

5 Billion barrels of oil, we're saved! We're all going to be rich. Even if ye get 1 euro a barrel that makes each share worth 25 euro or more. I simple can't wait for the pay day. Roll on the good times.

They have good assets but management decisions were very poor resulted to this situation. Cross fingers ... keep hopes but we had few nasty surprises so far.

Can anyone tell me whether TOR has to disclose all offers to shareholders because with assets like barryroe spanish point and the rest l would be amazed if he has'nt had offers already and is holding out for the big one because what prv owe is nothing even the mother-in-law has more than enough to drill any of the wells l'm an optimist good luck

Believe Sequa, Schlumberger or another party will take a stake in Providence. It seems obvious that Providence has some amazing Assets but lacks presently cash. Its debts are pittens for big players. If Providence failed tax credits of approx. 140 m plus generous Licences at 25% and 40% tax Rates would probably revert to Government and be reissued on worse terms. Throw in Barryroe and Spanish point all discoveries plus enormous potential at Druid/drombeg/Newgrange etc plus all 3D seismic plus Analysis and You See The value of this company. Yes Management Have taken terrible decisions and yes Trsnsocean case has left finances in a mess but it is Very very unlikely that big institutional investors do not understand The real value of The company. Things will sort themselves out no Thanks to The BOD. Believe we will See a new shareholder shortly.

It would seem that either of these two companies have a considerable interest in taking stakes in Providence at this time. A 25% holding in return for capital injection would be a good deal for all.

The Irish Times article is interesting, but I would think that drilling in the past fifty years has being done blindfolded. Today it is done with X ray glasses provided by Schlumberger