Providence Resources Forum

Believe that the fact that we are taking some time in hearing news means that something is being arranged. Get the feeling Sequa may take a stake in Providence.

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Sequa Cancels North Sea Projects [link] Believe there are some shares that Providence can still issue !!!!!!!!!!!!!! On this basis for the Sequa Petroleum group, the all-in costs until first production for Gina Krog will be 11M USD/boe pre-tax. The agreement with OMV for the acquisition of interest in the Ivar Aasen field, for a total consideration of up to NOK 45 million, was also signed in October 2015 (10m$)
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That is US$21M. If Sequa were to put this into Providence this would clear the DEBT to Melody and also pay for the Transocean debt. For 70M shares Sequa would do this I believe i.e. 33% of company. It would also be in Sequa´s interest under such a scheme to finance the drill of Barryroe. This can be done with other parties or alone. This would raise the shareprice considerably. Thereafter before a drill Providence could raise some cash through equity issue. Sequa would be a winner here as would Providence as would all the shareholders who presently think we are bankrupt !!!!!!!

Only thing i am short on is the money i invested in pvr. Lots of ifs and buts on this one. I suggest calling it phoenix resourses if it rises from the ashes. However only thing i am certain of is we have an increasing moutain of debt and no clear way of paying it off. Sequia might swoop vulture like to our rescue.

Any shorters of this share on this board who want to close out their position?

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Wonder if Sequa are back in the game. They might take a stake in Providence. Believe there are some shares that Providence can still issue !!!!!!!!!!!!!!

On this basis for the Sequa Petroleum group, the all-in costs until first production for Gina Krog will be 11 USD/boe pre-tax.

The agreement with OMV for the acquisition of interest in the Ivar Aasen field, for a total consideration of up to NOK 45 million, was also signed in October 2015 (10m$)

What may help us is that the top nine investors, all new, apart from Blackrock, have put in 25 million euro at the last fundraiser. Hopefully they will want to protect that investment, and perhaps in return for more of the share capital they will invest again. Of course the way these big company's work, they could maybe write there losses in Providence against tax.

In this whole episode board is biggest beneficiary so far by scooping couple of millions every year and throwing waffles in the form of rns at us.

Sorry typo melody loan is 20 m, so total 27-28 m outstanding, we paid management couple of millions in return so far nill; will they turn the table around.

So assuming he is not related to someone at melody and they wont give us the dosh couldnt he approach the iis and say for a paltry 7 mil you could protect your investment (albeit for just another year) ? Why would they refuse him? They gave him 20 mil only last year. Maybe just maybe???

Companies who want to gain they will let loose stooges to goon stampede to make a killing, media also can be negative. Whats the destinty its going to happen till then be positive and relax. If a company assets like pvr is gulped for 22 million its a very rare dream

Going into examinership, then you should be gaining in some way