Providence Resources Forum

[link] mansgement pay cut of 20%

Not sure what you have read about The Donald but he has does not have a proven record of successful negotiations. It is also worth noting he would be worth more today (nearly double) if he had invested his inherittance in an S&P fund tracker rather than pretending to be a businessman. What an idiot!

Down again by 26 this week to leave just 439 oil rigs drilling for shale oil in USA. Supply will start to accelerate Its fall !!

Jimmy mentioned about appraisal well when stock crushed to 25p and not before that

Closed period or not - the management did not take up their full allocation during the last placing! Are they confident in their own ability - it would appear not.

Let me be practical Regarding Providence High Salaries which is destructive in current environment. Very Bad management, they talk big. What they spoke haven't kept this got reflected in stock price. Debt should be focused at. Need to Improve transperancy in operations. If there is no fire there won't be any smoke, why did few companies were near to sign off the deal. Management is not fast enough they drag negotiations with high expectations resulted time to tide against our great leader, he been beaten to bone and got caught in the storm. Regarding Jimmy Doesn't hold any stock. Why is he keen on Providence so much. His views are repetative, and been countered many times. Management can't buy when discussions happening, let him provide evidence that directors can buy when negotiations are underway. Company has debt, earlier when Market capitalisation high this was meagre but the company got caught in the oil price storm and unlept work resulted price decimation. Cleverly providing acceptable views, so that negativity persists. People been crushed with such low price and he is still commenting there is no value left. Is he advising to throw the shares at this decimated price. Who will be the beneficieries. Why did big boys bet on Atlantic margin, won't providence also has stake there. Being said all this, I used highly acknoledge Jimmy earlier but seeing receintly sinister motives as well. However, shouldn't let company to go-away as they did this mess and shouldn't allow someone to encash at the same time. It's time to push company for answers i.e. salaries to start with Immediately.

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AT least we have something to talk about today which is good news in itself. Does anybody believe that Providence would have mentioned GAS OPL1 and PETRONAS if something were not afoot. PETRONAS would not like being mentioned in an official RNS by Providence unless the talks are serious. Kinsale Energy (PETRONAS) is obviously looking for gas or if anybody believes they were messing around in midleton let them speak up. They have the infrastructure and need a new supply of gas. Barryroe/OPL1 is where there is known gas at present. So if a deal can be concluded we could see a drill this year. Lets say they go 50/50 or even 60 /40 i.e. Providence passes 60% of gas to Kinsale Energy for a free carry this would provide Providence with a very much needed revenue stream and remove many worries. Would also provide Providence with a stepping stone for Barryroe development and the possibility to drill SP with Cairn. So the future could start looking rosier if a deal with PETRONAS can be concluded. Does anybody seriously believe that the major investors in Providence will allow the Board of the company to mess around now ? Does anybody seriously believe that seriously believe that BOD members can buys shares now when such talks are ongoing. Technical or commercial it makes no difference. If anybody has inside information of any sort an acts upon any such information (technical or commercial) this is illegal. So we will see in the coming months I believe. After having mentioned Kinsale energy or at least highlighting the Kinsale infrastructure owner in yesterday´s RNS do not believe we will be waiting around for a long time before we get a yes or a no on such a potential parthership

Haribo, good point even i challenged once but the reply was they were under negotiations. it would be ideal if someone pose this question to the company regatding close period

I dont believe they have been in a close period all that time. Even sullivan is quoted as saying commercial discussions are not underway only technical discussions. Which are not price sensitive. Also if farm out discussuons are underway why consider an appraisal well?? Where is that going to get us,? I thought we knew how much oil was there? Is it a precursor to more farm out talks? And who is going to coughup the 16 mill??