Providence Resources Forum

Jimmy: I think Pageant Holding Limited were asking the same question about directors not buying shares when they invested last year, but it seems they have being reassured by the board, as they have not brought it up since. I very much enjoy Jimmy's comments here, as it is nice to get as many views as we can. I believe that Jimmy has a underlying belief in the company, as shown by his interest. Wishing everyone invested here all the luck.

Jimmy, fyi management is keen to buy stock but they are not eligible. Since you are very much concerned about us rather than spending time you liase with LSE and alter the rules, once you able to acheive this get back to us with hard evidence, we promise you management will dip there toes into the stock. Hope you will be busy in reaching this objective and will be waiting eagerly when that will arrive

management has briefed many times if farmout negotiations are underway as per stock exchange rules none of the directors are eligible to buy shares in open market due to insider information. regarding debt, i should say most companies have debt to run the show. thete are many companies operating in north sea itself whose debt levels are way beyond providence and why dont you go and enlighten the people on those bill boards. Current management salaries are high which is not acceptable in current environment should be challenged. Jimmy thank you again to enlighten us for all these while please look at other companies whose debt is way beyond n they are at cliff. you should be the saviour for those first before coming here

There is no deal . not their!

Only fact worth noting is that their is still no deal. Have to agree with AS. Only reason this company exists is to provide tor with a paycheck. Which makes me an idiot for investing in it.

There have been some bad decisions taken at Providence on that we can all agree and all are unhappy on the salaries of management and the financing of the Irish sailing team and on the way we were uninformed regarding the Transocean case etc etc. However there are however new shareholders in the company and have been for nearly a year now. I do not believe that these new shareholders will accept the same BS as before and they must believe that the management has a plan. Paid bashers I do believe can have a very negative effect in general when the Oil environment in general is so difficult. With a share price falling and being shorted it makes it more difficult to go for equity capital raise as the costs to existing shareholders become unpalatable. Others may disagree and believe that negative paid bashing has no effect at all. Believe that things are afoot now and like all will just have to wait and see what happens

For the development of OPL1 and Barryroe Gas areas the company has mentioned ther are talking with the owner of the kinsale gas infrastructure i.e.Kinsale Energy i.e. PETRONAS. With respect to the options for Barryroe it appears that they are trying to organize something and let us hope that they will work something out. Do not believe there will be an equity raise short term. This may happen if we get some good news on Barryroe appraisal drill but inclined to believe the management are looking at other options

Providence mentioned a possible alliance of a major rig operator and a drilling management and well service company. Wonder if this is Schlumberger and possibly SeaEnergy. After all Sea Energy have a considerable holding in Landsdowne.

JUNE 2020 Future Oil Contract trading at 50.11$. Providence break even in low 20 $ now. All Production and drilling costs can be written off against revenue. Demand rising 1m YOY. Supply will fall below demand in 2017/18/19/20 given circa 400bn $ in cuts. Marginal cost of tight oil circa 20m barrels is 60-70$ a barrel. Drilling costs are on the floor now. Providence have the best tax rates available. The idea that nobody will farm into Barryroe on cost / benefit analysis is a supposition on your part. Future oil price is what counts as you can sell supply forward locking in benefits of for example an initial production of 30k barrels of oil. Melody Loan will be renegotiated as mentioned by company. Appears melody believes Providence is ok sound from a financing point of view or else somebody has underwritten the loan. In any case you nor I know what is going on. The difference being I have an interest in commenting on the share price and the company and you have no shares so I do not understand your interest in the company. As a matter of fact from the point of view that you have no shares in Providence it appears that you are just interested in presenting a negative picture of the company with everyone of your comments. I would like to see your comments on other companies. Do you spend all day commenting on companies in which you have no shares

Where will she blow today? The rocks like every other time before?