Providence Resources Forum

The last time I looked at the Icemax, I think it was under repair. It is now active. Hopefully it will be underway soon: [link]

SP manipulation continues unabated

Article goes like This

1: Providence ready to play hardball over Barryroe discussions.
2: landmark Deal with Total Druid/Drombeg/AVALON.
3: Investment significantly strenghtened balance sheet which will improve barganing position re Barryroe.
4: TOR told Business Post that focus now on drilling Druid/Dromberg and Farming out Barryroe. TOR - " gives us options with strong balance sheet" re Barryroe and " people Know we can do things on our own if They do not come up with reasonable opportunty for shareholders and strength of balance sheet does allow for different kinds of conversations. "
5: 20.25m dollars to be paid next week to Providence from Total.
6: Shareholders gave money last year for Druid drill and that created a dynamic of Its own and thus Farmouts occurred as big players Did not want to loose out on cheap opportunity for potential major upside
7: Discussions underway re Barryroe with 2018 earliest drilling window

The icemax is due to start drilling late June or early July. Will probably leave Canary Islands June 20th onwards. All the talk if delay etc is rubbish. At AGM for those who were not there the members of Board said late June or early July start date. Take that as An early July date

Sobeit, I believe the options are at 17p because unlike baby's they are in lieu of a directors salary. If they were being paid a salary, they could buy at todays price using their salary.

A Deal in Barryroe could be signed anytime. Don't think assignment of options means a Deal is Close or not. In any case think Providence Will take over LOGP with share swap prior to Barryroe deal

Directors allocated themselves 3.75 million stock options at 0.17c; they are not paying money now but getting allocated. Its like million quid to directors they will not let bleeding shareholders easily.

About 18 millions shares they sold in 5 days

Capital group reduced stake by around 3%

SP back down today - can nothing but oil actually flowing move the needle on this SP?