Providence Resources Forum

Hi Spuddy, please send IEA report link

Yes they did accrue but they never clearly informed shareholders of the potential risk to the cashflow or of the case

Interesting reading. Suggests Asían demand India in particular is Going to grow dramatically. Oncg must be looking at Ireland !!!!

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But as low-cost Middle Eastern producers regain market share, the IEA warned, the risk of over-dependence on the region rises again. And with oil demand falling in developed economies as renewable energy sources gain ground (the IEA predicts combined U.S., Japanese and E.U. oil demand will fall by 10 million b/d by 2040), it’s the rising economies of Asia that will be most acutely exposed.

“A concentration of global supply would be accompanied by elevated concerns about energy security, with Asian consumers… particularly vulnerable,” the IEA said.

By 2040, it expects China’s oil imports to be five times those of the U.S., while India’s will “easily exceed” the European Union’s.

They did accrue for it in the accounts. You are mixing up cash flow and accountancy principles there. I have no problem with Jimmy or anyone having a rant or a go at the company when its justified. But their is the main point that Spuddy brings up of WHY IS JIMMY Posting. He does not have the same interest as us. As he owns no shares, So why post the same stuff about debt, compartmentalisation etc every week. Also his arguments have been countered on many occasions sucessfully and he just keeps reposting the same stuff. As they say if you throw enough **** some of it sticks!

My two cents worth, and for sake of credibility, I have lost a fortune on this stock, and likely currently hold a lot of shares Whether management have been unlucky or not, it has to be pointed out they have not kept shareholders properly informed - the most negligent item that springs to mind is that a newspaper was able to inform us of the price of a share placing before the company did. In addition to this they did not accrue for a potential charge for drilling activity, or make shareholders aware of the risk associated with it. At the time, if the charge has been applied it would have bankrupt the company. Lastly, there is nobody who receives 500k salary to run a 30m company unless they own it, and no self respecting CEO would accept a raise during a period such as the one the company has gone through. For that alone he does not earn any of my respect. I think Jimmy's input is interesting and worth reading, why he provides it doesn't really matter to me. We have Sobeit to question everything he says and balance out the argument. Ramping and de-ramping is much more profitable on penny stocks that turn over millions of shares a day - not sure why anyone would waste their time here. I'm disappointed the recent rise did not hold and move forward but I remain optimistic, only because I cannot bring myself to believe that this has all been smoke and mirrors for the last few years, and because major shareholders remain silent when they should be knocking the door down for new management (the cynic in me thinks they may have shorted it from 75cent to 25cent to fund their placing purchase - I do hope I am wrong). Anyways, no value in me selling today so I'll keep holding on for better days and enjoy the banter while it lasts.

it is also easy to say it was mismanaged. but then you would have to think lansdowne and rothschild were party to that mismanagement and indeed san leon who still have not sold their stake. so for me things do not add up. either this is all true and it is just taking an incredibly long time. or there is something we have not been told. and no i don't believe it is compartmentalisation. as i think that is most oil companies bread and butter - dealing with issues like this. so all is rosy in the garden. yet still no flowers. just a suffocating stench of horse manure.

well i don't find this particularly theraputic. i think it is more depressive rumination. which i will admit to. i am trying to see where i went wrong. third party independent verification of the assets. at the time pvr were debt free. not one broker issued a sell. even now they all say buy. healthy institutional investing. CEO saying deal was imminent. also family involvement in the company. TOR senior owned 15%. hindsight is 20-20. so it is easy now to say it was a disastrous decision. but at the time it was all blue sky.

Agree totally with You Phonner. I Would still add that Jimmy could clear up all doubts by explaining why he has such a Big interest in Bad mouthing Providence. After all he has no shares in company. I Have shares in the Company and it has been a terrible investment to date and I Believe a combination of erroneous management decisions and bad market environment/luck Have US where we are. So If Jimmy could clear up the matter to us By explaining his deep interest in Providence it Would be great. I imagine that given Jimmy's expert knowledge in the Oil sector he must Have shares in other Oil companies. Maybe he might tell us which ones. We can then Go To the chat sites of those other oil companies and See if Jimmy spends so much time praising and commenting on these other companies. I doubt it somehow. As for negative comments from other participants it seems that many are warranted from weary and disappointed investors. However some appear to be either spitefull ( quite happy wallowing in the present pain we shareholders are suffering) or designed to further erode confidence in company

Of course it is very hard to come to terms with our disastrous investment decision, but it is something that we will have to live with, but one cannot blame people for holding onto hope, and that is why many of us followed the share price down to this low level. Now that we are here we must accept that we are, were we are, as they say, but I do not think that you can blame people for trying to find the brighter side of the story, sometime to keep us going before the ship sinks into the Irish sea, or maybe, just maybe we can hold on long enough for things to turn around. We will just have to wait and see. If we lose everything, well guess what, that is life. Could be worse. Things can always be worse. I suppose what may upset people is that standing on the sideline and telling everyone on the pitch that they are playing the game wrong is a bit, well it is a bit, Irish. Here's hoping for the best. .

Keep posting, Jimmy. Refreshing to have at least one poster on this site who brings common sense and expertise. Too many here who cannot come to terms with their disastrous investment decisions.