Providence Resources Forum

29th of this month

5million shares sold today at a loss. Why! need I state the obvious

I hope you are right, but so far with a dozen companies in the data room / TORs basement and none as yet have taken a bite it is hard to be confident. If Barryroe is a gem you would imagine we would have a FO already, and that really makes me wonder! It is fair to say that the price of oil at present is affecting the industry in a huge way but look at Providence what have they done to consolidate and cut costs.. TOR gave himself a pay increase last year on top of his inflated salary, sponsorship deals, and I don't even want to know what other expenses are being put through the company its beggars belief you really couldn't make this up. Denis O Brien was right a silver spooned spoofer I'm almost certain he was looking in TORs direction when he said that.

It is hard TO See why Barryroe FO is so slow and difficult. Oil futures are 65 dollars a barrel for 2020. Barryroe present production cost is sub 30 dollars. So potential Farminee Just has to do appraisal drill and determine Future Oil flow. Lets say it is initially 30000 bpd. If You sell Oil futures at 65 dollars for 30000 bpd You can lock in a 35 dollar profit per barrel per day. If price of Oil rises Farminee can choose not to exercise any put options purchased. Also all development costs are recoverable against Oil sales. It is obvious that Oil demand Will continue to rise. Supply at 50-60 dollars a barrel Will very unlikely meet demand. Barryroe must be a gem. Still believe we Will Get a deal, perhaps before christmas !!

Things are very quiet from HQ before if someone farted it would leaked to the press. Is this leaky ship about to sink????

I think you are right Spuddy. It will be interesting to see what happens to this share if the price of crude goes up. I think this share will go up, as well as people's perception of the share. There is a good bit of time ontill the board have to pay back any money, so let's hope for a turnaround in the oil market in the meanwhile. It is a terrible thing to say , but one of the options the board have is to farm out Barryroe at a knock down price and move onto the rest of the portfolio. If there is interest in the data room, that means that someone will buy it at some price.

I would say that Goldman Sachs Have Been shorting futures Market probably in conjunction with and at the behest of Sama (Saudi sovereign wealth fund) and their Kuwaiti counterparts. Saudi and Kuwaiti funds selling futures To keep prices low ahead of October credit funding line appraisal for USA Frackers. Once credit cut to Frackers in October and in advance of December OPEC meeting expect to See Oil futures price rise as Saudi and Kuwaiti sovereign wealth funds un wind their risk free short trades as they control production i.e They are shorting their own production so can cover at no Cost and no risk. Obviously Goldman Sachs whilst forecast inf 20 dollars a barrel Will cover Its shorts in The coming weeks in a weak market by frightening others into selling On the Back of Its forecasts. Expect Saudi abd Kuwaiti Will Have explained to insiders That shorts Will be reversed post October. This Is what I Believe is happening. Expect Oil between 50-60 dollars a barrel By December so that Saudis can tell their OPEC buddies that their strategy has worked

Sorry that should be The International Energy agency that are saying that production from non Opec Countries will decline at the steepest rate in twenty years.

I see Goldman Sachs are saying that oil will remain lower for longer, based partial on storage being full. That is one of the interesting things about the US, The refiners create a bottle neck due to having a small number of refiners. So it is not that hard to fill storage. On the other side of the coin The Energy Information Agency are saying that the US will have a lower production of crude at nine million barrels and The Energy Information Agency are saying that production from non Opec Countries will decline at the steepest rate in twenty years. So it is hard to see Forty dollars a barrel next year like Goldman are saying. They did call oil at two hundred dollars a barrel a number of years ago, so I would think maybe they are talking the price down for their own purposes. Nothing wrong with that to be honest. That's their job.

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