Providence Resources Forum

Agree, did anyone posed question about disaster scenario

Believe this AGM was positive. Based on what we were being told and tea and coffee questions feeling is that something will give soon. Large investment amounts involved. An awful lot of travelling, negtotiation and discussion taking place. Apart from major players looking (this means seriously examining all details of the barryroe Project with lawyers etc also contractors are said to be looking at Barryroe etc. Based on the mood and the atmosphere I would say there is a considerable effort underway to conclude a barryroe deal

The tone of words they used is still dangling carrot I.e they are still showing moon of about5 euros

In case if there is no farm out any idea how long can company sustain, did anyone question this

Last AGM tor was more upbeat than now, what happened. They need come out with salary cuts of about 95% so that the company can sustain without diluting share capital

Big salaries questioned Sharemate but even a 20% reduction in salaries would result in a small percentage cut in costs according to BOD. My impression thoug overall is that we will see a deal soon enough on Barryroe and SP. I would not be surprised to see bids coming in for the company. AS said even the Indians are back in contact. Also drilling costs are plummeting and continue to fall. Barryroe now sub 30 dollars or below.

Did the board mention how to reduce expenses atleast until farm out, why aren't they taking salary cut? With current funds company will sustain next few months and they might again dilute the shares with additional funds from market

" Things going on behind the veil of privacy it seems " ?? YET no body prepared to pay 23 cent for these shares !!!!!!

Thanks Spuddy did anyone talked about huge salaries, I still believe it's throwing carrot one fine day if company taken private for few millions then

Quite happy with the AGM meeting. Four major players in detailed examination of Barryroe. Fine combing the whole project. The party to february´s commercial agreement whom many believe to be Sequa is still in the game and should now have funding. Company cannot give an exact date as to a consclusion on Barryroe Farm out but are looking to close ASAP and would like if possible to be able to use the Drill that LOGP and PETRONAS are using at Middleton in the event of a FO on Barryroe. Company gave an explanation of all previous dealings on barryroe. ONCG the Indian Oil Co were at the point of paying the equivalent of 15/16 Euros per share (64m shares) but pulled out at last moment. TOR etc were in delhi closing deal terms. Indians pulled out and instead invested in Africa. ONCG have been back in touch with Prov in last few days apparently. Another American major oil company had agreed on deal over barryroe but BOD would not pass it preferreing to invest Money in US. According to some brokers present at meeting expect two FOs this year SP and barryroe before end of year. TOR pointed out that he will not be making announcements in response to every rumour. The commercial negotiations are very complex, very sensitive and involve big amounts of money. TOR says that there are many companies looking at providence resources now but that with many of the institutional holders having invested at circa 4/5 Euros it would be very unlikely the company would be taken out for anything less in the event of offers. TOR said huge interest in Atlantic margin from very big players. Updates on all the companies projects are available on the company website. TOR says share price totally unreflective of company´s assets and this is a Golden time to invest. My feeling was that TOR despite general unhappiness with situation (me included) is working extremely hard and is a lot more capable then we give him credit for. Things going on behind the veil of privacy it seems