Providence Resources Forum

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Having read more closely the release from Sequa regarding its Purchase of Tellus petroleum AS it appears that the deal with sequa could still be on course. Sequa Petroleum will give 6m shares in Sequa and 4m dollars in cash (max) to buy Tellus. Tellus will buy into a series of producing and soon producing fields in the Norweigan Continental Shelf from Wintershall (a subsidiary of BASF). The cost of Tellus´s investment in the Wintershall fields is 602m dollars. No where does the statement from Sequa say that Sequa will have to raise or pay this 602M dollars to Wintershall. So it appears that Sequa is acquiring tellus for 6m shares plus 4m in cash and likely assuming the debt that tellus has likely issued to pay for this purchase. Given that the Oil fields in question are either producing or near to production the coupons on any issued bonds are likely to be paid from Oil revenue stream generated from the % of the fields purchased. This would mean that Sequa still has its recently raised cash on hand and the statement by Providence that no change in status of Barryroe Farm Out (if Sequa is the farminee) would make sense

Yes Linkoping I believe Rothschild are still involved in the deal negotiations on a no foal no fee basis and Shadow it is hard to imagine how the big Private Institutions would have parted with their money without having some belief in the company. Surely they are not just sitting there whilst TOR and his colleagues draw generous salaries for what appears on the face of it to be a disaster for us Shareholders.

47 % + of company shares now held by Investment Management Funds , Collectively they must have been given some very Independent Data to part with their investor Funds . Lets see how they react at the AGM

are Rothschilds still involved in the FO,?

Hello Haribo. We can only assume the management are doing something for their generous salaries. It was surprising to see Sequa spend this money on Today´s purchase. So either Sequa have more cash, deal off with providence regarding Barryroe or else it was never Sequa to begin with. If it were option two i.e. deal off with Sequa regarding Barryroe, I would imagine that an RNS would have to be issued Today especially given the fact that Providence stated in RNS that they would approach the counterparty on commercial agreement regarding their funding situation for the Farm IN. So maybe it is not Sequa. Who knows. Surely they will have to -iss or get off the -ot at the AGM and tell us something regarding the FO. Another Option is that Sequa are looking at Barryroe along with another party. And the final two options are that another Paarty in the famous data room are interested with Providence negotiating Terms and the final option the one that seems reflected in the share price - Nothing happening with the company throwing money away on salaries and usless seismic surveys.

i've lost quite a bit. more than i could afford. wonder if it is worth my while cashing in my chips and buying some more chips - the salt and vinegar kind this time.. as thats all i can afford with remainder..

?

50/50 20/80 deal/no deal

can i ask peoples' opinions on what they think are the odds of a deal being done are?