Providence Resources Forum

were they laughing and saying ," pull the other one tony" when they were clapping

By the way so that there is a bit of perspective on this. TOR got around of applause from the institutional shareholders for his presentation. So they are not unhappy and see the huge possibilities and upside !!

A round of applause for Spuddy for a great update on the meeting. Almost as good as being there.

19: Placement was forced on Providence due to nature of transocean ruling of $7m payment.
20: Company Share price drop from 55 pence to 25 pence precipitated by seizing shares from major shareholder

Point 10 refers to Newgrange

17: There is really only one company offshore Ireland and that is Providence

13: Directors are working very hard and understand frustrations. All looking for same goal. Success !!!!
14: If Oil can stabilize i.e. even at 50$ a barrel this will give some stability so that Banks can lend again for projects.
15: Costs have dropped at leats 50% on production
16: Barryroe profitable even with Oil at 30$ a barrel

5: SP will be next year 2016. Providence going today or tomorrow to discuss with Cairn. Providence purchase of Chryasor holding was extremely beneficial.
6: The markets have been screwed by US Frackers. This will right itself in coming months i.e.six months should start to clear decks.
7: Dalkey process should be near completion by government. Should hear something in coming months
8: Rathlin drilling ONSHORE by another company had been delayed but should kick off soon. This should give a boost.
9: Drombeg very promising. Good Interest.
10: A very large area not much smaller than North Sea Prinicipal area.
11: Directors took up more than their quoto of share options.
12: Now seen as a good time to buy as company assets worth way more than Share Price indicates and Institutions know this as they have expressed with placement

1: Don't Believe everything you read in Newspapers TOR.
2:. Market incredibly undervaluing oil assets at present. 9 cents as opposed to 5$ given that oil is only down 50%.
3: Barryroe commercial agreement has no penalty clause but Providence are also speaking to othere interested parties.
4: Barryroe deal will include if Farmanee comes up with funds cash for Company, two drills which will be for appraisal and ultimately can be used for production and Providence handing overe a % of barryroe

Thanks Spuddy