Providence Resources Forum

Anovas: That is a very interesting article. I suppose we have not long to wait now, just on till the end of the month and then we will get a clearer sight of the lie of the land.

I suppose the thing with the big investors taking up the placement is that they are getting most of the company for relatively small money. From their point of view worth taking the chance as they may feel that once oil recovers it will be a worthwhile investment.

When Barryroe oil start flow through pipes--and this day coming anyway--what price will be paid for Prov shares&

Later they all hate the day when they missed their boat.

No point to worry at moment about share price fluctuation--volumes are small, 5-6 cowards in panic bring it down. Waiting for news--TOR not give up company so easily/

Cantor are appointed brokers and advisers to Lansdowne. So together with Davy's, acting similarly for PVR, their opinions arent worth a tinker's curse.

Maybe Barryroe Farminee also taking a share in Landsdowne. In any case to place shares at 5 pence i.e. above the market price is good news. Believe a deal on Barryroe will be announced shortly after the EGM on March 20th. Perhaps the week after. Also there is strong buying interest in Fastnet. This could be barryroe farminee buying or someone who believes a deal is close on barryroe

Firm placing of 20.75 million new ordinary shares at 5p per share and issue of loan note for total fund raising of £2.9 million

* Proceeds of placing and loan note are to be used to meet company's existing liabilities and working capital requirements to end of 2015

* Proposes to raise gross proceeds of £1,037,682 before costs through issue of placing

Davy stockbrokers view on today's news. I see in the right hand side of the page that word Outperform. [link]

Its all down to Barryroe farm out now. As we have heard nothing more from Providence i.e. no new RNS we can only assume that the deal is still on track. TOR said or was quoted as saying in the interview with Proactive Investor the following:
He says Providence can now focus on delivering its stated objectives - starting with the Barryroe farm-out.

A deal was signed with an unnamed company for a farm-out deal earlier in February, though the closing of the transaction is subject to the incoming partner successfully arranging finance.

O’Reilly hopes it will be a matter of weeks, or a month, until Providence can open up to the market about the deal.

“We’ve been as transparent as we can,” he said. “The farm-out is subject to the [partner] company closing their financial restructuring, which they are working on.”

“We remain confident that people still see Barryroe as a world class asset even though the headwinds of capex curtailment in the market and lower oil prices have obviously delayed the process.

“But we do have a signed deal, and we still have interest from others.”