Providence Resources Forum

Jimmy is almost speechless. Wish he was

@ lerrab, going to buy a few more myself and hope for a happy ending. Think the transfer into Exola was to facilitate sale of the Barryroe asset on it's own.

lerrab, with TOR putting his arms around you, sounds like a prelude to foreplay, the question is are you going to have a happy ending or get ...........

anybody any views on the points below-broe is owned by exola a wholly owned subsidiary of prv so any farminee would be getting a share of this company or would it be getting a% or shares in pvr. if its the former that would preclude future action in dunquin nth .newqrange. sp. kish etc.the lower price for oil and this could have delayed agreements with the farminee.just a thought i'm only a fool anyway-TOR put his arms around me again this morning a l bought another load at 37 cents good luck.

You will find he did not sell them - they were taken. Perfect timing but not insider trading. He will now appear as a major shareholder with unencumbered shares after the placing. The whole this is a shambles. That said company should be stabilized albeit at the expense of all the small shareholders.

I think you are completely right. You would imagine that if they would not have to pay the six million on the button. I am sure that it would take longer with legal delays and all that. I think the placement is let the big investors take control of the company. The only up side of that is that the big investors will not sell as quickly as the average shareholder, so the price in future should be more stable, as the free float will be much smaller. It has to be said that one of the reasons the share price has gone so much is that the average shareholder has being selling, cannot blame them really, with the lack of news and poor oil price.

Something bothering me for some time. Whý on earth did Cairn not buy up CEPIL's interest in SP, rather than allow PVR to buy for $1? Cairn already carrying part of CEPIL's drill costs and now PVR higher share than the Operator with potential probs that could cause. Any thoughts?

Just me buying on the ISE today then it seems.

I posted this before. It is from the Phoenix magazine. Worth noting what they say at the end of the article. It has added meaning after yesterdays announcement. Something to cheer ourselves up with Tony O’Reilly’s Providence Resources group too has been unfortunate in that the failure of Exxon in its $200m drill in the deep sea Sub Porcupine Basin – in which Providence has 16% carried interest – infl uenced investment sentiment unduly. It could be, however, that the upcoming drilling at Spanish Point early next year will change this and bring some real excitement back into the Irish offshore sector. This well will be drilled by Cairn Energy into a fi eld which has already been drilled and with the advantage of modern 3D seismic surveys, the risk factor is far lower. This increases the probability of success in proving up the identifi ed 200 million barrels of recoverable oil in this prospect. Besides this, Providence is sitting on an 80% stake in the giant Barryroe one billion barrel oil discovery, which was proven up 18 months ago. This has yet to attract a development partner and the recent drop in oil prices has not helped. Nevertheless, the prospect is a really big one and will one day deliver huge returns. The only question is who will be cashing in when this happens. Providence’s 20% partner in Barryroe, Steve Boldy’s Lansdowne Oil & Gas, has likewise suffered badly from the ongoing delays in fi nding a big development partner for Barryroe, but as Barryroe is potentially worth billions, for those who can hold on here there will eventually be huge returns, giving both Lansdowne and Providence serious upside potential.

i hope we can look forward to a more stable share price now. until news of deals comes. hopefully 25p is the floor. so weeks or a month now sounds like a deal in April with only two days to go this month. hopefully it all works out and for those that didn't sell it doesn't matter what the price is today as long as it recovers again.