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13:26 12/02/2015

There is sufficient cash in the bank now to clear the majority of the loan.

13:21 12/02/2015

That's great news, a deal done and money in the bank by the summer, I must have missed all that, don't know why I was concerned

12:58 12/02/2015

Loan is due till summer and at that stage money in the bank and money from transocean will settle it. SP won't be undertaken unless Barryroe is agreed and money in bank from it. So PVR can sit on this asset if needs be and wait till someone wants it enough. Thankfully there is a deal done though so we just have to wait for the finance


From: Michael Graham [mailto:[email protected]]
Sent: Thursday, February 12, 2015 11 PM
To:
Subject: FW: Additional Questions regarding Barryroe


Thank you for your e mail.

I understand shareholders disappointment at the current fall in the share price. As has been published the Company does have a short term loan facility in place. The Board are acutely aware of the Company's financing needs and are actively considering a number of options available to us, including the benefits of the proposed Barryroe farm in. In relation to the Barryroe farm-out, I am precluded from commenting on any of the questions you raise. In accordance with our ongoing Stock Exchange obligations, we will continue to provide the market with updates as and if when appropriate.

Michael Graham
Secretary

From:
Sent: 12 February 2015 11:15
To: Michael Graham; Providence Resources
Subject: Additional Questions regarding Barryroe

Hello there Michael

Another terrible day in the Markets as you are well aware and some very very upset shareholders myself included.

I understand that there are limits to what can be disclosed but given that we are all losing our shirts in the process in what appears on the face of things to be a very bad situation I have some more questions that I would like to ask.

Providence have a loan which they are using to run the company, pay salaries etc etc. In June this loan has to be paid back. Providence has told us that a commercial agreement on Barryroe has been reached conditional on funding.

With Providence facing a June payback date for its 20 million loan facility has this been taken into account when making this commercial agreement on Barryroe ?

Has Providence included a penalty clause in their commercial agreement with its counterparty i.e will the counterparty to the commercial deal be liable for a cash payment to Providence in the event of failure to raise funding ?.

If there is no penalty clause in this commercial agreement then it would appear that it is not an agreement but an option by the counterparty to Farm in or not to Barryroe at a timing and under the conditions that are most advantageous to itself.

Why would the counterparty be in any rush to provide funding knowing the financal position of Providence and its June date for loan repayment ?

Has Providence placed a cutoff date on the commercial agreement i.e does the counterparty have to produce funding by a certain date or is its option open ended ?

If no deal is done on Barryroe is there a plan B arranged to allow us to meet funding requirements; pay salaries, pay loans, daily running costs, drilling plans etc etc. ?


The share price at the moment is a clear indication of the impression correct or not that the market has of Providence´s position. I myself have been investing in Providence (just buying since 2005). I have never sold a share in this company believing that we would have a good future but am anxious at present

12:22 12/02/2015

with you there Alphabravo its being played as are we

12:16 12/02/2015

From the response Spuddy received from PVR, they state that the potential famines capital plans extend beyond Barryroe...I am reminded of the notes from Boldy of LOGP at the AGM when he stated that the farminee was looking at a regional approach to BR possibly involving PVR, LOGP and FAST...this could be much bigger than just Barryroe...just a thought... this is definitely being manipulated down in my view...

12:13 12/02/2015

Well this is another fine mess TOR. Why am I surprised this time?

11:11 12/02/2015

were Netherland Sewell bribed???

11:01 12/02/2015

Davy did a valuation a few days ago that put PVR value at 17 times the current sp. This is what worry and panic do. Sure look at smurfit Kappa. Could have picked that up for a euro a share. Now 22 euro.

10:59 12/02/2015

This I think is based on expectation theory. With weak interest in buying PVR shares is does not take volume to dump the price down. Then you buy it all back at a lower price over a few days. Picking up the shares of the small shareholders who either are panicking or fed up.