Providence Resources Forum

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.

Anovas nice to see you posting on this board. While I think outlook is good for PVR and obviously Shadow does too, as he stays in the share. Have to agree with him on communications side. This was highlighted in recent link to Cairn's site, from visiting it I now have 2 dates set in my outlook diary and have some certainty about future announcements. I understand PVR are in a more fluid environment and are probably hoping to announce great news in year end statement, in fact the BOD may have played a blinder in avoiding an oilie and going with private equity. Can't help feeling the share price could have been protected better in the interim. Also, curious as to why no big buys today. JR

What would you like to know Shadow?

Anovas "Communications with investors are given high priority. The Company keeps its institutional shareholders up to date with its business and objectives, and obtains their views on the Company, by means of periodic presentations. Additionally the Company is ready to respond appropriately to particular issues or questions that may be raised by investors.

Shadow....who is holding a gun to your head to stay in this share?

No it shouldn't affect cash position, It will reduce the current liabilities. There may be a potential cash benefit if PVR paid any legal fees which now look like they will be paid by the other side. So possible refund due on some items. Don't think its in the 17m range though

anovas, What stinks ? , the share price , the lack of communication from board, the CEO , 2015 plan update ,

Based on the RNS am I correct in saying PVR cash position has just improved by US$17m - US$19m?

Sorry JR...I meant Shadow...what stinks?

JR....what stinks?