Providence Resources Forum

I wish I could be as optimistic as you Spuddy - but I don't believe that this information would not have leaked from this sieve by now if it was true. It would have come out once options were granted and approved.

Hello Haribo and Desperate. Believe a Deal is already more or less done on Barryroe. I See Richard Jenkins the shareholder Who was Looking to take some measures to oust TOR is of the same opinion. Believe we Will Get some Good news in the next couple of months !!!!

I got that impression from logp statement. It's a world class asset which no one is interested in. Yeah right!

I read from the Independent article that nobody is currently in active negotiations in regards Barryroe farmout - "Mr O'Reilly said the improved availability of capital should increase its flexibility when it comes to negotiating over the prospect."

would be nice to have it come good.. i wish i had faith in the company and i would average down a bit.

Malcolm Graham Wood is very positive in his blog today about Providence. I hope he is right: Providence is another company where shareholders are probably considering themselves fortunate to be owning something that has actual value after the recent shenanigans, in particular the Transocean court case. The darkest hour was just before the raise and now, 70m bucks better off and the bluest of blue chip share registers to boast of, the management are pursuing Druid which may be the company’s soothsayer next year. Today, in a long and detailed conference call the strategy was outlined, suffice it to say that when you don’t actually need the money the buyers are apparently queuing up to have a gander at Barryroe, and others in the data room and drilling costs are falling like stones. Tendering for the Druid work continues, as mentioned before the well will now cost around $35m plus another$15 if they go deeper and TOR said in his speech that this may have cost as much as $225m in the old days. The well is scheduled for June 2017 so there is no hurry but I get the feeling that ‘New Providence’ as it should be called will have plenty to say in the meantime…

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Nice to see the appointment has inspired huge confidence in the SP

Just another mouth to feed - he should be financed from TOR salary as he is being brought on to fill a gaping hole in the the CEOs CV

This appointment must be very good news. It is likely that the new Shareholders requested the appointment of a real independent chairman with considerable experience. Jimmy´s point on share options may or may not be true. However if the same options are awarded to the new Non executive director that were offered a short while back to the rest of the Board i.e. 45 cents a share) as these are well out of the money at present, I do not think awarding such options at present to the new non-executive chairman would be considered insider trading even if a deal on Barryroe were in the offing. So this must be good news for the company. Maybe Tullow might become a partner for Providence.