Providence Resources Forum

Believe a Deal Will be done With Irving Oil And maybe some other Party to take oil and gas out of Barryroe. We can argue the technicalities of Barryroe and each geólogist will have a different view. Irving will require oil for Its refinery - whitegate. Nowhere cheaper then to produce at Barryroe (capex written Off against future production) and thereafter refine Your own oil. Irish Government could help out by ensuring oil refined There gets consumed in Ireland i.e guaranteeing a market. May be some legal barries with EU competition laws but I think It could be proven that Barryroe is very competetive. Also found it strange That no mention of the Irving Whitegate development was mentioned at AGM.

Everyone does have a slight underlying faith in the company at the moment, due to its great assets. The question seems to be will the board do some sort of farmout on the assets, even if not at the terms they really think the assets are worth, or will be play the long game, sacrifice the shareholders, and do another fund raiser or two, and put themselves in a position where they themselves will reap the full rewards of the various oil fields.

Nice to have someone give voice to how i feel. Wish it would have some effect though.

We have cleared all the debts, so hopefully what we need now is the drilling costs to come in at a low price and at the same time for crude oil to start to climb back up. [link]

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Well spotted. Good That We Have something To laugh at

I thought the lack of a farm out was due to the market not their abilities or lack thereof.

Put a carrot in front of a donkey and it still won't win the grand national. Incentive implies that there is something they could do to change things? Ie they are not doing something they should be doing

And the management options? Crikey if I do a poor job I get fired. These guys get a huge payout. They issues these to themselves did they? What a shower if chances. Tony must be planning on retiring. No real risk taken. And cause us more dilution. They must be close to a deal. Seriously heell just isn't hot enough for them.

You would expect a buying spree at these prices so... And yet ... Another case of the reality being decidedly different from the hype we are being fed.