Providence Resources Forum

Says here that the recent capital raise was significantly oversubscribed. [link]

TOR is a bluffer of the highest order!

According To JOS at AGM compartmentalization not seen on 3d seismic but seen at Seven heads (above Barryroe on Same seismics). So Analysis shows very small possibility of compartmentalization of field Like that of seven heads. However some level of compartmentalization in all fields and only appraisal drill can determine this.

just wondering why netherland and sewell never mentioned compartmentalization in their review of barryroe. i can't remember it being flagged as an issue by them. you would think it would have been mentioned at least.

In your Analysis You forget that costs drilling and service costs Have dropped dramatically and that Schlumberger has analysed the data and See circa 5bn barrels between Druid and Drombeg as potential. So If the total Cost of Druid + Drombeg is now Even cheaper Than the 70 m dollars quoted at time of fund raise this Would seem Like a very insignificant amount for Any decent size Oil company. I do not believe it Would be difficult to find a Partner on good terms for such a potential enormous resource. So I do not believe the big boys are just sitting around and ignoring such opportunities at a knock down price. We Are all able to read reports Woodhouse, EiA, Tudor etc pointing To massive supply deficits in the next 3 To 5 Years. You also fail to mention the Share Price of Providence is likely to rise in the lead up to a drill. You sound Like You know alot about the Oil Market and probably do but You certainly See the Glass as half empty. Is there anything You Like about Providence. Also it Would be Very interesting to Know why You spend so much time writing about Providence. Have You nothing better to do. My excuse is that I own shares in the Company. What is yours ?. Also if You Know so much about the oil business could You instead suggest where all US distraught shareholders might invest their funds. You surely must know given your indepth understanding of the business

This whole thing stinks so much that there must be method behind the madness. Believe a deal in Barryroe ( phased development-appraisal drill) has Been virtually agreed. LOGP was able To raise funds To Pay off Transocean costs with no other asset other than 20% of Barryroe. Believe LOGP will be bought Out By Providence and a deal closed on Barryroe - before Christmas.

Hi Spuddy, I truly hope you are right. I would sincerely like to see a portion of my money again. I find it hard to believe they are lying. Yet all they do is talk. And nothing of their talk comes true. I agree with desperate who called it a croc. TOR has been selling same old croc at the end of the rainbow for some time now. Unfortunately I do not believe the croc is filled with gold anymore nor even oil... but something that smells slightly more unpleasant...

True !!. Cenkos have always been very positive with their valuations. However this time round they own 6.3% of company. They must have been told something they like to accept shares as payment for their services. Also Cenkos would have had to sell the equity rais eto the big institutions. Don´t think they would risk their reputation on top of their money by accepting such a large portion of Providence in lieu of cash payment. Believe that things will turn around here. Even a bunch of monkeys could not keep on making a mess of things

Cenkos have never issued a sell. Even as shares went from 7 quid to 10p. And they also own shares so yes they are going to say buy.

PROVIDENCE RESOURCES (PVR LN £62.8m 10.5p Cenkos Brokership BUY) - We just had a call with CEO Tony O'Reilly following some weakness in the shares, the Exxon exit from the Dunquin licence and an activist investor piece positive on the assets but negative on management. The key points are - everything on track as outlined in prospectus: 1. Well management co to be appointed in next few weeks. 2. Rig tender result to be by end-Nov. If anything prices are looking lower than at the time of the fundraising. 3. Drilling window opens in May '17 for Druid/Drombeg. 4. Data rooms are very busy and do not reflect the usual summer slowdown in activity. 5. The '17 drilling programme is fully funded and not contingent on a deal - although the company is activeley seeking partners on the right terms. 6. Exxon Mobil's exit from the Dunquin licence was well known within the industry and had been underway for about 2 years. They were play specific on Dunquin and had no interest in Dunquin South when the seal at Dunquin proved breached. ENI remains fully committed. We have had some selling of the stock but there are no negative catalysts to drive this selling. We see any weakness as an opportunity to buy exciting assets at a very low valuation and look forward to news flow over the rest of the year. BUY.