Spuddy
26 Sep 2016
Helo Haribo More BS. You are correct. Believe though We Will Have some sort if deal On Barryroe By Christmas. Irving,Petronas, Schlumberger involvement a possibility !!!
Spuddy
15 Sep 2016
Chances of Success Would be bigger If They drill Drombeg and Newgrange as Well Haribo. PVR Are planning to drill drombeg as Well as shown By todays announcement. Believe It Will be no problem to find a FO partner to share costs. Believe that PVR are Looking for a Deal on Barryroe before Christmas. This should boost Share Price considerably to allow Them issue a few more shares and finance the drombeg and possibly newgrange drills as Well. Barring this a FO on Druid, drombeg and Newgrange to share costs
Spuddy
12 Sep 2016
Hello Haribo Would think twice before wipping Bum with Providence shares. Stink around here From The dodgy dealings To date. However believe a Deal On Barryroe Will be closed before Christmas - at least for gas. Irving Oil May be a party to a Deal. Cannot believe Big Investors handed over 70 m dollars to pay off 25m in debt And Finance One risky drill in Atlantic. Believe the 25 m Payment For debt could only be secured With some sort of guarantee. The guarantee I believe was strong indications on a barryroe deal.
Spuddy
10 Sep 2016
Whitegate: Great News That Irving Oil has purchased Whitegate. Presently much of oil refined There comes From North Sea. Some years ago Prividence had an MOU With shell For Any potential oil produced at Barryroe. I Would imagine that this oil Would Have Been sold to For consumption in Ireland. Believe Irving Will be involved now in producing oil from Barryroe. May Take part in joint venture
Spuddy
07 Sep 2016
Share price This share price is being marked down and does not represent The real value of the Assets. Before the placement the Share Price was 15.3 pence With approximately 145m in issue giving a market cap of approx. 22.185m. Thus with 3m in cash and approximately 24m sterling in liabilities the Company had net liabilities of 21m sterling. Thus 21 + 22.185 gives what Investors considered potential value of assets. Now fast forward to today.Company has approximately 49m dollars after debt payments i.e. 36.75m sterling. This Is worth approximately 6..2 pence a share. Thus at todays closing Price We Are attributing 3.55 pence per share to asset valuation i.e 20.945m sterling as opposed to 43.185m before the placement When company was bankrupt. If we attribute the same 43.185m sterling value to Assets the Share Price should be 6.2 pence (cash valuation) plus 7.3 pence asset valuation i.e 13.5 pence per share. This excludes the fact that the company was bankrupt before the placement and Assets such as Barryroe Would Have had to be sold in a fire sale. It also excludes the drill on Druid plus the updated reserve estimates for Newgrange. So this share appears Very undervalued. Plus the Price of Oil was 37 dollars a barrel as opposed to 50 dollars today.
Spuddy
07 Sep 2016
Share Price Whilst it is annoying to see SP at these levels I believe that it is being marked down ahead of news releases later in the year. As Sobeit states frequently Daddy will be out of Bankruptcy in November. Irving Oil will have closed purchase of Whitegate. Oil prices although volatile appear to have put in a bottowm and the futures curve points to supply problems down the line. Wonder if Cenkos are keeping the shares it got as part of placement fee for daddy when he gets out of bankruptcy. Remember many of his shares were sold at 50 cents in 2014. If he were to buy them back in November at such a level or even below, cenkos would make a nice profit. TOR has options at 45P some of which need to be exercised I believe in June or July 2016. For them to be worth anything a deal will have to be done on barryroe before. I believe a deal is on the table and will be closed before the year end. Irving oil may very well be part of the deal. This would change things dramatically. I do not believe new Institutions passed 70m$ to Providence just to pay off 25m$ in debt and throw 45m$ onto the roulette wheel with a drill at Druid. Everybody wants some sort of a Guarantee for their money. Why would you hand over 70M$ to a company just for a 45m$ drill automatically handing over 25m$ to third party´s i.e. Melody and Transocean. These chaps must know something that we do not and I believe that something is a deal on Barryroe toward the year end.
Spuddy
01 Sep 2016
Jimmy at it again Nobody thinks it is Strange that Jimmy who has no shares in Providence spends so much time commenting and looking for all potential-hypothetical negatives he can imagine. Why does he do it. The rest of Us Providence investors are positive some days and negative other days it is natural. Buy Jimmy just keeps shoveling the dirt. There is more to Jimmy Than meets the eye. Maybe someday he Will explain the reasons for his tremendous interest and his overbearing negativity to us.
Spuddy
31 Aug 2016
Hello Mamms Doubt Well Management company Would be engaged if Sosina did not Have funds. So I think today's press release is good news. Also believe Barryroe FO Will be done before Christmas. Think Irving oil are tied up in the equation some how, a Deal of some sort on Barryroe Will boost share price. Cost to drill Drombeg is approx 25 million dollars with 22 millón for Newgrange. This could be raised on the farm out of Barryroe (expected Rising Share Price) or else through a FO of Druid, drombeg and or Newgrange. Believe things are Looking up.
Spuddy
26 Aug 2016
Funny comment from other blog site At long last I have understood what Tony means when he talks about "the Irish offshore" in his mid Atlantic drawl. Sure he's talking about his own offshore bank account in Malta!
Spuddy
26 Aug 2016
M&A picking up [link]
Spuddy
23 Aug 2016
Similar Position Myself Agree with you Phonner. This will work out. Jimmy is a glass empty type of person with an interest in Providence (a company that he has no shares in). He may be correct but other Geologists would disagree with him. Interesting times ahead !!!!
Spuddy
23 Aug 2016
Barryroe: Irving Oil 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.
Spuddy
16 Aug 2016
Very very Funny Anovas Well spotted. Good That We Have something To laugh at
Spuddy
11 Aug 2016
Hello Haribo 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.
Spuddy
10 Aug 2016
Hello Jimmy: 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
