Providence Resources - Barryroe Deal and LOGP Merger/Sale - Believe that Barryroe Farmout will...

Believe that Barryroe Farmout will go ahead and that the possible sale or merger of Landsdowne is part of the process.

The likely buyers of Landsdowne Oil and Gas are

1: Fastnet (This would be a merger)
2: Cairn Energy (Also a Scottish outfit).
3: Sequa (As part of Barryroe Deal)
4: Petronas

Believe Fastnet under Carol Law can see the synergies between them and LOGP. After a merger the two would have a very commanding position in Celtic Sea. A merger followed by a farm out on Barryroe would give the company some cash to thereafter drill deep Kinsale and possibly Amergin. If middleton gas field is successful with PETRONAS you might see Petronas or and American Major expressing interest in the combined LOGP / Fastnet Operation. This would be enhanced if a drill at Amergin or Deep Kinsale comes up a success.

Cairn Energy also a very likely suitor. Cairn could buy LOGP for lets say 80 Euros by issuing approx. 30m shares. Thereafter could give some up front cash payment to Providence for a Farm in to more of Barryroe. This cash could then be used by Providence to drill Spanish Point with Cairn. Providence could pass additional % holding of SP to Cairn before drilling there. Cairn need to add to its reserves. An easy way and a very high chance of success for them would be to take the path mentioned. Watch this space.

Finally Sequa and Petronas must be in the picture as well