Providence Resources - AGM very Positive - Quite happy with the AGM...

Quite happy with the AGM meeting. Four major players in detailed examination of Barryroe. Fine combing the whole project. The party to february´s commercial agreement whom many believe to be Sequa is still in the game and should now have funding. Company cannot give an exact date as to a consclusion on Barryroe Farm out but are looking to close ASAP and would like if possible to be able to use the Drill that LOGP and PETRONAS are using at Middleton in the event of a FO on Barryroe. Company gave an explanation of all previous dealings on barryroe. ONCG the Indian Oil Co were at the point of paying the equivalent of 15/16 Euros per share (64m shares) but pulled out at last moment. TOR etc were in delhi closing deal terms. Indians pulled out and instead invested in Africa. ONCG have been back in touch with Prov in last few days apparently. Another American major oil company had agreed on deal over barryroe but BOD would not pass it preferreing to invest Money in US. According to some brokers present at meeting expect two FOs this year SP and barryroe before end of year. TOR pointed out that he will not be making announcements in response to every rumour. The commercial negotiations are very complex, very sensitive and involve big amounts of money. TOR says that there are many companies looking at providence resources now but that with many of the institutional holders having invested at circa 4/5 Euros it would be very unlikely the company would be taken out for anything less in the event of offers. TOR said huge interest in Atlantic margin from very big players. Updates on all the companies projects are available on the company website. TOR says share price totally unreflective of company´s assets and this is a Golden time to invest. My feeling was that TOR despite general unhappiness with situation (me included) is working extremely hard and is a lot more capable then we give him credit for. Things going on behind the veil of privacy it seems