Providence Resources - Agree with you Sobeit - Providence has 75 million shares...

Providence has 75 million shares that it can issue. If it were to give 20m shares to Landsdowne in a Merger(1 for 7), this would leave 55m shares that it could issue to Sequa (for example). If Sequa were to pay 80m (i.e. for 25% of combined company 55/215m) this would give the company 80m minus 20m due to melody in June 2016. They could use this 60m to drill two appraisal wells one in Barryroe and the other in Spanish Point. If both successful the company would have 100 % of Barryroe (minus NPI 4.5% to San leon) plus 58% of Spanish Point. Thereafter circa 2017/18 both fields could either be farmed out or project finance sought to develop them. Given that Providence also has Drombeg, Newgrange, Dunquin, Dalkey etc this company would likely become a very very attractive takeover target. Watch this space !!!!!!!!. Oil will rebound once all the cancelled capex from Majors etc for 2015 and 2016 starts to kick in coupled with the natural decline on conventional oil (6.75% on average per year) plus high shale decline rates