Providence Resources - Improving interest - From The OILMAN: Today Providence...

From The OILMAN:

Today Providence have given a detailed asset portfolio update which now has more than usual interest following the Irish licencing round which has been part announced. Whilst it comes as no surprise that Barryroe has yet to be farmed out the company continue to say that discussions are continuing, as is a possible alliance of contractors being considered. What I find of more interest is the new neighbours on the block, or at least adjacent to the blocks. Interest in Ireland has been confirmed by the recent round and this is confirmed by the fact that the largest acreage in the Porcupine Basin is now held by the Exxon/Statoil JV then CNOOC, PVR used to be the largest holder but that is now less relevant, its the company you keep that matters sometime. Finally, like everywhere else the costs of drilling are coming down, proposals under review have fallen from $80m to $24m making those dollars stretch way longer than they used to. PVR has let people down in the past and for some only when Barryroe is finally farmed-out will they restart the trust programme, but it should be well and truly on the radar screens for investors at the moment.