Providence Resources - Sequa still sniffing around !!!!!! - Believe that the fact that...

Believe that the fact that we are taking some time in hearing news means that something is being arranged. Get the feeling Sequa may take a stake in Providence.

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Sequa Cancels North Sea Projects [link] Believe there are some shares that Providence can still issue !!!!!!!!!!!!!! On this basis for the Sequa Petroleum group, the all-in costs until first production for Gina Krog will be 11M USD/boe pre-tax. The agreement with OMV for the acquisition of interest in the Ivar Aasen field, for a total consideration of up to NOK 45 million, was also signed in October 2015 (10m$)
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That is US$21M. If Sequa were to put this into Providence this would clear the DEBT to Melody and also pay for the Transocean debt. For 70M shares Sequa would do this I believe i.e. 33% of company. It would also be in Sequa´s interest under such a scheme to finance the drill of Barryroe. This can be done with other parties or alone. This would raise the shareprice considerably. Thereafter before a drill Providence could raise some cash through equity issue. Sequa would be a winner here as would Providence as would all the shareholders who presently think we are bankrupt !!!!!!!