Providence Resources - Stake in Providence: - Believe Sequa, Schlumberger or another...

Believe Sequa, Schlumberger or another party will take a stake in Providence. It seems obvious that Providence has some amazing Assets but lacks presently cash. Its debts are pittens for big players. If Providence failed tax credits of approx. 140 m plus generous Licences at 25% and 40% tax Rates would probably revert to Government and be reissued on worse terms. Throw in Barryroe and Spanish point all discoveries plus enormous potential at Druid/drombeg/Newgrange etc plus all 3D seismic plus Analysis and You See The value of this company. Yes Management Have taken terrible decisions and yes Trsnsocean case has left finances in a mess but it is Very very unlikely that big institutional investors do not understand The real value of The company. Things will sort themselves out no Thanks to The BOD. Believe we will See a new shareholder shortly.