Providence Resources - Re: PVR Stream Log - Article in todays' Ireland's business...

Article in todays' Ireland's business Post talking about Pageant Holdings ups stake in Providence. Here are the main parts: Furlong is a serial investor with stakes in a number of Irish listed companies. Pageant's interest in the company is thought to be friendly and it has taken advantage of the recent weakness in Providence's share price. The company, run by Tony O'Reilly jr, has now pinned its hopes on a field called Barryroe, 50 miles from the Cork coast, which it said contains substantial quantities of oil. Analysts said that finding a partner for help develop the Barryroe Field, known as a farm-out process, which will cost hundreds of millions of euro, is now vital. "Providence is now focussed on Barryroe, it's key asset in the North Celtic Sea Basin. This is sensible and a good way to restore (and realise) value. The project has a credibility barrier, which, allied to Providence's lack of financial strength at a time of low oil prices, meant earlier farm-out deals, were difficult to complete. This time it intends to drill a well on its own risk. Such a strategy should elicit interest from major oil companies." said Job Langbroek, Davy Stockbrokers' energy analyst.