Providence Resources - PVR Stream Log

Compared with bankrupt last year we have a company with no debt and 30 million cash.We have a very strong oil savvy board with the addition of Pat Plunket and Angus McCoss.We have an impending drill for 5 billion barrels of oil with the most efficient rig available based on advice from the best company in the world {Schlumberger}at a cost of 18 million and the possibility of a further farm out reducing the risk to zero.still maintaining 30 per cent interest.Hands up all who think that speculation and negative comment is in the best interests of shareholders at this point in time

Some positivity please.

Jimmy, Why are you so keen on pvr assets? Cant you comment on other plenty of companies in lse.

Sobeit, For God sake stop asking Jimmy, he will throw throw unnecessary dirt, he has technical knowledge and acting for a company or someone who has negative agenda. I bet because of him unnecessary delay in farmout as he is throwing muck out and putting doubts in the minds of would be farmout folks.l

equity securities for cash would surely mean a piece of druid for cash.

Sobeit - Annual report showed the top 14 or 15 investors only hold 56% of the company. I doubt there are another 20 odd holding just below the 3% threshold. As previously stated, this share appears to be significantly more liquid that TOR statement would imply.

seems to me if that other company withdrew to go an buy something bigger (then money wasn't an issue) it had more to do with the risk reward profile. economies of scale. that barryroe simply isn't big enough in todays oil environment. and that can't be fixed. however if druid came online then barryroe would be a nice cherry on top. but can't stand on its own.

Thing is it has never really been dealt with openly by the company either. If they came out and said "yes, there is something wrong with barryroe" i think there would be a sense of relief. and confidence would be restored. ie there is a problem lets fix it. but TOR keeps maintaining there is nothing wrong. so for me at least there is a whiff of something amiss. a world class resource and no one wants it? sounds a bit implausible. and sure there could be many valid reasons. maybe TOR just can't cut a deal. but he cut a deal quick enough with Cairn over Druid. Sure maybe it is the oil price. But again Cairn bought into Druid in a heart beat. so things just don't add up. unless there is a curse on barryroe? The Curse of Barryroe... does it exist maybe?? Or the stuff of fiction. All very iffy in my opinion.

and that sums up a very complex story in a nutshell. FairPlay

I think he only has to buy half them before August but not sure