Providence Resources - PVR Stream Log

here is simple truth--if bal-roe project dont go ahead cost cutting dont helps, if deal will be done-then they are not needed

Can anyone tell me what the company sequa petroleum (barryroe) has done since it was set up? What was the urgency to have it set up in the first place when a shelf company can be set up in a day. It can't have anything to do with barryroe if it's not party to the deal. Looks like a smoke screen to me. Don't see why they would have to announce anything about sequa as I don't recall them announcing sequa as a potential partner in the first place, that was all speculation. Will be interesting to see sequa petroleum barryroes first filed financials when they materialise which I guess won't be until it starts trading

I would Spuddy has very squarely hit the nail on the head with the analysis...

hope you are right and we do make progress before agm.

hi spuddy. it seems so strange how providence have no clue how the sequa fund raising went if it is sequa. pvr sound desperate. but is this what sequa wanted?

nice one alphabravo... this seems like an attempt to survive the upcoming AGM by dangling a carrot. fed up but I'm just going to wait. we have bad management at pvr but i do think this barryroe deal will be done. eventually.

i cant seem to copy the link. From todays irish independent. The CEO of Irish oil and gas explorer Providence said he expects the firm to secure a development partner for its flagship asset, the Barryroe oil and gas field, before the end of the year.

Irish Independent today...

More good news....Dublin-based Providence has been trying to get a partner on board to develop the potentially lucrative field for years. Earlier this year the company said it had reached a tentative deal with a development partner but was still in talks with other interested parties. Completing a deal would be a major boost for the firm, which has seen its share price drop from almost £7 a share to 24.5p in the space of less than three years. However, in its latest set of full year results Providence said the closing conditions for the deal to be completed have yet to be satisfied. Providence boss Tony O'Reilly told the Irish Independent that the firm is still actively looking for partners on the project. "Are they [the tentative partner] the preferred partner for the project? Not necessarily, the preferred partner is someone who can close the next stage of the project and who can ensure that it reaches first production," he said. "It [securing a development partner] is not many months out based on our expectations. We are working to conclude it this year with the caveat that we are one side of the negotiations in the deal and this is a very competitive market." The proposed Barryroe partner is thought to be London-based Sequa Petroleum, which recently closed a $300m bond offering. Mr O'Reilly refused to comment on whether Providence has been in discussions with Sequa.

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