Providence Resources - PVR Stream Log

It will be. Should be up on the Providence site tomorrow. Hopefully we will see some household names to add some confidence. As far as I can remember Tony said that the farmout should be done in a couple of weeks, maybe a month. If that is the case we should hear something this week or next. It would be great really. We live in hope, and hopefully not die in despair.

I suppose we will see these shares turning up today or tomorrow. [link]

it seems from the recent media coverage that if the proposed farminee does actually show up with the finance, TOR will be as surprised as the rest of us...

O’Reilly’s Providence stake slashed under share placing Vincent Ryan Published: 22 March 2015 Comment (0) Print WHEN the stock markets open tomorrow morning, Sir Anthony O’Reilly will no longer be the largest shareholder in Providence Resources. The businessman has seen his stake in Providence fall from 15.5% to 7.1% as ACC Bank moved to take control of his assets following a move by a number of banks against the former billionaire. Providence announced on Friday that it had successfully raised $28m (€26m) through a share placing and open offer. The issue of new shares will result in the dilution of Sir Anthony’s holding. “He probably won’t be the largest shareholder any more,” Tony O’Reilly Jr, Providence chief executive, said of his father. “There will be other shareholders now on foot of this placing.” O’Reilly said once the new shares are admitted to the market for trading on Monday, there will be a number of changes in the shareholder register. The open offer element of the fundraiser attracted the support of holders of 58.1% of the shares in the company. The share placing was taken up by about 25 institutional investors who were already shareholders, including Blackrock, Capital Group and Henderson Global Investors. “Our leading institutional shareholder base will now increase to 90% of the company through the placing and the support of existing shareholders,” O’Reilly said. “We got a huge vote of confidence through the market, which we are thankful for.” The company is still seeking to finalise a deal with a partner to develop its Barryroe oil find off the Co Cork coast, despite announcing it had agreed terms with one party last month. O’Reilly refused to name the prospective partner as the deal remains subject to financing, which is “not ideal”, he said. It is widely believed Sequa Petroleum, a private equity oil development company, currently seeking to raise money through a bond offering, is the most likely partner. “Percentages, cashback, operators’ share, the work programme — all of that has been agreed,” said O’Reilly. “There were over 25 documents. This wasn’t done on the back of a packet of cigarettes. This is a fully documented deal, but it is subject to financing and them delivering the financing to us.” As the deal has not been closed, he said, Providence has continued to talk to other parties that could become partners on Barryroe. O’Reilly said there has been a surge in interest since Providence announced it had secured further financing.

I understand your skepticism, but why do you think that the deal is not possible? Yes, times are hard but others also can not just sit and wait. The oil industry brings enormous profits even at low prices, people continue to work, looking for new opportunities

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Excellent report Spuddy, however I would have to agree with Mmmmms post on this one, really nothing to get excited about from Egm, I take it directors remuneration wasn't mentioned, will keep the champagne on ice with this one methinks.

Venezuela, Brazil, México, Nigeria, Canada, Libia and eventually USA all Will See falling production. Iran May return To market but Will not make up for shortfall

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