Providence Resources - PVR Stream Log

Thanks Spuddy, needed a pick me up

I thought ONGC was in the market with 180bn looking to buy a wide range of investments, where are they

I think the following from the FAST RNS is very telling..."As the industry and markets adjust to the new levels of oil pricing, the Board anticipates the industry focus will move towards profitable shallow water and onshore projects in attractive fiscal regimes with low operating costs. The Board believes Fastnet's portfolio increases in marketability based on the above premise"

I spoke with the company yesterday, they said that if a deal was off the table they would have to issue an RNS. They said negotiations were very much still in progress and that nothing had changed since the last announcement when they said the deal was nearing completion. Completely unable to answer when. Take from that as you will but i think anyone buying at these prices could be set to make an absolute fortune. That being said the trade sizes at current levels are tiny so not really fortune worthy.............................take from that as you may also.

How low can we go ?

Creditsights project oil in the MT to remain around $75 with a trough at around $50 possible in 1Q15. They do not see OPEC changing production until this trough is reached, so current prices look like an market overreaction imo

Spuddy/Godot, know we've spoken and the general consensus is that deal must nearly be concluded, as PVR couldn't be that reckless. As such, the current price must be great value. Are either of you (or anyone reading this) tempted to buy ??? I would love to, but I've been averaging down and now have more exposure than I'm comfortable with (aka "scared").

Spuddy, well done and thanks for the update. Going to make a call myself later.

Thanks Godot. Hard to keep positive. No other choice though not going to sell here. Hope we hear sonething soon.

Agree with you Godot, but when deal done will breathe a big sigh of relief and sell asap.