Providence Resources - PVR Stream Log

any day now....

very quiet now...

“The Stock Market is designed to transfer money from the Active to the Patient.” patience on a monument...

Oops $24m not €24m, sorry I'll just observe

Am I right in thinking pvr has borrowed €24m mid June this year and has only €18m left at the end of the month? Is that not a rather high burn rate? Am also a bit confused by some of the terminology, at AGM re farm in the phrase 'nearing completion' was used, in the interims the phrase 'advanced stage' was used, I would have thought 'nearing completion' would have been more advanced than 'advanced stage'? Sorry am a complete novice......

From Spreadbet....UPDATE 30 SEP 14 7:15AM - The following statement is all I needed to see from Tony O’Reilly - “Negotiations are now at an advanced stage and we are working hard to satisfactorily conclude this with the objective to return cash to the business and obtain capital funding, whilst also ensuring that Providence retains a material stake in Barryroe, with a clearly defined road map for the timely drilling (2015) and development of the field.” From the conference call - “We expect to conclude the deal in the VERY near future and and are at an ADVANCED stage”. Together with comments about drilling to commence on Spanish Point next year and conservative cash management, this is the next best thing bulls could hope for after the actual farm-in news.

I saw young TOR in the Titanic centre in Belfast yesterday looking fairly relaxed...I had hoped to see a few Exxon suits carrying bagfuls of cash into the building but alas...

i don't have a link for that last assertion however. must be easy to google though.

also i read recently that fracking is quite expensive. to the extent that it would be uneconomical to frack if oil fell too far below $100. so long term i am not really concerned about the oil price.

The world’s biggest exporter of oil, Saudi Arabia has cut its production of crude oil in what business reporters are interpreting as an effort to keep prices close to $100 per barrel. With this move, the oil-rich kingdom continues a policy characteristic of the OPEC cartel, which often artificially manipulates the price of oil by increasing or slashing production, as opposed to market forces dictating the price at the pump. Reuters reported: Top oil exporter Saudi Arabia told OPEC it reduced its oil output in August by 400,000 barrels per day, a cutback coinciding with a drop in oil prices towards the kingdom’s preferred level of $100 a barrel. In a monthly report issued on Wednesday, the Organization of the Petroleum Exporting Countries said Saudi Arabia reported August production of 9.597 million barrels per day (bpd), down from 10.005 million bpd in July.