Providence Resources - PVR Stream Log

And the management options? Crikey if I do a poor job I get fired. These guys get a huge payout. They issues these to themselves did they? What a shower if chances. Tony must be planning on retiring. No real risk taken. And cause us more dilution. They must be close to a deal. Seriously heell just isn't hot enough for them.

You would expect a buying spree at these prices so... And yet ... Another case of the reality being decidedly different from the hype we are being fed.

Says here that the recent capital raise was significantly oversubscribed. [link]

TOR is a bluffer of the highest order!

just wondering why netherland and sewell never mentioned compartmentalization in their review of barryroe. i can't remember it being flagged as an issue by them. you would think it would have been mentioned at least.

Hi Spuddy, I truly hope you are right. I would sincerely like to see a portion of my money again. I find it hard to believe they are lying. Yet all they do is talk. And nothing of their talk comes true. I agree with desperate who called it a croc. TOR has been selling same old croc at the end of the rainbow for some time now. Unfortunately I do not believe the croc is filled with gold anymore nor even oil... but something that smells slightly more unpleasant...

Cenkos have never issued a sell. Even as shares went from 7 quid to 10p. And they also own shares so yes they are going to say buy.

PROVIDENCE RESOURCES (PVR LN £62.8m 10.5p Cenkos Brokership BUY) - We just had a call with CEO Tony O'Reilly following some weakness in the shares, the Exxon exit from the Dunquin licence and an activist investor piece positive on the assets but negative on management. The key points are - everything on track as outlined in prospectus: 1. Well management co to be appointed in next few weeks. 2. Rig tender result to be by end-Nov. If anything prices are looking lower than at the time of the fundraising. 3. Drilling window opens in May '17 for Druid/Drombeg. 4. Data rooms are very busy and do not reflect the usual summer slowdown in activity. 5. The '17 drilling programme is fully funded and not contingent on a deal - although the company is activeley seeking partners on the right terms. 6. Exxon Mobil's exit from the Dunquin licence was well known within the industry and had been underway for about 2 years. They were play specific on Dunquin and had no interest in Dunquin South when the seal at Dunquin proved breached. ENI remains fully committed. We have had some selling of the stock but there are no negative catalysts to drive this selling. We see any weakness as an opportunity to buy exciting assets at a very low valuation and look forward to news flow over the rest of the year. BUY.

what a croc..............

Well it is a certainly excellent critique. Unfortunately it is about 3 years too late for me. The real question is why have all of these issues not surfaced sooner. Anyway I believe Barryroe is dead. I don't believe it ever had a chance and I think the managment have known that for a while. As the report makes clear they are all buddies. And on one is going to spill the beans on their buddies and kill the cash cow that is PVR. I believe our only hope lies with Druid. And then we are bust - if that fails.