Providence Resources - PVR Stream Log

Bravo Tony creating shareholder value at every opportunity. Roll on the next placing devaluation the name of the game here.

The good thing about Whitegate being sold and the refinery being kept on, is that it gives another plus for anyone thinking of taking a stake in Barryroe.

Local radio says..Whitegate sold to canadian firm. 160 jobs to be retained.

loadsa birds in the bush.... i can but dream!

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I wonder did PVR project manage this as part of their sponsoship - [link]

I imagine that Barryroe in not some oil field in Saudi Arabia, but at the same time Sequa were going to invest there money there, and Oil India were going to buy the entire company. I am sure Barryroe is not straight forward, but what oil fields are when it comes to drilling at sea. Hopefully they will be able to do a farmout this year, as it would help with the future drilling of Druid, and Lansdowne's future as a company completely relies on that happening.

Also did anyone ask management why they took such harsh decision to dilute at low stock price

Thank you Spuddy, did you able to speak to JOS; what questions did u pose to management and their feedback. What made you to say Barryroe is bigger? They keep telling us for years

Interesting article in the Phoenix magazine about Providence. It mentions the rough ride shareholders have being on, and the fact that they should have drilled in Barryroe in 2012 when they had the money and oil was very high. Also mentioned are some interesting facts about Barryroe which go something like this. Barryroe is a huge field of about one billion barrels of oil and has a 35% recovery rate, capable of producing 350 million barrels of oil which is worth, at fifty dollars a barrel, over 17 billion dollars. The problem with Barryroe had been that the oil had a very high (20%) wax content. In the earlier wells drilled as the oil came up the pipe and the temperature quickly dropped, the wax actually slowed down the flow rate as it congealed. Using the newly invented insulated drill pipe, this did not happen and the flow-rate quadrupled to over 6,000 barrels of oil equivalent. Moreover, it was discovered that the wax itself could be recovered and that it had significant value in its own right once the logistics of handling it were worked out.