Providence Resources - PVR Stream Log

Europa CEO Hugh Mackay on the 2nd round of licensing awards: Europa CEO Hugh Mackay said, 'We are delighted with the offer of four Licensing Options in phase two of the 2015 Atlantic Ireland round against strong competition and further building our Irish licence portfolio. Subject to formal award, we will have a diversified portfolio of seven high impact exploration licences across three basins in offshore Ireland and representing a range of geological risk, hydrocarbon plays and exploration maturity. We look forward to providing technical information to the market once our offers have been formally accepted. Europa has a leading position in the Atlantic basins of Ireland; a region that has now emerged as a global exploration hotspot with major and mid-cap oil companies taking substantial acreage positions and associated work programmes. 'Europa was one of the pioneer companies who have played a role in reactivating industry interest in Atlantic Ireland and we feel that the entry of majors and super-majors is providing validation of our belief in Ireland's exploration potential. This is a hugely exciting moment for Europa and for the rest of the industry and we hope that exploration momentum continues to build and that at some point in the not too distant future the exploration potential is realised with a significant discovery.'

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2nd round of licensing awards announced, pvr has been awarded but looks like europa did quite well they got 4 LO's

Well am only guessing but would make sense to avail of low drill rates. Also one of them has to come good. If they all fail then we will be no more. anyway no one know yet.

If thats true, its huge stakes they shouldnt adopt big bang approach need to look at an option how best value will be appreciated.

I think/hope they will drill spanish point, barryrie, druid with schumlemberg

Let company issue an rns, not really sure whats happening. I still see it can be backup measure

With single stroke he is trying wipe off entire value of the company, can't believe if this really comes as RNS; company is trying to hide in a nest. Its quite sickening, the acts are deliberate and intensional on face he is talking a lot but not walk the talk.

One of the last things that was mentioned before the share were suspended was that they were trying to put together a group of investors that would drill at Barryroe, so I would say that Barryroe is the most likely place that the new money will be used. The new investors must be fairly sure that they will be some return on their investment in the short term, as they would be fully aware of the history of Barryroe. As mentioned before perhaps some play with the natural gas. Whatever it is the case for investing must be good as one hundred million is a lot of money to be putting into a oil exploration company at this time. Also worth mentioning that when they said that they were trying to put a group of investors together to drill at Barryroe, they forgot to mention that the farmout terms would be eighty five percent of the entire company.

Wont be for a special dividend anyway desperate! 😞 Maybe a bonus for senior execs with begging bowls.