ghost333

Ahh ....the nigh on 2 year anniversary of this comment
Thursday, June 05, 2014
Providence Resources chief executive Tony O’Reilly Jr has hinted that the company is getting close to naming a farm-out partner for its highly anticipated Barryroe oil field in the Celtic Sea.
Speaking at the second annual Ireland Oil and Gas Summit in Dublin yesterday, Mr O’Reilly said Providence is in negotiations with interested parties.
The discussions are understood to be at a very detailed level, with first-phase production costs one of the specifics being negotiated.
Mr O’Reilly did not speculate on the timing of a deal, but did say that the matter is “the utmost focus of the company” and would be one of the very few such deals to be done this year.
I agree though we have gone past the hapless idiot and into the realms of some far more dishonest. In my view recently this has all been about him maintain his standard of living. Let's face it who else would employ him? What I don't understand is this - we as PI's are pretty much helpless but why on earth aren't the II's leaning heavily on him or getting shot of him? I thought we had a so called "activist investor" Apart from anything else if he raises all that extra money he can remain filibustering at the helm posturing about drilling next year...............................or maybe the year after

It's worse than that really the two classes as I see it comprise of those in the know and the general public - albeit they have to read The Standard! The private investor is not even informed on a "need to know" basis PVR have somehow justified putting the word "no" in front of it. I'm disgusted that they are currently trying to hide behind and use market rules for their own purposes when IMO they've breached them. The most glaring of which was the timing of TOR senior's sales. As for that ridiculous sponsorship, how strange is it that it's junior's favourite hobby. The company should be run for and on behalf of shareholders not as a private piggy bank. It's grossly incompetent.

Spuddy I have emailed PVR too. First response was that they couldn't';t comment on press articles. I have emailed back as that is complete tosh. The share is suspended from trading so there is no advantage to be had. The article in question is already in the public domain and by virtue of the sums being talked about clearly contradicts PVR's own comments about this imminent farm out. I've only asked them to deny it . I have further suggested that it is beholden upon them to treat all shareholders fairly and disclose information in a timely fashion. If there is an equity raise being openly discussed in the city then shareholders should be informed via RNS.

Here's a link to some comment www.proactiveinvestors.com.au/companies/pdf/26623/