there are two deals. one for avalon and one for druid and drombeg.
Dublin and London - June 7, 2017 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, today announces that it has entered into an Exclusive Option (the "Option") with TOTAL E&P IRELAND B.V. ("TOTAL"), a wholly owned subsidiary of TOTAL S.A. regarding Frontier Exploration Licence ("FEL") 2/14. FEL 2/14 lies in c. 2,250 metre water depth in the southern Porcupine Basin and is located c. 220 kilometres off the south west coast of Ireland. The licence is operated by Providence Resources P.l.c. ("Providence", 56%) on behalf of its partners Capricorn Ireland Limited (a wholly owned subsidiary of Cairn Energy PLC, 30%) and Sosina Exploration Limited ("Sosina", 14%). FEL 2/14 contains the Paleocene "Druid", Lower Cretaceous "Drombeg" and Jurassic "Diablo" exploration prospects.
anyone have a crystal ball?? best of luck everybody. i hope it comes good for us. one way or another i guess i won't be monitoring this board anymore if there is a find or if there isn't a find. and that will be no bad thing!
seems to me if that other company withdrew to go an buy something bigger (then money wasn't an issue) it had more to do with the risk reward profile. economies of scale. that barryroe simply isn't big enough in todays oil environment. and that can't be fixed. however if druid came online then barryroe would be a nice cherry on top. but can't stand on its own.
Thing is it has never really been dealt with openly by the company either. If they came out and said "yes, there is something wrong with barryroe" i think there would be a sense of relief. and confidence would be restored. ie there is a problem lets fix it. but TOR keeps maintaining there is nothing wrong. so for me at least there is a whiff of something amiss. a world class resource and no one wants it? sounds a bit implausible. and sure there could be many valid reasons. maybe TOR just can't cut a deal. but he cut a deal quick enough with Cairn over Druid. Sure maybe it is the oil price. But again Cairn bought into Druid in a heart beat. so things just don't add up. unless there is a curse on barryroe? The Curse of Barryroe... does it exist maybe?? Or the stuff of fiction. All very iffy in my opinion.
doesn't he have to buy them before august of this year?