Oil just over $60. Hopefully it will increase more, as it will help to move on the share price while we wait for word on the upcoming drilling plans for Barryroe.
Article in todays' Ireland's business Post talking about Pageant Holdings ups stake in Providence. Here are the main parts: Furlong is a serial investor with stakes in a number of Irish listed companies. Pageant's interest in the company is thought to be friendly and it has taken advantage of the recent weakness in Providence's share price. The company, run by Tony O'Reilly jr, has now pinned its hopes on a field called Barryroe, 50 miles from the Cork coast, which it said contains substantial quantities of oil. Analysts said that finding a partner for help develop the Barryroe Field, known as a farm-out process, which will cost hundreds of millions of euro, is now vital. "Providence is now focussed on Barryroe, it's key asset in the North Celtic Sea Basin. This is sensible and a good way to restore (and realise) value. The project has a credibility barrier, which, allied to Providence's lack of financial strength at a time of low oil prices, meant earlier farm-out deals, were difficult to complete. This time it intends to drill a well on its own risk. Such a strategy should elicit interest from major oil companies." said Job Langbroek, Davy Stockbrokers' energy analyst.
Hi and I actually brought the magazine so cannot paste the article, but it is short enough really. Just goes through the history of the drill a bit, and I will quote the parts relevant to Pageant: Swashbuckling investor NIck Furlong's Pageant Holdings had a very busy day increasing its shareholding in the Tony O' Reilly Jnr fronted Providence from 8.25% to 9.7%. (It goes on the talk about how the shares lost 29% of their value that day after the result of the drill). Meanwhile the bould Furlong and Pageant Holdings were hard at work buying in London and Dublin. Providence announced on Tuesday morning that Pageant now holds some 9.7% or nearly 58 million shares in the company, which means that Furlong snapped up an additional 8.7 million shares. Does Furlong know something we don't?
Just a little piece in the Irish Phoenix magazine about Providence, mainly about Nick Furlong's Pageant Holdings increasing their shareholding. Furlong and Pageant Holdings were hard at work buying in London and Dublin snapping up additional 8.7 million shares. Does Furlong know something we don't?
Not to mention that maybe Barryroe will be able to refill the Kinsale field.
I am wondering if Providence were to find gas, would they be able to refill the Kinsale gas field instead of this america company? [link]
Has it ever happened anywhere before that oil was found under a reservoir full of water?
There was a chat on Irish Radio this morning about Oil Exploration in Ireland, with Grace O' Sullivan of the Green Party saying that the oil in the Porcupine Basin should stay in the ground. At least she thinks there is oil in the Porcupine Basin. : [link]
Here is a update from yesterday's Afloat ; Ireland's Sailing and boating Maritime Magazine, giving details of the drilling: [link]