And of course if Oil was one hundred dollars a barrel, Providence's shares would be about two euro each, even if there was no promise of oil coming any time soon. You would think that we are never going to be using oil again. I think myself that this month is the low point for the price of oil and come the middle of the year we will be back up to around seventy dollars.
Hard to believe that Exxon Mobil spend over one hundred million euros drilling Dunquin last year. I know they did not find any oil, but for thirty two million euro they can buy all the acreage that Providence have around Ireland.
As Davy says it is really the first half of this year, so we will get there. Takes time. [link]
Judging the low volume it looks like everyone else is waiting too.
I wonder how many more shares belonging to Tony Senior are to be sold, before we can hit some kind of bottom.
This share is like being on a ship in the middle of a storm. Ever so slight easing of the winds at this moment. We live in hope!
I suppose TOR announced the RNS the other day in a effect to keep the share price up today, knowing that six percent was going to hit the market.
Spuddy; DAVY VIEWThe news that Chyrsaor has left the Spanish Point project says a lot about the stress companies are under at present in maintaining their interest in frontier projects, given the current oil price and focus on balance sheets and expenditures. However, it does not say anything about the quality or otherwise of the project and the remaining licence holders are firmly committed to drilling in the current year.