Nobody thinks it is Strange that Jimmy who has no shares in Providence spends so much time commenting and looking for all potential-hypothetical negatives he can imagine. Why does he do it. The rest of Us Providence investors are positive some days and negative other days it is natural. Buy Jimmy just keeps shoveling the dirt. There is more to Jimmy Than meets the eye. Maybe someday he Will explain the reasons for his tremendous interest and his overbearing negativity to us.
Doubt Well Management company Would be engaged if Sosina did not Have funds. So I think today's press release is good news. Also believe Barryroe FO Will be done before Christmas. Think Irving oil are tied up in the equation some how, a Deal of some sort on Barryroe Will boost share price. Cost to drill Drombeg is approx 25 million dollars with 22 millón for Newgrange. This could be raised on the farm out of Barryroe (expected Rising Share Price) or else through a FO of Druid, drombeg and or Newgrange. Believe things are Looking up.
At long last I have understood what Tony means when he talks about "the Irish offshore" in his mid Atlantic drawl. Sure he's talking about his own offshore bank account in Malta!
Agree with you Phonner. This will work out. Jimmy is a glass empty type of person with an interest in Providence (a company that he has no shares in). He may be correct but other Geologists would disagree with him. Interesting times ahead !!!!
Believe a Deal Will be done With Irving Oil And maybe some other Party to take oil and gas out of Barryroe. We can argue the technicalities of Barryroe and each geólogist will have a different view. Irving will require oil for Its refinery - whitegate. Nowhere cheaper then to produce at Barryroe (capex written Off against future production) and thereafter refine Your own oil. Irish Government could help out by ensuring oil refined There gets consumed in Ireland i.e guaranteeing a market. May be some legal barries with EU competition laws but I think It could be proven that Barryroe is very competetive. Also found it strange That no mention of the Irving Whitegate development was mentioned at AGM.
Well spotted. Good That We Have something To laugh at
According To JOS at AGM compartmentalization not seen on 3d seismic but seen at Seven heads (above Barryroe on Same seismics). So Analysis shows very small possibility of compartmentalization of field Like that of seven heads. However some level of compartmentalization in all fields and only appraisal drill can determine this.
In your Analysis You forget that costs drilling and service costs Have dropped dramatically and that Schlumberger has analysed the data and See circa 5bn barrels between Druid and Drombeg as potential. So If the total Cost of Druid + Drombeg is now Even cheaper Than the 70 m dollars quoted at time of fund raise this Would seem Like a very insignificant amount for Any decent size Oil company. I do not believe it Would be difficult to find a Partner on good terms for such a potential enormous resource. So I do not believe the big boys are just sitting around and ignoring such opportunities at a knock down price. We Are all able to read reports Woodhouse, EiA, Tudor etc pointing To massive supply deficits in the next 3 To 5 Years. You also fail to mention the Share Price of Providence is likely to rise in the lead up to a drill. You sound Like You know alot about the Oil Market and probably do but You certainly See the Glass as half empty. Is there anything You Like about Providence. Also it Would be Very interesting to Know why You spend so much time writing about Providence. Have You nothing better to do. My excuse is that I own shares in the Company. What is yours ?. Also if You Know so much about the oil business could You instead suggest where all US distraught shareholders might invest their funds. You surely must know given your indepth understanding of the business
This whole thing stinks so much that there must be method behind the madness. Believe a deal in Barryroe ( phased development-appraisal drill) has Been virtually agreed. LOGP was able To raise funds To Pay off Transocean costs with no other asset other than 20% of Barryroe. Believe LOGP will be bought Out By Providence and a deal closed on Barryroe - before Christmas.