Iran Will require 200bn in investment just to maintain Its targetted production of 4.1m barrels. So at Present They Are at Nearly maximum production and urgently in need of a rise in oil price to encourage investment. Production is falling everywhere else so Ireland must be on the map now
If a stake is sold in Providence it Will be in the 20 to 30 percent Range, I imagine. For lets say 40 million a drill could be done on Barryroe and debt repaid. The Share Price Would surge on this and inmediately the investor Would make a profit plus gain from results of Barryroe drill, SP, Druid, Drombeg, Newgrange farm outs. It could be Schlumberger, it could be Sequa, it could be someone else. It Will happen though I believe
However I disagree with Mamms and am totally confused By Jimmy. Would find myself agreeing with Sobeit. This company Will not go into receivership. Someone Will take a stake in Providence eg Sequa or Schlumberger. Things Are changing in oil market and These moves Are in our favour. We shall see soon enough who is right. If it is Sobeit or I Than We will all be happy or perhaps some on this Board will not
You Are not only an expert on the oil industry but also an amazing Political commentator and A business expert specialising in recieveship. And You provide all this wisdom free of charge to us unfortunate PVR shareholders not having one share of your own in this company. Maybe You can explain to us some day What your interest in PVR is !!!!
Believe Jimmy, Mamms and NCMR Are all wrong. Deals Will be done in the near future !!!
Think we Will Get a Deal and things Will turn around here. A stake in Providence may be sold to Schlumberger ir Sequa for example. We shall See soon enough in any case !!!!!
Profuction in Canada down (fires), profuction in Venezuela down, production in Nigeria down, production in USA down, production in Libia down, not to mention under investment and problems elsewhere. Think We Are Going to See things improve !!!!!!!!!
Presume he is in Heuston. Sully great spot By the way. He must be meeting US oil Company or Finance company or something
Providence Resources has seen heightened interest in recent months from international oil companies in Ireland’s offshore sector, giving the Irish junior renewed hope of executing long-planned farm-outs.
“There is a level of increased interest over the last three months ... with people trying to position themselves for future opportunities to get discovery resources,†chief executive Tony O’Reilly said.
The company has been trying for some time to offload some of its 80% operated stake in the Barryroe gas discovery as it looks for a carry on appraisal drilling.
“We have had so many false dawns – we have had deals with companies who couldn’t come up with the money...There seems to be a lot more movement, so we hope in the next few months we will be able to say more about it.
“There is one major who is particularly interested but right now the constituent players are independents or private equity-backed companies, because all the big boys have just slashed (spending),†O’Reilly told Upstream on the sidelines of the Offshore Technology Conference in Houston.
“The market seems to be taking a more positive view about the oil price and people are saying ‘where are we going to put our money to work?’ And Ireland is a pretty good place to do it.â€