Morning Sharemate. Believe things Will turn around here. Think Sequa will be involved someway or other. This mornings RNS Very good
Believe that the fact that we are taking some time in hearing news means that something is being arranged. Get the feeling Sequa may take a stake in Providence.
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Sequa Cancels North Sea Projects [link] Believe there are some shares that Providence can still issue !!!!!!!!!!!!!! On this basis for the Sequa Petroleum group, the all-in costs until first production for Gina Krog will be 11M USD/boe pre-tax. The agreement with OMV for the acquisition of interest in the Ivar Aasen field, for a total consideration of up to NOK 45 million, was also signed in October 2015 (10m$)
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That is US$21M. If Sequa were to put this into Providence this would clear the DEBT to Melody and also pay for the Transocean debt. For 70M shares Sequa would do this I believe i.e. 33% of company. It would also be in Sequa´s interest under such a scheme to finance the drill of Barryroe. This can be done with other parties or alone. This would raise the shareprice considerably. Thereafter before a drill Providence could raise some cash through equity issue. Sequa would be a winner here as would Providence as would all the shareholders who presently think we are bankrupt !!!!!!!
Wonder if Sequa are back in the game. They might take a stake in Providence. Believe there are some shares that Providence can still issue !!!!!!!!!!!!!!
On this basis for the Sequa Petroleum group, the all-in costs until first production for Gina Krog will be 11 USD/boe pre-tax.
The agreement with OMV for the acquisition of interest in the Ivar Aasen field, for a total consideration of up to NOK 45 million, was also signed in October 2015 (10m$)
Presently we are all in the dark. There are many possible scenarios. I disagree with Mamms though. I believe that the Institutions and PIs will provide funding through equity raising If required. However this would Have to be on the back of a deal on Barryroe or Spanish Point and possibly The exit of TOR. Maybe a Deal is close at hand on Barryroe or for the gas there. Providence has alot of costs that it can write off against Future revenue flow plus excepcional ly low tax rates on Its finds. I believe a way will be found out. Remember TOR and Board announced in December that a deal had been agreed on Melody loan in December 2015 subject to agreement By BOD. Providence may go for an equity raise for 10m i.e 100m shares at 10p. I would invest if deals are agreed and Management reduce Salaries and start to treat shareholders in a desired fashion
Some on this Board always eager to make a Bad situation worse. With regards to Providence we shall soon See if TOR and The BOD have been lying to us about Barryroe. If Barryroe has value one way or The other whether an outright sale, a sale of a stake or a farmout will happen. If not we Know who has been telling untruths !!
Hard to Know What is going on Sharemate. Lets hope a Deal can be done Soon. It is such a shame. Great Assets and terrible management. It is hard to believe that they could have Left us in this terrible situation. Just have to hope They can resurrect something at this late stage
Agree that the Blackrock sale was well masked. However it could have started sometime back as the trade was ongoing. Don´t think they had to notify until trade was completed. Circa 1.8 m shares. Probably started selling early March. THE BOD and TOR have made a complete mess of this company. They have been arrogant and negligent and certainly do not appear to have acted in the shareholders interest. If no good news forthcoming on Barryroe would like to see TOR and BOD removed from the company. If Barryroe deal not forthcoming we will be faced with another equity fund raiser. This would be more palatable with a new BOD, TOR gone and a plan to realize the potential of the assets that Providence has. Also sick of the secrecy in this company where the BOD and TOR believe it is ok to issue a statement once or twice a year giving misleading updates on the company´s progress.
I did not speak to Providence. Still believe that we may come out of this OK. Either TOR and BOD come up with a deal ASAP or they are out and a new CEO and BOD brought in - (May need an equity placement). Second option not great but a lot better than the status quo !!!!
1st March 2016 they held 4.7% ---------- ---------- ---------- ---------- - PROVIDENCE RES. Providence Resources P.L.C. : Notification Of Interest In Share Capital 15/04/2016 11:16am UK Regulatory (RNS & others) TIDMPVR Providence Resources P.l.c. ("the Company") Notification of Interest in Share Capital Providence Resources P.l.c. have been informed by BlackRock Inc. that with effect from 12 April 2016; BlackRock Inc. now hold 4,759,078 ordinary shares of EUR0.10 each in the capital of the Company representing 3.39% of the issued ordinary share capital. CrÃona Ryan Secretary 15 April 2016 End
At least now we are likely to get some closure on this one way or another. We shall know soon enough I imagine. I presume the company still has an obligation to publish its preliminary results in may. That will be interesting !!!!!!!. If no deal done on Barryroe or none assured in very near future I think TOR and BOD will be told to go. If the latter were the case and new BOD plus new CEO (one who knows something about OIL) were installed the company could look for example to raise perhaps 10M on equity placement. We shall see soon enough though !!!!