1 Euro a Share would be a start. However Would aspire for more. If Providence can Get a Deal done on the gas believe We will Get to 1 euro quickly and Will Have time and Resources to generate value from Barryroe, SP, dunquin, drombeg, newgrange etc
If Providence delivers the goods Pay cut of 20 % is acceptable. If not it is a joke. Pressure now on TOR and the BOD to deliver particularily in the light of the excellent developments at Fastnet. Think we Will See a deal on gas shortly as I do not Believe that Providence Would Have highlighted negotiations with Kinsale energy unless discussions were at An advanced phase and unless both sides agreed with the RNS release.
Would probably Pay no tax as alot of costs to be written off.
If they can produce 30m cubic feet at 5:35 dollars per BTU If Providence retained 30 % for example this Would give gross revenue of 17.5 m dollars. Would be a help
anybody got full Article. They should really be taking more Than a 20 % Pay cut.
Down again by 26 this week to leave just 439 oil rigs drilling for shale oil in USA. Supply will start to accelerate Its fall !!
AT least we have something to talk about today which is good news in itself. Does anybody believe that Providence would have mentioned GAS OPL1 and PETRONAS if something were not afoot. PETRONAS would not like being mentioned in an official RNS by Providence unless the talks are serious. Kinsale Energy (PETRONAS) is obviously looking for gas or if anybody believes they were messing around in midleton let them speak up. They have the infrastructure and need a new supply of gas. Barryroe/OPL1 is where there is known gas at present. So if a deal can be concluded we could see a drill this year. Lets say they go 50/50 or even 60 /40 i.e. Providence passes 60% of gas to Kinsale Energy for a free carry this would provide Providence with a very much needed revenue stream and remove many worries. Would also provide Providence with a stepping stone for Barryroe development and the possibility to drill SP with Cairn. So the future could start looking rosier if a deal with PETRONAS can be concluded. Does anybody seriously believe that the major investors in Providence will allow the Board of the company to mess around now ? Does anybody seriously believe that seriously believe that BOD members can buys shares now when such talks are ongoing. Technical or commercial it makes no difference. If anybody has inside information of any sort an acts upon any such information (technical or commercial) this is illegal. So we will see in the coming months I believe. After having mentioned Kinsale energy or at least highlighting the Kinsale infrastructure owner in yesterday´s RNS do not believe we will be waiting around for a long time before we get a yes or a no on such a potential parthership
There have been some bad decisions taken at Providence on that we can all agree and all are unhappy on the salaries of management and the financing of the Irish sailing team and on the way we were uninformed regarding the Transocean case etc etc. However there are however new shareholders in the company and have been for nearly a year now. I do not believe that these new shareholders will accept the same BS as before and they must believe that the management has a plan. Paid bashers I do believe can have a very negative effect in general when the Oil environment in general is so difficult. With a share price falling and being shorted it makes it more difficult to go for equity capital raise as the costs to existing shareholders become unpalatable. Others may disagree and believe that negative paid bashing has no effect at all. Believe that things are afoot now and like all will just have to wait and see what happens