We all Have our opinions regarding the BOD and whether they Have taken Good or Bad decisions to date. However sometimes reading this Board one wonders why the Same People just do their best to dammage the Share Price even more than it is. Lot of talk here but no solutions. Why Don't the critics here just sell their shares if they believe there is nothing Good to talk about. If I Have a house to sell I Don't go telling the whole World what a horrible neighborhood it is. Were any of these critics at the AGM. I believe everybody has the right to An opinion and it is Good to hold Management responsable for their decisions. However do these critics believe that their criticisism Aids or dammages the share price. If any potential Partner for barryroe reads these continuous negative tirades Will this encourage them to do deals with Us. I believe we Will eventually Get bettter news from The company.
Company said they are funded for present and can proceed with strategy. Say that there is a very strong tier 1 institutional base. Further Fund raising was not discussed but the idea would be to Fund from Farm Outs
Believe this AGM was positive. Based on what we were being told and tea and coffee questions feeling is that something will give soon. Large investment amounts involved. An awful lot of travelling, negtotiation and discussion taking place. Apart from major players looking (this means seriously examining all details of the barryroe Project with lawyers etc also contractors are said to be looking at Barryroe etc. Based on the mood and the atmosphere I would say there is a considerable effort underway to conclude a barryroe deal
Big salaries questioned Sharemate but even a 20% reduction in salaries would result in a small percentage cut in costs according to BOD. My impression thoug overall is that we will see a deal soon enough on Barryroe and SP. I would not be surprised to see bids coming in for the company. AS said even the Indians are back in contact. Also drilling costs are plummeting and continue to fall. Barryroe now sub 30 dollars or below.
Quite happy with the AGM meeting. Four major players in detailed examination of Barryroe. Fine combing the whole project. The party to february´s commercial agreement whom many believe to be Sequa is still in the game and should now have funding. Company cannot give an exact date as to a consclusion on Barryroe Farm out but are looking to close ASAP and would like if possible to be able to use the Drill that LOGP and PETRONAS are using at Middleton in the event of a FO on Barryroe. Company gave an explanation of all previous dealings on barryroe. ONCG the Indian Oil Co were at the point of paying the equivalent of 15/16 Euros per share (64m shares) but pulled out at last moment. TOR etc were in delhi closing deal terms. Indians pulled out and instead invested in Africa. ONCG have been back in touch with Prov in last few days apparently. Another American major oil company had agreed on deal over barryroe but BOD would not pass it preferreing to invest Money in US. According to some brokers present at meeting expect two FOs this year SP and barryroe before end of year. TOR pointed out that he will not be making announcements in response to every rumour. The commercial negotiations are very complex, very sensitive and involve big amounts of money. TOR says that there are many companies looking at providence resources now but that with many of the institutional holders having invested at circa 4/5 Euros it would be very unlikely the company would be taken out for anything less in the event of offers. TOR said huge interest in Atlantic margin from very big players. Updates on all the companies projects are available on the company website. TOR says share price totally unreflective of company´s assets and this is a Golden time to invest. My feeling was that TOR despite general unhappiness with situation (me included) is working extremely hard and is a lot more capable then we give him credit for. Things going on behind the veil of privacy it seems
Unfortunately Sully unless the Big Institutions express their discontent we are being left high and dry. TOR had his New contract signed Off By remuneration committee recently. I imagine that they could only do this with the blessing of the major shareholders. So it begs the question why ?. Either they are being told something in the regular briefings that they likely receive or else they are not concerned about losing their investment. Lets just hope we hear something positive. This has got to be the worst investment in the UK in the last two years
No plans Sharemate but my Dad Will be there. He was the shareholder asking questions (that Sully referred to) at last meeting. Let us hope we are told something of importance. The BOD should be ashamed of themselves. But I fear they are a bunch or Hard necks drawing disgracefully high salaries. Just hope they have better taste then to present a whole load of fancy maps and seismic surveys. Would expect at Very least a yes or a no on Commercial agreement re: Barryroe which was announced in February
Its Hard to figure it out. Sapinda cover all energy stories on their Site I believe. As Malcy in his Blog states Barryroe FO bordering on the farsical at this stage. Surely for the over Inflated salaries the BOD must be doing something. AGM next week. Will probably come Out with fancy maps again.
Providence Resources has released a technical update on their acreage shared with Cairn in the north Porcupine Basin, offshore the west of Ireland. This is an exciting prospect but it is early days and the market is hardly likely to give any of the benefit of the doubt when other matters prevail. Other matters of course mean Barryroe where the market still don't know who is farming-in and how they will pay for it. I know that farm-outs nowadays take a lot longer than ever before but this is borderline taking the Mickey - See more at: [link]