Will be interesting to see new Shareholders Phonner
Believe Sequa Have been playing hard ball and their bluff has Been called. Providence can now wait with finance for 1 or 2 years depending on how money is spent. This means that any interested party in Barryroe now understands that the asset wont be hands over for buttons. Oil markets Will recover as Shale and other marginal oil producers get hammered. This means that Sequa and any other interested parties now Have to decide where they think oil market is going and How valuable is Barryroe given Its low breakeven cost of Production. Bet we will Get a deal sooner rather Than later. Also believe Cairn must be now a serious contender for Barryroe. Providence could hand over considerable percentages in Barryroe and Spanish Point to Cairn for a free carry on both. Cairn need barrels of oil and Providence need Cairn. Landsdowne also has the Scottish connection. The Providence Board of management went to Scotland on Friday to See Cairn. What do You think they were discussions that could not Have been made with a phone call. Watch this space. 😄😄😄
Venezuela, Brazil, México, Nigeria, Canada, Libia and eventually USA all Will See falling production. Iran May return To market but Will not make up for shortfall
Believe Market Will rebound and so do Saudis
By the way so that there is a bit of perspective on this. TOR got around of applause from the institutional shareholders for his presentation. So they are not unhappy and see the huge possibilities and upside !!
19: Placement was forced on Providence due to nature of transocean ruling of $7m payment.
20: Company Share price drop from 55 pence to 25 pence precipitated by seizing shares from major shareholder