Hello there Phonner
What does Davy Article say. Can´t open link
ACC Bank, a bank creditor of embattled former billionaire Sir Anthony O’Reilly, has told the stock exchange that it has “a notifiable interest†in almost 6% of Providence Resources, the listed oil and gas explorer.
In a stock market announcement filed last week, ACC Investments, a subsidiary of ACC Bank, said it had an interest in 3.8m ordinary shares of Providence Resources, or 5.9% of the company.
The statement does not make clear whether the shares are held directly or as security.
ACC Bank, which is part of Dutch bank Rabobank, declined to comment on the announcement. A spokeswoman for Providence Resources said the company was unaware of any disposal of shares. “We have received no notification of any reduction in shareholdings,†she said.
On Friday, its website issued an updated shareholder list that showed O’Reilly remained the largest shareholder, with a 15.45% holding. ACC Investments is now listed as
Hello JR. Just bought a few more at .57. Waiting for some news. Think PrV must have something signed. Would you issue 300 m in bonds without a contract
Thanks Sully. Bit about Newgrange is also very interesting. Its only 400 meters below the surface. If 4000 meters takes anywhere from 60 to 90 days to drill this should only take 6 to 9 days i.e two weeks with testing. See transocean rig rates down to 300k per day. So drill may not be that expensive
According to AIM rules Providence must inform its shareholders of any Information that is likely to affect the Share Price in a material fashion. Prvidence must still be in serious negotiations as if not the directors of this company might find themselves with legal problems. Is it legal to draw a 500k salary on borrowed money at a rate of 10% interest. Have we not been told that a deal would be done in 2014 by the CEO. It seems to me that the interests of shareholders has not been adhered to. Why were we not given more information as to the Possible interest from the Indian State Oil Company. So based on this I believe that a deal must still be on the table. Would TOR isk legal action and the reputation of himself an his family and the bankrupting of this company just for the sake of a 500k salary
Hello JR. Was looking myself yesterday to see if any news on a bond issue but could not find anything. Normally bond issue - corporate in this case would have a lead manager i.e some entity that underwrites bonds issued. Not sure in this case if Sapinda will underwrite bonds issued or whether sequa has some bank working for them on the bond issue
Hello there JR absolutely nothing I would say. Just light sales in thin volumes.
Was reading an interesting article about fracking. Apparently when they say that fracking technology has improved this is correct. However what they are really saying is that they use the same rig to remove the oil from an area that before would require three rigs. Now as we see Rig count in USA is declining already down 15 percent since December. This means that each rig that gets cut removes more production than would have been the case some years ago. With most shale fields operating now at or below breakeven and decline rates of up to 60% in a year we are likely to see a large fall in production in Q3 and Q4 if oil prices stay at these levels.
Hello there JR. I imagine first of all any Farm in Partner will want to do the appraisal drill before contractually committing to bringing Project into development. Thus once appraisal completed (100m dollars should do this and also allow them to test Jurassic) the Farm in Partner will have option to progress to production or sell its stake to another Operator at that point. I imagine that providence will have a clause in the contract that ensures some sort of staged farm in that either ensures that the chosen Farm in partner must either progress (upon completion of appraisal drilling) to production or sell its stake to a 3rd party that will bring project to production or else hand back a certain percentage of project to providence. Thus valuation of free carry will increase or decrease depending on appraisal results and what happens thereafter. I imagine short Term that we will see Share Price rise to 3-4 Euros. Spanish Point drill if successful could push us back above 6 Euros. If Price of Oil rises again and Appraisal drilling at Barryroe Successful this share could fly again.
Thanks for that Godot. So a decent result at Spanish Point plus a deal signed at Barryroe will help to push up share price and if additional funding required at any stage some shares could be issued at a higher price. Think Providence will get 40m in Cash and end up with 32 % of Barryroe (free carry to production). Landsdowne will get 10m and 8 % to production