These shares were purchased in open market. Everybody knows There Are parties in datarooom. All other Directors etc Have Been given options. Nothing illegal at all
Hello Haribo and Desperate. Believe a Deal is already more or less done on Barryroe. I See Richard Jenkins the shareholder Who was Looking to take some measures to oust TOR is of the same opinion. Believe we Will Get some Good news in the next couple of months !!!!
This appointment must be very good news. It is likely that the new Shareholders requested the appointment of a real independent chairman with considerable experience. Jimmy´s point on share options may or may not be true. However if the same options are awarded to the new Non executive director that were offered a short while back to the rest of the Board i.e. 45 cents a share) as these are well out of the money at present, I do not think awarding such options at present to the new non-executive chairman would be considered insider trading even if a deal on Barryroe were in the offing. So this must be good news for the company. Maybe Tullow might become a partner for Providence.
CEO of Landsdowne was at Provdence AGM in June And he looked way to happy With things
More BS. You are correct. Believe though We Will Have some sort if deal On Barryroe By Christmas. Irving,Petronas, Schlumberger involvement a possibility !!!
Would be bigger If They drill Drombeg and Newgrange as Well Haribo. PVR Are planning to drill drombeg as Well as shown By todays announcement. Believe It Will be no problem to find a FO partner to share costs. Believe that PVR are Looking for a Deal on Barryroe before Christmas. This should boost Share Price considerably to allow Them issue a few more shares and finance the drombeg and possibly newgrange drills as Well. Barring this a FO on Druid, drombeg and Newgrange to share costs
Would think twice before wipping Bum with Providence shares. Stink around here From The dodgy dealings To date. However believe a Deal On Barryroe Will be closed before Christmas - at least for gas. Irving Oil May be a party to a Deal. Cannot believe Big Investors handed over 70 m dollars to pay off 25m in debt And Finance One risky drill in Atlantic. Believe the 25 m Payment For debt could only be secured With some sort of guarantee. The guarantee I believe was strong indications on a barryroe deal.
Great News That Irving Oil has purchased Whitegate. Presently much of oil refined There comes From North Sea. Some years ago Prividence had an MOU With shell For Any potential oil produced at Barryroe. I Would imagine that this oil Would Have Been sold to For consumption in Ireland. Believe Irving Will be involved now in producing oil from Barryroe. May Take part in joint venture
This share price is being marked down and does not represent The real value of the Assets. Before the placement the Share Price was 15.3 pence With approximately 145m in issue giving a market cap of approx. 22.185m. Thus with 3m in cash and approximately 24m sterling in liabilities the Company had net liabilities of 21m sterling. Thus 21 + 22.185 gives what Investors considered potential value of assets. Now fast forward to today.Company has approximately 49m dollars after debt payments i.e. 36.75m sterling. This Is worth approximately 6..2 pence a share. Thus at todays closing Price We Are attributing 3.55 pence per share to asset valuation i.e 20.945m sterling as opposed to 43.185m before the placement When company was bankrupt. If we attribute the same 43.185m sterling value to Assets the Share Price should be 6.2 pence (cash valuation) plus 7.3 pence asset valuation i.e 13.5 pence per share. This excludes the fact that the company was bankrupt before the placement and Assets such as Barryroe Would Have had to be sold in a fire sale. It also excludes the drill on Druid plus the updated reserve estimates for Newgrange. So this share appears Very undervalued. Plus the Price of Oil was 37 dollars a barrel as opposed to 50 dollars today.
Whilst it is annoying to see SP at these levels I believe that it is being marked down ahead of news releases later in the year. As Sobeit states frequently Daddy will be out of Bankruptcy in November. Irving Oil will have closed purchase of Whitegate. Oil prices although volatile appear to have put in a bottowm and the futures curve points to supply problems down the line. Wonder if Cenkos are keeping the shares it got as part of placement fee for daddy when he gets out of bankruptcy. Remember many of his shares were sold at 50 cents in 2014. If he were to buy them back in November at such a level or even below, cenkos would make a nice profit. TOR has options at 45P some of which need to be exercised I believe in June or July 2016. For them to be worth anything a deal will have to be done on barryroe before. I believe a deal is on the table and will be closed before the year end. Irving oil may very well be part of the deal. This would change things dramatically. I do not believe new Institutions passed 70m$ to Providence just to pay off 25m$ in debt and throw 45m$ onto the roulette wheel with a drill at Druid. Everybody wants some sort of a Guarantee for their money. Why would you hand over 70M$ to a company just for a 45m$ drill automatically handing over 25m$ to third party´s i.e. Melody and Transocean. These chaps must know something that we do not and I believe that something is a deal on Barryroe toward the year end.