Providence Resources Share Discussion Threads

[donald trumpton] 20/1/2017 09:15

I'm hoovering this up now.

[cephalosaurus] 19/1/2017 19:30

The 'fickle farm out market' statement came out originally in the November presentation, which I just reviewed. TO'R said in the presentation that shareholders told him, based on Schlumberger (Druid, Drombeg, Newgrange) exploration collaboration agreement, we are giving you the money so you can go ahead and drill these opportunities by yourselves and not be reliant on a very fickle farm out market.

The point is, the article yesterday spooked some investors, but nothing actually changed. The Schlumber agreement obviously sold PVR to investors as you said herm, which leaves Barryroe. Barryroe still their prime focus because if Druid is a duster, they will be reverting to that core appraisal/production asset.

There are two reasons they might not have gone to the market to raise further money to appraise and produce Barryroe independently;

1) The market wasn't interested because there is no backing by a partner collaboration such as with Schlumberger/Druid etc
2) There is progress on the farm out, where parties are negotiating a deal whereby PVR is wholly or partly carried, and where partly carried, takes any share of phased production revenue, using that to fund their share of exploration costs.
PVR don't want to be a producer (see the fact that specifically stated that they would sell any discovery in Druid to the big boys), soI suspect by the time they drilled Druid and made a discovery, they will offer the whole company up for sale.

[hermana3] 19/1/2017 18:55

FTJ,Bought some expensive wines,sumptuous feasts,Fancy Hotel rooms and Business Class flights.

[funtimejonny] 19/1/2017 17:49

Like the early investors money!

[greatfull dead] 19/1/2017 11:37

Presto,

TOR screwed up with Barryroe farm out, he had it but was greedy. Please do your research.

I want him gone and Pat Plunkett as CEO. A very experienced guy with loads of knowledge to offer PVR how to operate.



ATB,
GD

Edited.
hxxp://www.t5oilandgas.com/management-team.html

[steelwatch] 19/1/2017 11:28

Building up to test that resistance again?

[presto77] 19/1/2017 11:07

sorry souldve read DONT care bout TOR

[greatfull dead] 19/1/2017 09:06

ngm,

The Barryroe farm out when oil was discovered could have been done and dusted with in a year of the 2013 RNS



TOR was far to greedy and short sighted. And concentrating on DUNQUIN NORTH EXPLORATION WELL.

GLA,
GD

[ngms27] 19/1/2017 08:54

I fail to see what TOR could have done. Farmouts offshore have been incredibly rare over the past 2 to 3 years since the collapse of POO. Quite simply there has been no appetite. No one has wanted to commit wads of cash to farmin to near term drilling. Just look at how HUR and PVR have had to go it alone despite excellent drill ready targets in proven area's.

Currently I still see no appetite but over the next 3 to 6 months that might and I emphasize might change.

Please don't shoot the messenger as what I'm suggesting is fully backed up by the empirical evidence.

[ny boy] 19/1/2017 08:49

Ready to breakout soon, some sellers getting royally mugged!

[stockriser] 19/1/2017 08:34

Believe me I also want TOR out, but believe that day is coming regardless ;-)

[greatfull dead] 19/1/2017 08:25

Stockriser,

Someone needs to do it. I am with richie.

GLA,
GD

[stockriser] 19/1/2017 08:19

richie - I respect a lot of what you've posted on here and other BB's, but surely a man of your calibre knows that posting that reiteration everyday is a bit childish.

[richie666] 19/1/2017 08:10

Reiteration of our call (and each & every day until he does) for Tony O'Reilly Jnr's resignation - … #pvr #oilandgas

Resign man!

[stockriser] 19/1/2017 07:29

Woodside is well positioned should a compelling asset come along, he said, after it took advantage of low interest rates last year to extend the tenure of its debt and with free cash-flow break even at US$35 a barrel.

[funtimejonny] 18/1/2017 19:57

Yeah Herm. Turned cold today after lovely couple of days. Not yer normal type of weather down here even in January! Back tomorrow...but maybe come over in Feb to catch some of the 6 nations in nice wee bar I know here.

[hermana3] 18/1/2017 19:38

FTJ,He sure aint that bright, is he? Is it chilly down yer way? My son says he is looking out the window at snow( happens every day years or so) on The Costa Blanca today.