Share Name Share Symbol Market Type Share ISIN Share Description
Providence Resources LSE:PVR London Ordinary Share IE00B66B5T26 ORD EUR0.10
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.125p -0.72% 17.25p 17.00p 17.50p 17.50p 17.125p 17.375p 328,951 15:39:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -17.8 -14.4 - 103.10

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Date Time Title Posts
25/4/201718:57PVR - The Irish Explorer46,562.00
05/4/201708:46PVR SHORT DOWN TO 1P1,724.00
28/10/201609:24PVR - Providence Resources10,226.00
30/8/201610:56PVR - The truth about "Junior" -
19/8/201612:54LON:PVR confirmed it has now cleared the decks following its US$70mln funding.-

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Providence Resources Daily Update: Providence Resources is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker PVR. The last closing price for Providence Resources was 17.38p.
Providence Resources has a 4 week average price of 16.25p and a 12 week average price of 14.88p.
The 1 year high share price is 20p while the 1 year low share price is currently 7.75p.
There are currently 597,658,958 shares in issue and the average daily traded volume is 902,012 shares. The market capitalisation of Providence Resources is £103,096,170.26.
1cagney: Herm, So an rns is not only necessary from PVR re Capital shareholding but is a legality ? Richie, Credit where credit is due but I would think its fair that you equally publicise the negative aspects of your 'hot tips' Anyway if PVR share price goes where we all want it to go I'll join ye for beers in Dublin. (With or without the blac bush)
cgod: Providence Resources investors look forward to exploration catalysts 23 Jan 2017 Investors have got about six months to look forward to a major potential value catalyst for Providence Resources PLC (LON:PVR). The Irish oil company has told investors that it is on track to kick off the Druid exploration well in June. Druid prospect is one of two big exploration targets located within Frontier Exploration Licence (FEL) 2/14, in the Atlantic Margin off Ireland’s west coast. FEL 2/14 lies in 2,250 metres of water in the southern Porcupine Basin some 220 kilometres off the coast. Providence has contracted Stena International’s IceMAX drill-ship for the programme, with one firm well and an option to add a second well. While they’re so far untested both Druid and Drombeg are, on paper, estimated to be very large with the former modelled at 3.1bn barrels of mean oil resources and the latter estimated to have 1.9bn barrels. The drilling programme is supported by a US$70mln capital raise last year. Given Providence has an 80% stake in FEL 2/14 and there’s been a great deal of industry interest in Ireland’s Atlantic margin, there may be scope for the company to share exploration costs through a farm-out. Barryroe: Deal or no deal? Exploration catalysts off the west coast maybe the focal point through 2016, but, for many investors the on hold Barryroe oil project in Ireland’s Celtic Sea is still what matters. For the uninitiated, Barryroe is a potentially large offshore oil field that is proven but requires substantial capital investment to take forward through the development phase and into production. The funding requirement is too much for Providence, and partner Lansdowne Oil & Gas (LON:LOGP), to carry by themselves. Consequently, the pair have sought partnerships with larger oil firms over recent years and whilst they have seemingly come close no deal has yet to cross the finish line. For three frustrating years the narrative from Providence Resource and O’Reilly has been consistent and a bit repetitive: the Irish company is encouraged by its ongoing farm-out process for the Barryroe oil field, and a deal is coming. The ‘encouraging’ story has been told before. And at 16.44p today, versus nearly 700p back in 2012, the Providence Resources share price tells its own tale. But at a City event in a few months back, chief executive Tony O’Reilly provided a rare insight into what’s been happening. He explained why he has been genuinely encouraged by negotiations, and gave the reasons he believes a deal is taking so long to get done. Significantly, he believes the summer’s funding deal has brought potential partners back to back to the negotiating table. “Essentially counterparties were waiting for us to go bust so they could deal with the administrator but thanks to our shareholders that obviously didn’t happen,” O’Reilly said. “Barryroe is our main asset and I’m happy to say we have a number of companies in our farm-out process – some who have re-engaged with us since we completed our recent restructuring this summer.” A deal that breaks the funding impasse, or even green lights, Barryroe would be a major breakthrough for Providence Resources and its share price. Providence Resources is ‘sensibly̵7; worth 170% more The shares should be worth around 35p each according to broker Davy Securities. Analyst Job Langbroek says this valuation – some 170% above the current share price – is a sensible level after what he described as an eventful year for the company. Langbroek added that Providence’s upside potential is substantial (on an un-risked basis the analyst’s assessment of the entire exploration portfolio amounts to 166p per share) albeit he believes that new partnerships will bring dilution. “It may help to think of the Providence share price as a compilation of call options on its inventory of prospects in the Irish offshore,” Langbroek said in a note. “Given the upside potential if successful, especially the higher risk large volume plays along the Western Atlantic margin, the option premium looks cheap.” Langbroek says the company’s upcoming drilling programme, in 2017, can be the mechanism for Providence’s valuation to be verified. Importantly the analyst notes that a recent funding and reduced costs adds to the opportunity. “The very large reduction in oil industry service costs over the past two years creates a high value window of opportunity for those oil and gas companies that have capital available and are willing to spend. “This observation very much applies to Providence because, following its equity funding earlier this year, it has circa $35m available to allocate to exploration expenditure offshore Ireland. “In fact, the funds in place at present – in tandem with the very low drilling costs – mean that it can now undertake exploration activity along the Irish Western margin. “Such activity would have been impossible, if not unthinkable, up to relatively recently.”
cephalosaurus: This could easily do a Cairn if Druid comes in. Jimmy on iii suggests that an equity raise would be more likely than a farmin for Duid/Drombeg, but Jnr states in the Nov16 presentation that it would be a farmin they are looking for if they go deeper than Druid - i.e. to Drombeg on the same drill. Now, I am sure they want to get to Drombeg in the same exploration or it will become more expensive to send the ship out on a separate occasion. Question is, will they find a farmin partner before June, or will a deal be done on Barryroe/a farmin for Newgrange etc which will lead to a higher share price and therefore a placing prospect at levels above 45p options territory. If there is a catalyst to take the share price to that sort of level before the big drill, then Jimmy might be right. If not, a farmin would be the best way. Whatever the outcome, it seems PVR are in a very good place. I suspect a farmout for Drombeg, to lighten the costs of Druid/Drombeg is on the horizon first, because I don't think it will go down well to give away more equity in dilution until later in the year at least, if ever. We suspect that there are a bundle of different deals being finalised simultaneously. I can't wait to find out. One thing is for sure, it's not just Druid. The market have punished PVR and LOGP because the sentiment for the whole Irish exploration is based on the Barryroe farm out catalyst. If they pull that off, then I forsee a nice rise leading to a Cairn price rise with a successful exploration well at Druid. So, share price predictions - without Barryroe, a passive price of up to 35p leading up to the Druid well. Any farmin of Drombeg could make that 50p + - with Barryroe sorted, who knows what the price rise might be, but given the Mcap was 6x what it is now, with Barryroe alone a few years back....? :-)
cephalosaurus: ftj, the mms are moving the price around to drum up trade. This morning they were offering at 1.9p, now over 2p. Probably because they saw the PVR share price. But if PVR's move was due to Statoil news, I suspect it's just that.
papillon: MONMAN 24 Feb'13 - 08:30 - 20001 of 39894 0 0 Giant Petronas eyes a €600m bid for Providence Resources HTTP:// Billy_Buffin 24 Feb'13 - 08:38 - 20002 of 39894 0 0 Good spot! That's around £8 a share? hermana3 24 Feb'13 - 08:46 - 20003 of 39894 0 0 Billy,Wont be happening at a penny under £25 a share. They are a logical bidder but others will emerge. Are the ruling family cashing up here after delight at juicy HJ Heinz bid? Funtimejonny 24 Feb'13 - 08:52 - 20004 of 39894 0 0 Just spotted this one myself. £8 a share does not strike me as being about £2 a share, IMHO. Anybody got any thoughts on this? Hell of a story! >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Those were the good old days. Just 3 years ago the PVR share price was over £6 per share, newspaper speculation of a miserly £8 per share bid from Petronas and optimistic talk of PVR being worth £25 per share. Yet now the PVR share price is just 11.25p!!!!!! Yet PVR is not alone. Most AIM O&G sp's have been literally decimated over particularly generous. I would be surprised if the O'Reilly family would sell out for that. I'm invested in both PVR and LOGP. This implies that LOGP is worth the last 3 years. Oh to have had a crystal ball 3 years ago! I'd have saved myself a lot of money. Oh to have a crystal ball now! If only I could predict the PoO next week, next month, next year and in 3 years time! Dream on, papillon, dream on! LOL. Both PVR & LOGP must be good gambles at their current sp's on recovery hopes for the PoO, if they can survive without further share dilution (or even survive?)! For every PVR share bought 3 years ago at £6+ you can now buy around 60 shares for the same outlay! It's a tempting gamble, even if you only buy £250 worth That's equivalent to spending £15,000 3 years ago. Simply AMAZING! I'm sorely tempted because PVR looks cheap, but will it get cheaper still? Perhaps that £250 spent now could be worth £15,000 in 3 years time? Oh to be able to predict the future!
peaeff: I've got an inverse head and shoulders which has been caused by continually cringeing at the PVR share price.
alphabravo321: From the Sunday Biz Post...Tanking oil prices force exploration stocks down 03:55, 9 August 2015 by Barry J Whyte Offshore Ireland hasn’t been a great hunting ground When Saudi Arabia is considering tapping up the bond markets, you know that oil prices are probably in trouble. And last week, that was precisely what happened, with news that one of the most powerful oil-producing nations in the world was considering a plan to raise $27 billion (€24.5 billion) by the end of the year to fund its domestic spending, given the continuing low price of oil. For Irish oil companies – other than Dragon Oil, which is being taken over by oil giant ENOC and plans to delist from the Irish Stock Exchange – prospects look even more bleak. “Offshore Ireland hasn’t been a great hunting ground,” Gerry Hennigan of Goodbody Stockbrokers told The Sunday Business Post. This has put a lot of the smaller Irish exploration stocks under significant pressure. But pressures apply to companies across the entire sector, thanks to oil trading around $50 a barrel of Brent crude, just about a third of its all-time peak of $147. “The biggest problem is that whether you’re in Houston, Aberdeen or Dubai, in 2014 you probably had some confidence, and you were basing a level of investment on a project that may take a few years on that confidence,” Hennigan said. “Unfortunately, today you don’t have that confidence.” Over the last year, as oil has dropped from $100 to the current price, Ireland’s oil companies have similarly plummeted. Providence went from £1.38 (€1.97) to just under 20 pence. Petroceltic tumbled from £2.20 to just under 58 pence. Tullow collapsed from £7.30 to £2.20. Petroneft slid from a high of around £6.50 to around £4.40. Even the smaller companies lost share value. Circle Oil went from around 28 pence to just over 7 pence, while Aminex went from just under 3 pence a share to just over 2 pence. Job Langbroek, oil industry analyst with Davy Stockbrokers, agreed that Ireland’s small community of oil companies – whether they’re drilling for oil offshore Ireland or exploring in more traditional oil producing parts of the world – were all victims of the broader industry slump. Those smaller exploration companies were essentially research and development stocks, he said. “People call them exploration and production, but drilling for oil is the same as peering down a test tube,” said Langbroek. “There’s an awful lot of capital required up front, and when it comes off there’s a huge pay-off which repays you for that.” But when the final product is under pressure – as oil is today – the flowthrough impact on the industry’s ability to finance acquisitions, and to pump money into exploration, dries up, according to Langbroek. “We’re at the sharp end,” he said, referring to some of the smaller Irish stocks and their share performance. “In the share price performance of this spectrum [of companies], you can see the various indices have generated poor returns over the last couple of years, and it’s a direct reflection of the change in attitude on commodities in general and oil specifically.” Petroceltic has been taking up most column inches lately. Just before the news broke that Saudi Arabia was considering entering the bond market, Petroceltic had announced that it had been forced to pull its own plans to issue a bond that would have funded the first phase of the development costs of their major oil field at Ain Tsila in Algeria. The company cited poor market conditions, while observers hinted that the constant carping from its main shareholder, activist investor Worldview, had also contributed. But for David Holohan of Merrion Capital, several other Irish companies have been struggling, and some were in tricky positions even before the oil price slumped. Providence Resources, for example, where Tony O’Reilly junior is chief executive, has been attempting to find a farm-in partner for its oilfield in Barryroe in the Celtic Sea for a number of years now. “Earlier in the year it was widely reported they had a partner, but that failed to materialise,” Holohan said. “Then they reported it was finalising by the end of the year, but it’s been going on for years now with no white smoke. If they don’t get a farm-down complete, they’ll have to do an equity issuance next year.” If they proceed with that equity issue, it’ll be done at an all-time low for the company’s share price, a further blow for its shareholders. Meanwhile Tullow, once the shining star of the Irish oil and gas sector, has seen its share price fall to Earth lately. “Tullow is something of a one-trick pony. It’s dependent on its Jubilee oil field,” Holohan said. “It was a retail favourite in the Irish market and a success story from 2006 onwards.” This was due to some significant exploration finds, but shareholders are still waiting for those finds to produce oil. For Tullow, at least, the company is still producing meaningful amounts of cash, so it can still reduce its capital and operation costs, and can position itself well for a rise in oil prices. “Tullow has some very nice assets, and while it’s several years away from meaningful money it can batten down the hatches, and wait on higher oil prices going forward. While its debt is high, it has good support from the banks,” Holohan said. “Clearly, though, if oil prices were persistently low for the next few years, Tullow would come under pressure.” Things have been slightly better at the Russia-focused Petroneft, which is making progress with its main assets in Russia. “It’s one of the few companies where production is improving and the share price has reacted better despite the oil price,” said Holohan. For Langbroek, the market is cyclical, and all these issues will eventually work themselves out – though he’s not making any predictions of when this will happen. “It will turn, but most people don’t know when. People will give you dates and times, but then don’t know when it will turn,” he said. Sometimes it’s just pure momentum that turns a market around. “The thing about cyclical markets is that they rectify themselves,” Langbroek said. “There’s an old saying: ‘Nothing cures low prices like low prices’.”; ....... The Numbers 50%: the drop in the price of oil since last year 86%: Providence Oil’s share price drop 74%: Petroceltic’s share price drop 70%: Tullow Oil’s share price drop
pollnagorm: Pageant's share purchase is expected to be announced to the stock exchange early this week, Pageant declined to comment on the purchase. PVR share price slump, Barryroe negotiations, etc,etc.
pollnagorm: From Jimmy24 on ii : The Titan commentary is interesting because it might reflect what the institutions were told to get the fundraising done. In summary, pvr have a billion bbls of oil in place at barryroe and that the company was unlucky not to have either been taken over at a much higher share price or to have got a farm out done for the development of barryroe, and that if it wasn't for the fact that pvr had to settled up money for the Transocean litigation everything would be ok.Well I believe you make your own luck, and it's true pvr has been very unlucky for a very long time. 1. was unlucky to buy gas field in the USA at close to the highest gas prices ever in the USA, only to sell the gas field when the gas prices had dropped more than half.2. Pvr was unlucky to get into the Aje field in Nigeria only to find the project was put on hold , then sold out and a similar interest to pvr stake was sold for nearly double the price a few years later and the field is now being developed.3. Pvr was unlucky not get the singleton oil field production to consistently produce more than 1000 bbls per day. 4. Pvr was unlucky to have had sever mechanical problems drilling a singleton development well.5. Pvr was unlucky to have to drill the last barryroe well during the winter.6. Pvr was unlucky to drill dunnquinn and find that the oil had moved away despite the seismic clearly showing a giant gas chimney above the prospect which showed the leakage.While Exxon mobile was reducing its intersect and risk by farming down, pvr kept its interest at 16 % and paid 8 % of the well costs, for a project that Exxon said had a low chance of success. Pvr could have done with that money now.7. Pvr was unlucky not to have got a good flow rate from hook head due to mechanical problems.8. Pvr was unlucky not have been taken over by an Indian oil company for nearly ten times the current share price.9. Pvr was unlucky to have had a partner San Leon who it bought out of the barryroe licence and gave it a 4% net profits interest in the field in exchange. Pvr has had to issue massive amounts of shares to fund barryroe and is likely to see its interest in barryroe much reduced if it farms out10. Pvr was unlucky that it was selling an oilfield development project and oil prices dropped and because of its debt and obligations to Transocean and obligations to pay for seismic it had to raise money at less than 10% of the share price a couple of years previously.. However, Titan say that's all ok because pvr is sitting on a billion bbls of oil in place. True.However, oil in place has no economic value unless it can be recovered. Yes barryroe has technically recoverable oil of circa 290 million bbls which can be produced from two oil platforms and circa 32 long horizontal wells drilled from the platforms. Previous estimate of capital cost circa 2.5 billion usd.So why have no major oil companies snapped up this opportunity or why has there been no farm out after trying for nearly three years, and the most likely farm in partner is a company that is relatively new to the oil business and does not have currently have the money to farm in?Maybe there is a problem or two with barryroe.Pvr have not advised shareholders if there are any technical problems with developing barryroe, one of its major assets.In my opinion, barryroe is a thin sand reservoir that is not imaged directly on seismic and therefore cannot identify intra reservoir faulting with 100% confidence and it needs more drilling and horizontal wells and extended flow testing to resolve those issues. As the barryroe field lies below the seven heads gas field which turned out to be compartmentalised and did not have a single oil water contact, the area is high risk as the group of banks that lent to Ramco to develop the seven heads gas field found out to their cost.In my opinion the appraisal of barryroe is likely to be a long drawn out process requiring a lot of farm out and equity financing.Remember that the CEO of San Leon explained that the reason they reduced their interst from circa 30% to a 4% net profits interest was because he believed barryroe would require a lot of equity finance to get developed and that taking dilution into account San Leon shareholders were better off having a 4% net profits interest than a large licence interest in the field. Then again he is a CEO with technical oil qualifications and he would be expected to know that kind of stuff.Now, I could of course be completely wrong but so far we have not seen any third party oil company validate barryroe by farming in. In addition, if barryroe was so valuable why do the board of directors hold so little shares in the company, It's interesting to read the pvr circular and note how many lines are written about barryroe compared to Spanish point. So yes, pvr has been very unlucky. Then again , do you make your own luck? And does pvr need a management team that are lucky ? J
funtimejonny: Today's on line Examiner has an article about the catastrophic decline in the PVR share price over the last couple of days. Worth a read!
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