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Share Name Share Symbol Market Type Share ISIN Share Description
Providence Resources Plc LSE:PVR London Ordinary Share IE00B66B5T26 ORD EUR0.001 (CDI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 3.90 3.80 4.00 3.90 3.90 3.90 15,576 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -9.2 -1.2 - 38

Providence Resources Share Discussion Threads

Showing 77576 to 77596 of 77600 messages
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DateSubjectAuthorDiscuss
30/7/2021
17:04
Somewhat odd that the Phoenix thinks PVR needs a geophysicist at the helm. PVR's number one pressing issue right now is raising finance. They need someone who can talk to the bankers, not an oily.
ps200306
30/7/2021
16:24
thanks panadin. 3 things: 1. Alan Linn has in a interview with ZAK said that when Alan joined PVR already was in a farmout process with SpotOn. So it is Pat who started the interaction. 2. Linn vs. Boldy. Lansdowne is a partner so Boldy covers the geo-area. 3. worth 75 times - it is simpel math - it is 7,5. So all in all not the best article ever seen...
srvsrv
30/7/2021
15:02
srvsrv: here you go! Phoenix magazine article Top brass weighs down Providence share price THE FAILURE of Spot-On Energy to deliver the nonrecourse funding elements of Providence Resources’ development programme, as envisaged in the farm-in programme for its Barryroe licence, inevitably meant there had to be changes. What was not expected was that it would be the non-executive chairman Pat Plunkett who would take the fall rather than the CEO Alan Linn, who it was who brought in Spot-On last year. While Plunkett may be having his own difficulties funding T5 Oil & Gas, a company he founded in July 2013, clearly it is Linn who should have exited Providence. Meanwhile, the market continues to look unfavourably on his performance and the share price remains massively discounted. The unfortunate shareholders in Providence Resources have had to put up with plenty since the original (Atlantic Resources) company was launched back in 1989, with numerous dud wells drilled under the Atlantic banner and then as Providence, under former CEO Tony O’Reilly Jr. Under O’Reilly Jr’s management, Providence spent big bucks drilling prospects in the south Celtic Sea to little effect. Happily, the expensive drilling programme for the Barryroe licence in 2011, which took six months, proved successful and out of the well flowed 4,000 barrels of oil equivalent, indicating that Barryroe was a real prospect. On the back of this O’Reilly Jr raised €70m in early 2012 at €3.95 euro a share – an awfully long way off the 4c they are trading at today. Instead of quickly signing a decent development deal, years later Providence finally delivered a $200m farm-out agreement with the Chinese fund company APEC, which committed to fully fund a five-well drilling programme but never even came up with the promised initial $5m and the plug was pulled by Plunkett. That was the end of the road for O’Reilly Jr, although he was very handsomely compensated. While Plunkett was correct to clean out the old management, he made a poor decision when appointing Alan Linn as the new CEO in January 2019. On the surface, Linn looked to have significant industry experience, having spent 10 years with Exxon, followed by stints at Lasmo and Cairn Energy. He then joined a small startup, Roc Oil, and became CEO in 2010. The company, however, lost €31m in 2014 and was subsequently suspended from the Australian Stock Exchange. Linn jumped ship to the Nigerian Afren Oil Co, where he again became CEO but again this venture flopped and ended up in administration in July 2015 before being delisted from the London Stock Exchange. UNDERWHELMING: Next up for Linn was Third Oil where he became COO in 2017 but “following a strategic review of the business, the decision was made to divest the offshore business and focus on the onshore”. Linn ended up as the CEO of the offshore business in July 2019 before exiting six months later to join Providence. Apart from this underwhelming career path, Linn simply doesn’t really have the expected skills to run an oil exploration company as he is neither a geologist, geophysicist or production engineer, but rather a chemical engineering graduate. Not too surprisingly, therefore, he made the extraordinary decision to essentially farm out the whole of his role to SpotOn Energy. At the time Plunkett advised, “Alan has revised the business plan to focus primarily on the success of and appraisal of the Barryroe field”, noting the CEO had initiated a farm-out process to support this strategy. This led Providence to sign “a non-binding agreement with Spot-On Energy to farm into Barryroe with an exclusive period until October 31, 2020”. Spot-On itself was essentially a £2 company and it is bewildering that Linn would want to bind Providence to an eight-month agreement, during which Providence would be precluded from talking to any other operators, on terms that were never explained to shareholders. After failing to deliver anything by the October 2020 deadline, Linn nevertheless signed a “conditional farm-out agreement” in November 2020. Predictably, perhaps, “Spot-On Energy was unable to meet the farm-out conditions as agreed or secure non-recourse financing for the full project development capital requirement”. Providence duly terminated the agreement in April 2021. According to Linn, in his review for the 2019 annual report, Spot-On Energy was to “manage the project interfaces and consider themselves to be a facilitating operator and project manager”. Given that this is surely exactly the job of the CEO of an exploration company it is hard to understand exactly why he is paid €295,000 pa and last year landed a “share-based payments expense of €400,000”;. Having wasted a full 12 months with Spot-On, Plunkett opted to exit the scene having also been in situ for the APEC debacle, and stood down from his €100,000 job as chairman of Providence “to devote more time to my other business interests”. Linn, however, remains in situ. The key fiduciary duty of a chairman is to hire or fire the CEO and Plunkett should have ousted Linn as chief executive and replaced him with a geophysicist, preferably with real experience in the Irish offshore sector. The obvious candidate for the top position is Steve Boldy who had headed up Lansdowne Oil & Gas since 2006 and has been studying the Barryroe oilfield for 15 years. Given that Barryroe is only 50 miles offshore Cork and in shallow waters (only 100 metres deep), it would be cheap to drill and develop with a floating proTop brass weighs down Providence share price THE FAILURE of Spot-On Energy to deliver the nonrecourse funding elements of Providence Resources’ development programme, as envisaged in the farm-in programme for its Barryroe licence, inevitably meant there had to be changes. What was not expected was that it would be the non-executive chairman Pat Plunkett who would take the fall rather than the CEO Alan Linn, who it was who brought in Spot-On last year. While Plunkett may be having his own difficulties funding T5 Oil & Gas, a company he founded in July 2013, clearly it is Linn who should have exited Providence. Meanwhile, the market continues to look unfavourably on his performance and the share price remains massively discounted. Given that Barryroe is only 50 miles offshore Cork and in shallow waters (only 100 metres deep), it would be cheap to drill and develop with a floating production storage offshore vessel and, according to Providence’s consultants, would have a cost of production of only $25 a barrel. At the current oil price of €75 a barrel, with 300 million barrels recoverable, this means that Barryroe offers a potential profit of a whopping $15bn. The largest and key shareholder in Providence is Nick Furlong, who has had an impressive track record in making killings from investments in the likes of Datalex and Donegal Investments. He has, however, no experience of the oil exploration game but with a 14% share held between himself and his family holding company, Pageant, he is clearly vey influential when it comes to what happens inside Providence. In his 2020 chairman’s review, Plunkett went out of his way to advise, “A number of our key shareholders have invested considerable time and effort in understanding the issues which need to be progressed … and have provided invaluable advice to seek to transition the business”. Bringing the retired Peter Newman, who has significant experience in the oil business, onto the board is not the solution. Nor is the new chairman, Jimmy Menton, retired KPMG accountant, who knows even less about Irish offshore oil exploration than Linn – a CEO who surely needs the right sort of chairman above him. SERIOUS MONEY In the right hands Barryroe could be worth very serious money but the project needs somebody who has a full technical understanding of the nature of the oilfield, which extends more than 50 miles by 20 miles, how to develop it and who to get to do this. Furlong seems to think that Linn, who has already failed dismally to deliver, is the right solution. In the meantime, the unfortunate Providence shareholders see their shares trading down at 4c, at which the whole company is capitalised at a pathetic €40m. This is despite the fact that even based on the worst-case calculation, Providence should be worth at least $1 a barrel for its recoverable oil. This would make the company worth potentially $300m or about 75 times the share price. In the right circumstances, Providence could be worth $5 a barrel in the ground, which would put a possible value on the company of a lot more than $1bn. The share price is therefore clearly a real vote of non-confidence by the market in Alan Linn. The question is just how long can he last and when will Furlong run out of patience.
panadin
30/7/2021
10:05
Courtesy of Flombo on LSE,…GL S “Summary of Phoenix article” 1. Basic history of the past decade …bla..bla,,bla 2. History of all Alan Linn’s career..which its says is not confidence inspiring 3. Steve boldy of Landowne oil and gas should have got the job of ceo 4. In the right hands providence should be worth , on worst case scenario , $1 a barrel for its recoverable oil, making the company worth $300m or 75 times the share price ( ?????). “ In the right circumstances, providence could be worth $5 a barrel in the ground , which would put a possible value on the company of more than $1billion 5. It’s final summary is that the share price is clearly a vote of non-confidence by the market in Alan Linn. The real question is how long can he last and when will Furlong run out of patience.
swizz
30/7/2021
09:50
anyone with access to the article in Phoenix magazine?
srvsrv
30/7/2021
08:48
Herm, often the most dangerous are the brainless
cephalosaurus
30/7/2021
07:47
A one trick pony like Ryan fails to see renewables alone wont fill the gap. If he had a brain he would be dangerous....
hermana3
30/7/2021
07:34
“Even in the face of outages at a number of gas-fired power plants, gas continues to provide an important foundation for electricity generation and back-up to renewable energy when required.”
swizz
30/7/2021
07:24
F.A.O Eamon Ryan and his em er Advisers https://www.irishtimes.com/business/energy-and-resources/gas-demand-up-substantially-across-all-sectors-this-year-1.4634640
hermana3
29/7/2021
19:03
Linn said that the agreement with spot on was settled when he joined pvr - could not cancel it. So that is why pat stopped as he is responsible
srvsrv
29/7/2021
18:30
Wee article in Phoenix magazine today on Providence. Moneybags has soured on Linn and blames him for current impasse. Calls for BOD to can him toute suite and replace him with Steve Boldy!!!! Moneybags must be hitting the sherbet bigtime...
hermana3
23/7/2021
18:59
Wee piece in The Indo today on new Directors here. Heavyweights indeed...
hermana3
23/7/2021
18:56
Raise,Cathal Friel in his O&G days knew how to entertain select privates. Enjoyed a fine supper on his company in La Stampa after the Irish O&G Day about 6 years back. He is a smart guy and lucky Luke sure aint a dummy either.
hermana3
23/7/2021
15:11
p5, consumption, future demand and generation requirements would appear to suggest otherwise,…GL S hTTp://smartgriddashboard.eirgrid.com/#all
swizz
23/7/2021
14:30
Switched my stake here to Poolbeg Pharma POLB , an Open Orphan spin off , and new on AIM market. DYOR of course. It may be worth a look for those with time and money on their hands. Professor Luke o Neill on board, well respected in Ireland.
raisethestake1
23/7/2021
07:34
From Today's Irish Times. A letter from IOOA to Mark Griffin, Secretary of Climate Action Deparment. Alan Linn, chairman of IOOA, warned on Thursday that Government policy was forcing the Republic to rely on importing all its gas and oil needs while EU production was declining. He pointed out that Denmark, the Netherlands, New Zealand, France and Germany were all experiencing energy security problems as a result of imposing bans similar to the Republic’s. “The offshore oil and gas exploration and production industry has a 50-year history of involvement in the Irish marine area,” he said. “It has delivered four gas fields which helped secure Ireland’s energy security for the past 40 years.”
hermana3
23/7/2021
00:25
Let's face it, we don't really have a clue what stage the funding is at. We're apparently going with the same model as SpotOn who failed miserably. Yes, SpotOn miscalculated badly about the available of the Norwegian export credit, but that has no bearing on how Linn is going to get an increased bond requirement over the line when SpotOn couldn't. Also, no explanation for why the 3Q target has apparently gone away. Linn's honeymoon period is most definitely over. The SpotOn hookup was a timewaster, and now Linn is missing his own deadlines. Some actual information on the state of proceedings would be nice, but doubtless that will not be forthcoming due to "commercial sensitivities".
ps200306
22/7/2021
20:42
Swizz, Something is definitely cooking in the background here and with the exotic share register expect the unexpected. Pageant Holdings has some very experience corporate financiers on its team and they wont let the grass grow under their feet for much longer....
hermana3
22/7/2021
20:32
Swizz, Agree that the recent calmness signifies progress in financing. No point teasing this time around. Announce financing details when the ink is dry on contracts and not beforehand. The Board is top class with a variety of skills tailor made on the Corporate Finance front. A little while longer required of course....
hermana3
22/7/2021
20:27
Swizz. I do hope this comes good. But let's be honest, Alan and co paid social media experts like Zak to pump this up before announcing a farm out agreement with no funding. Zak said farm out funding was pretty much in the "bag" by the end of jan, then Feb, then March.. A lot of misinformation was out there from these paid rampers and Alan and co were happy to entertain it. This could very well now be pulled off as you say. Especially when people are least expecting it.
amran01
22/7/2021
20:00
Spoton were shown the door not long ago. Alan needs finance sorted by year end and market is not panicking by any means.
hermana3
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