Providence Resources Share Discussion Threads

[hermana3] 15/7/2016 11:32

Riley,Definite air of optimism yesterday compared with morgue like atmosphere at last AGM. Could have been down to recent near death experience of course....

[isef0001] 15/7/2016 10:47

OK. Thanks herm.

[riley9] 15/7/2016 09:57

Detailed - derisked ! Bloody autocorrect lol

[riley9] 15/7/2016 09:57

Seems like PVR have got a new lease of life, significantly detailed as an investment now - at least for a couple of years. Should see share price increase from here as people see more positive things happening and progress being made.

[hermana3] 15/7/2016 08:18

Ise,Only me talking aloud! Watch this space as JOS said yesterday. There is some technical work ongoing at Dunquin South but needs 3D seismics toute suite,hopefully next Summer. Exxon are shooting seismics on other PB locations currently but could be 2022 before a drill for the giant slow moving Supermajor......

[isef0001] 15/7/2016 02:10

Herm: Could you please clarify for me your comment re: Exxon being out of Dunquin as PVR are still showed as having 20% in the presentation. Have I missed some other announcement?

[steelwatch] 14/7/2016 18:27

egm presentation:

[steelwatch] 14/7/2016 15:35

herm - smaller players circling Barryroe could, conceivably, include a long term favourite of His Lordship, who already have a foot in de Irish offshore door.

fwiw - Justin Waite on the case yesterday:

[panadin] 14/7/2016 14:24

Herm: I do have to say that even discounting the normal spin at these events, I took away a positive message. Not surprised at low take up on open offer as analysed by Jam2day. It is a fact that, as described by TOR, there was financial uncertainty around pvr for some time and a 'pregnant pause' while the fundraising was in train or they could have ended up in examinership like some others , where the vultures could sweep (pci, a case in point). With funding nailed down and AGM shortly, I expect to see share price move up from here (or my purchase today will look silly!)

[funtimejonny] 14/7/2016 14:03

Irish Times and indo have piece claiming Barry fo process reactivated and punters at the table.

[hermana3] 14/7/2016 13:51

No sambos today as meeting was at 9 and ended circa 9.45. Will Shell come into Druid as they are the odd man out in Porcupine Basin currently? Exxon have 6 blocks but are out of Dunquin after 12 years and spend of $200m. Must have fancied Dunquin a wee bit more than they laid on...

[hermana3] 14/7/2016 13:46

O'Reilly will get full pay reinstated on farming out Barryroe. Process restarting now that Providence aint going to the wall!!!!

[jam2day] 14/7/2016 13:32

I am amazed that 31% of the open offer was taken up as the pound - euro exchange rate post Brexit made them 13p a share as opposed to less than 12p on the open market.Regardless of the below it was imo very successful.

PROVIDENCE RESOURCES REPORTS WEAK UPTAKE UNDER OPEN OFFER (ALLISS)

[ 14 Jul 2016 11:24 ]
LONDON (Alliance News) - Providence Resources PLC Thursday said only 31% of the shares made available under an open offer that was launched last month have been taken up by shareholders, raising USD1.7 million.

Providence Resources shareholders approved the substantial placing that was launched last month at an general meeting on Thursday, and, when combined with the proceeds from the open offer, Providence has raised a total of USD70.0 million.

The placing comprised of 399.7 million shares priced at 12.0 pence each to institutional and other investors.

Shares were suspended in April and resumed trading on June 22, the day after the placing was announced. Prior to being suspended, shares were trading at 13.75p - 13% lower than the issue price. Providence Resources shares were trading flat on Thursday at 12.0p.

A total of 31.8 million shares were made available under the open offer, but only 31%, or 9.8 million of the shares were taken up by shareholders, raising USD1.7 million.

In addition to the open offer and placing, a further 9.9 million shares have been issued to Melody and 38.0 million shares were issued to Cenkos Securities PLC. The reason for those shares being issued was not provided.

Following admission of all those shares, Providence Resources' share capital will stand at 597.7 million, meaning the shares issued on Thursday represent around 68% of the enlarged issued share capital.

[hermana3] 14/7/2016 12:53

Great hopes for Druid. Schlumberger stamp of approval wedged dough from City fatcats it seems...

[greatfull dead] 14/7/2016 11:44

Steel,

I very much doubt that. I am now optimistic about PVR that the company will come good in a year or two. Be nice for me when I reach retirement age 'soonish'.

ATB,
GD

[steelwatch] 14/7/2016 11:18

Money to burn again

[pollnagorm] 14/7/2016 10:45

More money for tanning

[greatfull dead] 13/7/2016 20:56

Herm,

Very true, but it does have a stigma attached if the risk does not work out the way you would like it to.

Risk can pay off big time if it goes your way.

Signing off now. A late dinner calls.

ATB,
GD

EDITED.

[hermana3] 13/7/2016 20:05

Risk is better wirh other people's brass,GD!

[greatfull dead] 13/7/2016 19:25

sophiegb,

Thanks for that.

PVR should get a loan. If the drill based on the 2014 seismic comes in getting a farm in partner would be like a walk in the park on sunny day and probably would pay off the loan with money to spare. Risk is good at times.

ATB,
GD

[greatfull dead] 13/7/2016 19:19

Herm,

Sold what remained of my LOGP shares after reading PVR RNS yesterday evening. Had been out all day so only log on around 5.30pm yesterday evening.

My intention now is to load up with PVR. Starting on with a very small amount when my LOGP monies come into my trading account on Friday. Will ISA them. From there I intend to build a reasonable holding in 6 months all being well. The money will come from the 2 non oilers I mentioned to you a good few months ago. Both will do very well overr the next 6 months, if not sooner. That I am sure of. I will top slice from both or maybe just one to buy more PVR shares.

I did not realise the placing proceeds would fund the Druid drill. PVR will need a partner surely to make up the cost of the estimated gross cost of US$46 million for the drill 1st drill. Will that partner be Schh? Or have PVR got some mMjor lined up to farm in?

Newgrange to me looks like a great prospect even with an 2014 2D seismic. Do you think PVR will do a 3D seisemic to find the sweet spot to drill? If so that is going to cost. I personally would take a gamble and drill with what they already know about the asset with the 2014 2D seismic.

Remember this

IMHO it was a successful 'Wildcat' drill based on 2D seismics.

Time PVR did the same!

ATB,
GD

[hermana3] 13/7/2016 15:28

GD,Placing proceeds to be used for Druid drill with no allocation for Barryroe drill so must be looking for a freecarry!

[sophiegb] 13/7/2016 15:27

Proactive Investors is here: