Providence Resources Share Discussion Threads

[steelwatch] 03/10/2016 10:07

Brent testing $50 just now:

[steelwatch] 03/10/2016 09:18

Barry"oh" LOL

[roadster750] 03/10/2016 08:41

"Providence Resources and the Atlantic margin looking more exciting, says Graham Wood"
Pvr gets a mention and small vid on the proactive site.

[hermana3] 02/10/2016 14:02

Snippets in Independent and Sunday Times on busy week for Providence. Speculation on what Plunkett's T5 might do with Providence. After a quiet Summer things beginning to warm up here.

[hermana3] 01/10/2016 13:20

Sean, Swap our tanned superhero for Queen higgins!

[seangwhite] 01/10/2016 01:02

TOR for president as of he ran a country the way he has run PTR must think of where it would be

[stockriser] 30/9/2016 21:09

Herm, totally agree with you. A Barryroe deal being signed now will be so much more significant (and therefore have a much greater positive effect on the sp), rather than when the Melody debt etc was still uncertain.

I would not like to be out of PVR if they do announce a Barryroe deal, especially if the t&c's are favourable ;-)

[hermana3] 30/9/2016 20:57

Stock,Furlong and O'Grady Walshe smell a Barryroe deal!

[stockriser] 30/9/2016 20:52

Richie, yes I know the m8. Perhaps I should have put the 2nd post 1st - Point I was making was the reasoning behind Furlongs (Pageants) stake building, which started last year.

[hermana3] 30/9/2016 20:30

Pageant nailed Mc Carthy to the cross and Tony must be sleeping with one eye open....Nothing sentimental about Pat Plunkett either.

[richie666] 30/9/2016 18:14

Stock - that's old news.
Pageant upping their stake is interesting on top of the Plunkett appointment. Perhaps they are about to pull the trigger on TOR. I certainly hope so.

[stockriser] 30/9/2016 17:56

"Providence could be worth twenty to thirty times its current market capitalisation" NOW THAT WOULD BE NICE ;-)



Furlong's Pageant Holdings ups stake in O'Reilly's Providence Resources

Documents filed to the Irish Stock Exchange reveal Furlong's company holds a 4.22pc stake in the business as of Wednesday. In Dublin, Providence shares leapt around 20pc to 20c each.

A source familiar with Pageant said Furlong's company thinks Providence has significant upside.

The source said Pageant thinks that if Providence can find someone to write a cheque for another round of drilling at its flagship asset - the Barryroe field off the Cork coast - and that drilling is successful, Providence could be worth twenty to thirty times its current market capitalisation. Currently the company is valued at around €30.5m.

"Most exploration and production companies typically trade on a 2c value [based on the best estimate of technically recoverable resources] per barrel of oil of around $1 to $3 in the current environment. Providence is trading at around 5c a barrel which is unheard of. There's a good reason why the stock is trading down here, it's got this debt piece that needs to be refinanced in May next year. Pageant's view is that that will get refinanced," the source said.

[stockriser] 30/9/2016 17:49

Stake building in Providence Resources as investors await deal news and look forward to new drilling
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A brief stock exchange statement has revealed stake building in Providence Resources PLC (LON:PVR) with significant shareholder Pageant Holdings Limited owning more shares.

The regulatory edict confirmed that with effect from September 29 the Pageant had just over 40mln shares in the company, representing 6.69%. Previously, a similar notification in July showed Pageant had a 4.6% stake.

Pageant Holdings is the vehicle of investor Nick Furlong which, according to press reports, has been picking up Providence shares since last year.

Providence Resources and Barryroe is back in focus
Barryroe talks benefiting from increased flexibility, says Tony O’Reilly
Providence eyes summer start to high-impact Druid well

According to stock market analysts Providence Resources is coming back into focus for investors following the group’s financial restructuring.

The company, which released interim results on Thursday, brought in £53mln (US$73.8mln) of new capital this summer and Wahab reckons it could be a precursor to long-awaited deal news for Providence.
Barryroe talks may be accelerating

“Providence has been involved in long-term farm out discussions with regards to its flagship Barryroe field for a number of years, and the absence of any conclusion has weighed heavily on the company’s share price,” the analyst said in a note.

“Nevertheless, with a significant boost to its capital position, an increase in operational activity offshore Ireland, and a varied portfolio of assets, we believe Providence is in a significantly stronger negotiating position.”

Wahab added: “we expect the market’s interest to return to PVR and indeed offshore Ireland as a hydrocarbon province.

“In the meantime, the company now hopes to bring in industry players to partner in two of its key assets: Barryroe and Spanish Point, in addition to generating interest in its Porcupine basin acreage.”

Cantor has a 'buy' recommendation for Providence, with a 33p price target, and it says the AIM share has an undemanding valuation.
A time of renewed optimism

Providence chief executive Tony O’Reilly in the Irish firm’s interims described it as a time of “renewed optimism”.

O’Reilly also put the spotlight on the Druid exploration project, where he says drilling is planned in the near term.

The undeveloped Barryroe field, meanwhile, remains ‘key’ to the Providence portfolio, according to O’Reilly added.

“Key to the Providence portfolio is Barryroe, where the financial restructuring combined with the industry's falling cost profile, now provides increased flexibility in terms of our commercial farm out negotiations,” O’Reilly said in the statement.

He added: “A dearth of M&A activity in the sector, compounded by some very specific pressures relating to the scheduled Melody debt repayment, coupled with the adverse court of appeal ruling, had material implications for Providence.

“However, thanks to the support of our existing shareholders and new investors, we successfully raised new funds in July 2016 to allow us to completely restructure our balance sheet and provide the financial resources and flexibility to advance our very extensive portfolio of assets.

“Importantly, we were able to repay all of our corporate debt, settle the outstanding litigation with Transocean and provide the appropriate resources to finance the drilling of the high impact Druid exploration well in 2017.”

O’Reilly describes Druid as a rare opportunity. The untested prospect, located in the Atlantic Margin off West Ireland, is estimate to host as much as 3bn barrels of prospective oil resources.

It is one of few world class exploration projects that will be drilled in 2017, O’Reilly noted.

Providence has pencilled in a spud date in June 2017 for Druid.

The company, which doesn’t own revenue generating assets, has reported a €4.4mln loss for the six months to June 30, compared to a €8.4mln loss in the corresponding period of 2015. It ended the first half with €0.5mln of cash and €19.5mln of debt.

A £53mln equity funding was announced in June, and was subsequently completed. It allowed the group to retire the debt and settle its legal costs.

Providence has continued to strengthen its position and just this week it appointed former Tullow Oil boss Pat Plunkett as the group’s new non-executive chairman, starting in October.

[srvsrv] 30/9/2016 16:44

yes - Melody and Cenkos (the shares they got in relation to the capital raise) are selling to an insti - e.g. Pageant Holding

[stockriser] 30/9/2016 16:39

Could it be one insti passing over to another, so not actually selling? Although it does appear to be selling, the share price is remaining fairly stable.

[srvsrv] 30/9/2016 16:02

think it is Melody and Cenkos that are selling so they don't have any in the books end Q3

[roadster750] 30/9/2016 15:29

13.18 million trade just gone thru

[roadster750] 30/9/2016 14:50

seperated at birth

[stockriser] 30/9/2016 14:18

Well as you know, I've had experience of that ;-)

[papillon] 30/9/2016 14:00

Hi Stockriser. Based on the current PVR & LOGP sps I don't think industry insiders have any belief that Barryroe will be farmed out anytime soon. If they had then I believe those insiders would be buying and hence pushing up the respective sps.

Though I think PVR is worth a flutter at the current share price based on it's other prospective licences I wouldn't be advising others to have a flutter on LOGP because one could be just throwing their money down the drain.

[stockriser] 30/9/2016 13:26

Lets hope Barryroe is farmed out soon, I might get a little something back from SEA if they manage to sell their % of LOGP at a fair price - doubtful though :-(

[papillon] 30/9/2016 13:17

PVR must be worth a punt at the current sp, even if Barryroe isn't farmed out anytime soon because of it's other irons in the fire. The PVR share price could come off big time next year for current buyers. LOGP is obviously a complete sh*t, or bust, gamble on Barryroe being farmed out and soon.

[papillon] 30/9/2016 13:12

I noticed that Patrick Plunkett is also Executive Chairman of a currently private Cathal Friel O&G vehicle, T5 Oil & Gas which has an exploration licence in Senegal. He's a busy man.