Providence Resources Share Discussion Threads

[spuddymadrid] 19/11/2016 17:11

OPEN LETTER TO PAT PLUNKETT CHAIRMAN PROVIDENCE RESOURCES
November 19, 2016 | Posted by admin
Dear Mr Plunkett

I write in an open forum following our brief dialogue on the 16th November 2016 in which you made clear that you deemed a large private shareholder (holding in excess of seven figures in shares) and one with the support of many, many other retail shareholders not sufficiently important to engage directly with.

Providence Resources (PVR) shareholders have in recent years had a resolute belly full of the type of attitude that you projected and which is extremely dismaying given the hopes I and others had of a new direction and stewardship of PVR following your appointment in September of this year.

I would direct you here (hxxp://www.alignresearch.co.uk/providence-resources/open-letter-tony-oreilly-jnr/) with regards to the solid points put forth by me in relation to the composition of the PVR Board which comprises largely Tony O’Reilly Jnr acolytes.

As another year closes out, despite numerous public pronouncements by our CEO that a Barryroe farm in was “imminent̶1; we still sit here with a deal on this field unconcluded. For TOR Jnr to remain in the CEO seat given that the oil price has near doubled from the beginning of the year and many mid-tier explorers have increased multifold whilst we have declined approximately 30% is incredible in the extreme. As a large shareholder I am at a total loss as to how this individual with less than half the stock I hold and not even 1% of the total share count (which was heavily diluted thanks to the bringing of the company to near bankruptcy in the spring) holds onto his position. It beggars all belief with regards to accountability and commerciality.

I also make the point that Spanish Point has gone quiet, again in contrast to commentary by the Board last year that 2017 would see the commencement of drilling. I quote from your RNS of Dec 17th 2015 – “The Operator now plans to commence operations for drilling during 2017, subject to governmental approval” (Ref Spanish Point). The farm in process here has been active since October 2015 and Tor Jnr seemingly has, again, drawn a blank with regards to the preparedness of a party to farm in.

One could be forgiven for concluding that the representations made by the largely same management team in recent years are not believed by the industry (hence no farm in) as the excuse of a weak oil price holds no water given the Barryroe farm in process was commenced in a triple digit oil price environment. If this is the case, by extension one could conclude that shareholders have been led a merry dance for years. Quite why the institutions continue to humour ToR Jnr, in particular to the extent that they did with the $72m capital infusion in early summer this year will be one of life’s enduring mysteries…

In the alternate, if the representations surrounding the company’s portfolio and in regards to Barryroe and Spanish Point in particular are correct, then the only logical conclusion is that Tor Jnr as the CEO is simply not upto task in being able to conclude a deal for shareholders.

I see no other explanation than these two positions for the situation we sit in some 5 whole years since the commencement of the Barryroe farmout process and that has left us a veritable laughing stock in many quarters of the City.

Mr Plunkett it is time for you to remove ToR Jnr and in doing so, whilst we are in a strong financial position, give PVR a chance with newly invigorated management to, once and for all, monetise our asset base.

[funtimejonny] 19/11/2016 16:33

Can't open link but can guess at contents.

[leecoyote] 19/11/2016 15:21

hxxp://www.alignresearch.co.uk/oil/open-letter-pat-plunkett-chairman-providence-resources/

[steelwatch] 18/11/2016 13:48

AND FALLEN SINCE IT SEEMS:

[steelwatch] 18/11/2016 12:34

Shell's favourite rig of late for Corrib has been Ocean Guardian. Can't see them needing deep water drill ship capability. Has westie stumbled upon hush hush info?

[westmoreland lad] 18/11/2016 12:03

Thanks Steel. There is some thinking that the drill ship is destined for
the Exxon / COPL drill off Liberia.

[funtimejonny] 18/11/2016 11:47

Wonder are they doing any more work on Corrib Field?

[steelwatch] 18/11/2016 11:46

westie - still offshore Nigeria, but marked as available Dec 2016:



Scroll down to find.

[westmoreland lad] 18/11/2016 11:12

herm / steel -- are there any planned drills in Irish waters this month ? tia

[hermana3] 17/11/2016 19:33

FTJ,There's only so much plumoss one can take! Will we ever get to sup a wee dram of Sir Anthony's 300 Year Old Bushmills or has that been repoed too?

[funtimejonny] 17/11/2016 19:20

No I was not there Riley. I've been to several oreilly presentation and couldn't stomach another jam tomorrow session.

[hermana3] 17/11/2016 18:56

Ah so Tone now saying they will have a poke at Drombeg while they are down there? Providence was always a risky share and after 23 drills and only one drill with a chance of commerciality can they get it right this time? Phoenix Magazine Annual out today says this is one for the gambler!

[funtimejonny] 17/11/2016 17:21

That's a surprising reaction. Are you 17 years old or what?

[itsriskythat] 17/11/2016 17:07

A nice one to Providence's Chief Exec for explaining it just the way it is.

No thrills, no emotions, and no promises. His presentation was excellent in that way, and it contrasted with the other five presentations at The Capital Conference in London this morning, where the salesmen were all at their trade. Just saying, it didn't look at all like his intention was to promote the shares.

There's news this side of Christmas on the Druid rig contract, and Druid/Drombeg will be the biggest prospective resource in the world drilled in 2017.

Barryroe farmout was commented on a lot, much more than I expected, so it's still the number one discussion point, which must make some closure a priority.

[hermana3] 17/11/2016 16:14

Zen,The lack of a Plan B is haunting Barryroe. Dough for another drill was spent on Dunquin. The boys were so sure of raising Barryroe money that they bypassed option of a freecarry(with corresponding stake dilution) on $200m Dunquin drill. O'Reilly on record saying PVR would not commit a $ to initial Dunquin drill but that was before confidence boosting Barryroe Oil find.

[hermana3] 17/11/2016 15:43

Rog,Some including moi think Amergin aint worth a fly's spit in a rusty bucket.

[funtimejonny] 17/11/2016 15:29

I guess the toss pot is enjoying a few canapés and champagne in the Gold Circle lounge at the moment prior to his business class flight to London to fleece a few more mugs out of their savings in order to keep himself in a job a bit longer. The farm out is probably "imminent" by now like it has been for the last 5 years

[rogerlin] 17/11/2016 13:21

Doesn't look as if that includes the actual Skellig licence 1/13 which may have reverted to the Irish authorities? They presumably have Amergin too to re-assign. But I don't suppose PVR need any more licences really.

[hermana3] 17/11/2016 11:47

FTJ,Join de Donald's movement or it is off to Putin's Siberian saltmines for us!

[funtimejonny] 17/11/2016 10:10

Thats it then! We're all Donald Ducked

[hermana3] 17/11/2016 09:58

GD,Doesnt take much to restart them shale swamps. Donald and his goons will shaking that tree for sure. Shale saved Obama and is vital to Donald's massive construction plans. Donald has avidly studied "Mein Kampf" and will not take no for an answer.

[greatfull dead] 17/11/2016 09:13

Herm,

A lot of US shalers went to the wall when the Saudi's vastly over supplied the market causing the huge drop in POO.

I will be long gone when POO reaches a decent level for US oil shalers to start pumping oil again.

I do hope I am wrong on POO levels not going up over the next few years.

ATB,
GD