Providence Resources Share Discussion Threads

[isef0001] 08/3/2017 17:52

Back of the envelope calculation: PVR have got both Druid and Drombeg for US$18.48m and retain 56%. (not incl sunk costs rebate)Given that when the IceMax was contracted, PVR committed to US35m drill for Druid alone (PVR Net being US28m) it would appear they have saved themselves us$11.76m. being; us$9.52m difference between US#28m and US$18.48M and then adding US$2.24m for PVR share of sunk costs. Thats half way towards cost of drilling Newgrange. Easily so if the cost estimate reduction that they are applying to Druid Drombeg is also applied to Newgrange. (16% BEING US$50m down to US$42m )
PS: Not always right with the maths so suggest you do your own calcs'.

[greatfull dead] 08/3/2017 17:37

tv,

For you you old trucker.

Enjoy your evening all,
GD

[thevoid] 08/3/2017 15:55

Nice one Steel - the start of the cycle ... this is our time. I know we have all heard it before, but this time we have Pat to give the market confidence, state of the art rig, Schlumberger ... so many positives. And Barry ... The Irish seas are hot.

[funtimejonny] 08/3/2017 15:41

Hmm...reserve judgement on matters in general

[cephalosaurus] 08/3/2017 15:33

Steel, 10 minutes into audioboom (and rest of interview pre-that with ToR) very very interesting.

Full update on licences in April, and quite possibly updates before and/or after that if they come. Delays happen. A month or 2 here and there doesn't worry me as long as they pull it off.

Barryroe clearly not forgotten.

[steelwatch] 08/3/2017 14:14

In haste, orf to de horsepiddle shortly mit der Missus:

[greatfull dead] 08/3/2017 14:05

Herm,

As Jam says stick in here.

You have been the PVR flag waver for as long as I can remember.

Cairn have also farm into EGO Atlantic Margin license (LO 16/19) so from that you can see how much faith Cairn have in Druid and and other licenses in the Atlantic Margin.



Stay cool amigo,
GD

Edited.
Utube interview with Hugh Makay CEO of EOG.

[ianio5691] 08/3/2017 13:53

Strange, underwhelming reaction on the shareprice... no change for hours.
Big order being filled..?

[jam2day] 08/3/2017 13:50

Herm stick in there - this is just the start of the beginning!!

[funtimejonny] 08/3/2017 13:46

Emm....I think the deal is not bad at all. And Davy and other commentators agree. Paying 45% of costs + nearly 3 million usd for 30% is reasonable in my book. Cairn ain't running a charity after all. I'm holding as I think we could see some more interest now once this gets the oxygen of publicity. Would be interesting to see the reaction on the Dublin exchange over next couple of days and today as well.

[hermana3] 08/3/2017 13:24

GD,Is this a hold or fold time? Tempted to hold until end of week(have until 16th to pay or flee) as feel market has not fully digested the importance of this deal to PVR. Jimmy over at III thinks it is no great deal and his view may be shared by market. Further mature refection may change Jimbo's and market perspective.

[greatfull dead] 08/3/2017 12:56

Herm,

I admit I did oversleep but by choice.I had a busy and trying day elsewhere yesterday and stayed up way past my usual bedtime last night.

Logged on earlier to read my emails. I have one to answer which I will on later today.

On the PVR front I bought back in. Not a big amount because cash is very tight. As I said before I will be back and I definitely am now for De Druid..

ATB ,
GD

[1cagney] 08/3/2017 12:52

Ftj, well that's another morsel of information to assist me with the 'who's who in the room quandary' lol

[hermana3] 08/3/2017 12:51

He is one grumpy git who should not be disturbed without advance warning! This is going to take off once Donald's white collar supporters join the party. Donald's Foreign Affairs poodle aint no Kissinger....

[funtimejonny] 08/3/2017 12:29

Hopefully the second footman will show some initiative and give him a call!

[1cagney] 08/3/2017 12:22

Herm the Sp hasn't moved too much should GD want to get back in

[hermana3] 08/3/2017 12:18

Tis a big amuse-bouche alright!! GD must have ordered a late wake up call from de butler as one suspects he would like to know the horse has bolted here while he was out! Consolation in superb EOG deal of course.

[steelwatch] 08/3/2017 12:04

• Providence (LON:PVR– 17p) – A Nice Amuse-Bouche: Today's news of a farmin to the licence containing the Druid and Drombeg prospects (FEL 2/14), continues to underline the esteem in which the Company's technical team are held, not to mention its knack for picking choice targets with significant prospectivity. That drilled is slated to commence in June this year is a clear indication that the Company and its partners don't intend to hang around, all of which is good for news flow, and creates "opportunities for revaluation." As positive as today's news is, however, it is still somewhat overshadowed by the need for meaningful progress on Barryroe, which to our mind will not be too far away given the increasingly stable outlook for the oil price. Still, this is not to detract from today's news on Druid and Drombeg, which serves up as a tasty amuse-bouche to the Barryroe main course.

SP Angel

[stockriser] 08/3/2017 12:01

Well these days 'the old man doesn't rise early, but when he does he's hard to get back down' lol

[funtimejonny] 08/3/2017 11:59

Herm. ..still nowt in the indo or the examiner! Some decent buys coming in now

[hermana3] 08/3/2017 11:47

FTJ,The Old Lady don't rise too early!

[ianio5691] 08/3/2017 11:46

Buys picking up...some chunky late trades being reported.
Won't be at this price for long.

[cephalosaurus] 08/3/2017 11:30

"further equity divestment " I suspect Schlumberger might want a piece of the action ... It would make sense given their input already.