Providence Resources Share Discussion Threads

[riley9] 02/5/2017 11:15

Needs somethi g, market oricing them to fail with no value on other assets. Should be moving uo nicely in run up to drill.

[isef0001] 02/5/2017 08:03

herm: Sorry missed your post but Yes! that too. Would be nice for another farm in of Druid/Drombeg within next four weeks.

[pauls1] 02/5/2017 07:35

Good man cash, fully agree, Daddy's boy must be removed now, to let this company develop into something special.

[lbo] 02/5/2017 07:31

https://www.bloomberg.com/news/articles/2017-05-01/opec-may-need-to-extend-production-cuts-to-end-of-next-year

[isef0001] 02/5/2017 02:44

Peaff: HaHa! but when I wrote "not long to wait now" I didn't mean action tomorrow. Cheers.

[steelwatch] 01/5/2017 22:52

(click on Requirements and look at medium term list)



Not budged an inch since contract with Shell offshore Nova Scotia ended early with a duster and crossed over to Las Palmas for repair/maintenance work. Photo in the header is where it's at. Next stop Druid for sure.

[1cagney] 01/5/2017 20:04

Steel the status of the icemax is now showing as active having previously been listed as under repair. Just wondering is there anything stopping it heading to Druid if its doing nothing.

[papillon] 01/5/2017 17:48

America pumps up pressure on Opec
Robin Pagnamenta, Deputy Business Editor
May 1 2017, 12:01am,
The Times

American crude oil production could rise to 9.9 million barrels per day next year, effectively cancelling out Opec’s cuts

Soaring output from America’s shale oil producers is threatening to unstitch the blanket of support within Opec for cuts to the cartel’s production.
Opec members led by Saudi Arabia will meet in Vienna on May 25 to decide whether or not to extend a deal introduced in January to cut oil output by 1.2 million barrels per day and in turn increase or at least support prices.
But industry insiders believe that the cartel will have its work cut out to persuade everyone present that the collective effort is worth it, given the damage that cuts have inflicted on countries’ budget revenues.
“[Opec] have boxed themselves in,” John Hall, chairman of Alfa Energy, said. “US production is coming back and [President] Trump is doing what he can to release more oil.”
American crude oil production rose above 9.2 million barrels per day in April, up from an average of 8.9 million barrels per day in 2016, according to the US Energy Information Administration. Moreover, it predicts that US output will swell to 9.9 million barrels per day in 2018, enough to effectively cancel out the bulk of Opec’s cuts introduced at the start of this year.

The administration is far from alone, nor is it the most bearish forecaster. Rystad Energy, an oil consultancy, reckons that US shale oil output could increase by 100,000 barrels per day each month for the rest of this year and into 2018.
US oil producers spent $4.9 billion on new oil projects during the final three months of last year, the biggest rise in quarterly spending since at least 2012, as companies took advantage of a bounce in prices since the Opec deal was announced on November 30 to restart stalled drilling operations. There were 857 drilling rigs active in the United States the week of April 21, an increase of 426 on the same week a year ago, according to Baker Hughes, the oil services company.
America’s shale producers have used the downturn in oil prices since 2014 to refine techniques to produce oil and gas more cheaply and efficiently, using new methods of horizontal drilling and hydraulic fracturing that have transformed the economics of the industry.
Meanwhile, growing output from Libya, an Opec member that has been exempted from the cuts because of a domestic conflict, is also adding to plentiful supplies.
Nevertheless, Mr Hall expects Opec producers to reluctantly hold the line by agreeing to extend the deal, probably for a further six months. “They are on weak ground, but if it’s anything other than that the [oil] price will collapse,” he said. “The only way they can survive is to say they have got some sort of pact.”
The 13 Opec member states are likely to be joined by other producer nations, such as Russia, which also pledged to help by trimming their own combined output by a further 600,000 barrels per day. Mr Hall said it was less clear if Russia and other non-Opec members would agree to the continued pledge.
The price of a barrel of Brent Crude was trading at $51.77 on Friday, still well above the lows of below $30 struck in early 2016. However, prices are still half the levels of above $110 seen in 2014.

[steelwatch] 01/5/2017 16:16

1cag - rig is in Las Palmas undergoing maintenance work and should be finished in time for June as expected.

Timely link posted by x54v today on the SQZ board of interest here too. I'm in both, and both awaiting farmouts!



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[zhockey] 01/5/2017 15:39

Most threads are full of optimists but this one is pretty pessimistic and I find that encouraging.

[peaeff] 01/5/2017 14:59

isef

It's only got to get to Ireland for June not Australia. lol

[hermana3] 01/5/2017 13:31

And on the farmout front too....

[1cagney] 01/5/2017 13:31

I dont know what about u guys but this is pretty big punt for me to find the black stuff. Is there a reason the icemax isnt heading toward Druid as its currently listed as 'active'

[isef0001] 01/5/2017 11:28

Not long to wait now Peaff. There'll be movement on the drilling front before too much longer.

[peaeff] 01/5/2017 10:40

Herm

I don't ever recall that ONGC information becoming public so I assume that it was leaked, as an aside, at one of the AGM's, to whoever, who then created the rumour that we had failed to secure offers in the multi pound range. The fact that we are at 17.5p now only tends to show how shrewd those Indians were and also tends to rub salt into the wound for our current position. Presumably TOR didn't curry favour and they must have sent in the 'turbanator'

There has never been the slightest hint, publicly from the company, that they were anywhere near sealing a deal on Barryroe with any specific interested party. We have however had many 'party line' favourites such as 'imminent' 'watch this space' ' by the end of...' etc.

History is of no interest to me and no use to anyone. There seems to be a feeling on this board that success at Druids will send the share price into orbit. I'm not so sure that will be the case. Certainly it will make some favourable difference but success only tells us it's there, it's how we make use of it that matters as we only know too well. That will determine the heights the share price will reach.

So please can we have ACTION and for once make it count. The BOD must have learned something over the last 6 years, mistakes, if relevant, should not be repeated.

Happy Mayday (mayday,mayday)

regards.

[riley9] 01/5/2017 09:34

Herm - that was somewhat tongue in cheek.... :)

[hermana3] 01/5/2017 09:27

Riley,He is a lot more coy these days! Has found out that Big Oil moves slow and is always looking out for a good deal and will go to a better deal even after months of talks as happened with ONGC a few years back. Hoping for a good May(nothing to do with Teresa!) here.....

[zhockey] 30/4/2017 22:30

Geez what negativity! No wonder the share price is languishing as everyone expects them to fail.

[seangwhite] 30/4/2017 21:40

TOR is busy planning his summer holidays after taking his Easter break. FFS leave the man alone he needs time to recharge his batteries after doing such a fine job running PVR.VGLTA

[peaeff] 30/4/2017 21:15

Many of us here are only too familiar with both the written and spoken words emanating from our BOD and associated connections, which up to now have done us no favours at all.

Action is now needed, we struck oil at Barryroe 6 years ago and they're still TALKING. Dunquin (N) was a duster, except that was not exactly true, and now could be resurrected. The money WE spent on that was a drop in the ocean to our very fine partner Exxon who later abandoned us. Then there was the legal differences which went against us latterly and almost finished us off.

Haven't we seen and heard enough, would it be asking too much to get some sort of acceptable and positive result.

regards