Providence Resources Share Discussion Threads

[zhockey] 24/5/2017 14:52

Yes I expect it will be late June, although early July is no concern. Beyond July would be an annoyance but I'm more interested in the drill results than the spud date.

[ngms27] 24/5/2017 14:41

zhockey, you really think late June?

[thevoid] 24/5/2017 14:11

We are waiting for your report, herm. Get your head out of the trough ... please.
tv

[zhockey] 24/5/2017 14:05

NGMS late June is hardly a significant slippage.

[roadster750] 24/5/2017 13:46

courtesy of fmfm on lse site
Meeting just over and everyone positive on Druid Drombeg. Barryroe is still main assett. They had a deal nearly competed for Barryroe in early 2017 which fell through at last minute. I was the only person who quizzed Tony why he had promised deal late 2016/ 2017 and why shareholders are not informed about the deal and why we had to wait till this meeting to find out the deal had fallen through. They insist they have other parties interested and hope now for drilling in 2018. I'm happy with Tony's response to my question as he said you don't want to disclose things while still in negotiations. I spoke to Pat Plunkett also and he informed me that there is negotiations ongoing and that Barryroe was much bigger than first thought. All in all I am happy where things stand although disappointed that Barryroe has fallen through again. I am happy with Tony's explanation of things and glad I went.

[ngms27] 24/5/2017 13:32

Already slipping, I said it would....

[steelwatch] 24/5/2017 13:28

...and with that, reply just received with complementary copy!

[steelwatch] 24/5/2017 13:26

Yes, it's there now:



Spud June/July "subject to regulatory consents"

[greyingsurfer] 24/5/2017 13:15

It's up now

hxxp://providenceresources.com/sites/default/files/AGM%20PRESENTATION%20-%20MAY%202017_1.pdf

[1cagney] 24/5/2017 13:05

Peter - it's on their website - I've just read it. First page providenceresources.com

[greatfull dead] 24/5/2017 12:41

Steel, probably having a liquid lunch!

[steelwatch] 24/5/2017 12:23

Peter - I've emailed to ask what they're playing at.

[zhockey] 24/5/2017 12:06

There won't be anything new I expect

[greyingsurfer] 24/5/2017 11:58

Can anyone else find the AGM presentation on the company website yet? The RNS says it's there.

Peter

[zhockey] 24/5/2017 11:51

Late June confirmed, pretty good

[cgod] 24/5/2017 09:56

A Good read Steelwatch.

Providence Resources rejuvenated as Ireland returns to favour as oil destination

24 May 2017
Investors in the exploration sector have been treated some very significant successes of late, though a new well starting next month promises what might be the biggest prize yet.
London listed stocks such as Hurricane Energy, Sound Energy and Falcon Oil & Gas have all been somewhat transformed by recent successes, and this summer Providence Resources PLC (LON:PVR) will likely be next in the sector’s spotlight.
Providence and new partner Cairn Energy PLC (LON:CNE) will this summer test two very high impact exploration targets, with potential for 5bn barrels of oil, in the Atlantic margin in waters off Ireland’s west coast.
Drilling is due to start in towards the end of June, with one well testing both the Druid and Drombeg prospects.
Ireland’s biggest ever well
“We are about to drill the biggest well ever drilled offshore Ireland, indeed probably one of the biggest well’s drilled offshore Europe in a long time,” said Tony O’Reilly, Providence Resources chief executive.
“Suddenly an area that hasn’t had a lot of wells is going to have a number of wells in the next couple of years. So obviously the Druid/Drombeg well is a key well, all the industry is watching it with keen interest.”
“Other companies will be responding to it. They’ve all got committed programmes that they’re moving forward with, doing 3D [seismic], and any success with our drilling will only accelerate activity in the region.”
Initially, the explorer’s plan was to test only the Druid prospect which has been estimated to potentially host some 3.18bn barrels of crude.
March’s farm-out deal that brought in Cairn, however, advanced Providence’s plans allowing the explorer to drill deeper to also test the 1.9bn barrel Drombeg target.
Unearthing such a prize would be the kind of shot in the arm that could see Providence’s valuation bounce back, closer to the former immediately-post-Barryroe glory – in 2012, the price shot up to almost 700p after appraisal drilling success in the Celtic Basin off Ireland’s south coast.
Providence is Ireland’s first mover
“We’ve been banging the drum about offshore Ireland for the last twenty years, and for the West coast in particular since 2004 when we ventured out and we got our Dunquin and Spanish Point licences,” O’Reilly said.
“Even then we were saying this is a hot area.”
A quick glance at a recent Providence investor presentation quite succinctly underlines just how far ahead of the game the explorer was.
One slide shows a ‘map’ of Ireland’s licensed offshore acreage back in 2004. Basically, what is shows is Providence’s Dunquin and Spanish Point licences but little else but unclaimed ocean.
The other image, a comparative representation following Ireland’s 2016 licensing round, shows Providence surrounded by the names of much larger international oil firms - names such as ENI, Exxon, Statoil, CNOOC, Woodside, Cairn Energy, and BP.
“Many of the big players are now offshore Ireland, and now they’re gearing up for more future activity,” he added.
“We were ahead of the posse because we had acreage long before, so we’ve already got the 3D seismic and we’ve got our well plans.
“What we are seeing is that the industry seems to be moving pretty aggressively now towards actual activity - they all got their licensing options last year and they’re shooting seismic this year.”
Third party drilling could come as soon as next year, according to O’Reilly, who cites industry scout reports suggesting CNOOC and Woodside may go ahead with exploration wells.
Providence may too be drilling again next year, but as the focus is presently on this summer’s work, as the follow plans aren’t yet solidified.
“We’ve got a lot of acreage.
“We’ve Avalon which is a Druid lookalike, but potentially bigger, we’ve got Dunquin South which is a different type of structure – where ENI and Repsol are our partners – than Druid and we’re acquiring 3D seismic over that.
“Then we’ve got Newgrange to the South, where we’ve got a system that is similar to Dunquin South.
“We’ve got a lot of follow-on things that we’ll be doing, though obviously our primary focus right now in the Porcupine Basin is Druid-Drombeg - but any modicum of success will just further accelerate our plans and indeed those of the other industry players.”
Barryroe remains a possible catalyst

[steelwatch] 24/5/2017 08:25

RNS (if any) may be embargoed to coincide with AGM kick-off per 7 years ago...

Meanwhile:

[hermana3] 24/5/2017 07:24

Ah explains their weakness of late!

[cgod] 24/5/2017 07:14

No RNS to update us then, I see EOG have done a placing this morning?

[hermana3] 23/5/2017 19:10

NK, The wig colour matches his shiny suit! Bet he eats his dinner in the middle of the day....

[hermana3] 23/5/2017 19:08

Steel,Is the machine still hot do you think?

[1cagney] 23/5/2017 17:57

Herm theres always the classic shaving foam pie gag

[notaskanger] 23/5/2017 17:24

And it wouldn't be too bad if the wig and his own natural hair colour matched, but it doesn't and looks more like a dead skunk. NK

[steelwatch] 23/5/2017 16:57

herm - 7 year itch?