Providence Resources Share Discussion Threads

[falia] 07/6/2017 08:21

LOOK AT THE BUYS

[stockriser] 07/6/2017 08:19

Watch the media get hold of this news!

[stockriser] 07/6/2017 08:19

It's only 0820hrs ;-)

[offerman] 07/6/2017 08:18

Surprised only up 12% though!

[isef0001] 07/6/2017 08:17

I guess Cairn must have agreed to Total taking operatorship and I suppose that means that Cairn will only be paying its 30% for any appraisal.

Cairn deal: 45% of US42m = US 18.9m with option for appraisal at 40% of US42m = US16.8m total of US35.7m for 30% interest and operatorship.

Total gets 35% and operatorship for just US27m staged payment.

There again you have to take into consideration the Avelon deal as well I suppose.

[falia] 07/6/2017 08:15

20P+ TODAY

[stockriser] 07/6/2017 07:58

B3 - I send mine to Photobucket then copy the link they provide into this BB.

[funtimejonny] 07/6/2017 07:53

This should allay any fears of further dilution through issuing more shares. I expect this will give the share price a bit of a boost this week. I would like to see some further action on BARRY now that PVR have got some funds in the bank to pay for a further bout of drilling there.

[bump3r] 07/6/2017 07:50

Hey stock.How do I post a picture?I got one of the icemax last weekCheersBumps™

[zhockey] 07/6/2017 07:47

Great day for Herm to oversleep :)

[zhockey] 07/6/2017 07:41

Interestingly they went for Avalon when there is little data on it, they must be confident.

What of Newgrange? That would be a cheap well to test 9 Billion barrels, would PVR fancy drilling that alone?

[ny boy] 07/6/2017 07:39

Let's get this party started

[jusmasel99] 07/6/2017 07:39

Pretty unbelievable RNS 'ssss this morning. Total are buying an option for $27m. That is more than the Mcap of EOG. Surely a target for PVR now with all the cash they have. Well done PVR - stunning news.

[stockriser] 07/6/2017 07:38

Last time I posted this pic we went up almost 80% - so here it is again.

GLA SR

[stockriser] 07/6/2017 07:34

Maybe the gelt will be used to go Barryroe alone - NOW THAT'S A THOUGHT ;-)

[bump3r] 07/6/2017 07:33

Game on.Some meaningful news.I wonder if Total are interested in Barryroe too.Good partners for Druid on board with cash to boot and a spud date coming up.We can enjoy the drill now.

[timberwolf3] 07/6/2017 07:24

Mai oui ! :)

[ileeman] 07/6/2017 07:18

Wow great double whammy. Thay will shake the market up and people will wonder why this is so cheap.

[cgod] 07/6/2017 07:13

And another one!!!

[zhockey] 07/6/2017 07:13

Double wow Avalon too!!!

[ny boy] 07/6/2017 07:12

Wowza..700p end of June!

[steelwatch] 07/6/2017 07:10

Wow 🇨🇮🇫🇷

[cgod] 07/6/2017 07:10

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Commercial Update

Frontier Exploration Licence 2/14

Exclusive Option


-- PROVIDENCE & SOSINA GRANT EXCLUSIVE OPTION OVER FEL 2/14 TO TOTAL

-- PROVIDENCE & SOSINA TO RECEIVE PHASED CASH PAYMENTS OF US$ 27 MILLION

-- EXCLUSIVE OPTION GIVES TOTAL THE RIGHT TO FARM-IN TO A 35% INTEREST IN
FEL 2/14


Dublin and London - June 7, 2017 - Providence Resources P.l.c. (PVR LN,
PRP ID), the Irish based Oil and Gas Exploration Company, today
announces that it has entered into an Exclusive Option (the "Option")
with TOTAL E&P IRELAND B.V. ("TOTAL"), a wholly owned subsidiary of
TOTAL S.A. regarding Frontier Exploration Licence ("FEL") 2/14. FEL
2/14 lies in c. 2,250 metre water depth in the southern Porcupine Basin
and is located c. 220 kilometres off the south west coast of Ireland.
The licence is operated by Providence Resources P.l.c. ("Providence",
56%) on behalf of its partners Capricorn Ireland Limited (a wholly owned
subsidiary of Cairn Energy PLC, 30%) and Sosina Exploration Limited
("Sosina", 14%). FEL 2/14 contains the Paleocene "Druid", Lower
Cretaceous "Drombeg" and Jurassic "Diablo" exploration prospects.

Under the terms of the Option, TOTAL has the option and the right, but
not the obligation, to farm-in to a 35% working interest in FEL 2/14
from Providence & Sosina subject to the payment of US$ 27 million to
Providence and Sosina (US$ 21.6 million and US$ 5.4 million,
respectively). The Option can be exercised by TOTAL within 60 business
days of the completion (plugging and abandoning) of the upcoming 53/6-A
well, which is planned to spud in late June 2017 targeting the Druid and
Drombeg prospects.

The total consideration to be paid by TOTAL to Providence & Sosina (on a
pro rata 80/20 basis) to acquire the Option is as follows:


-- US$ 20.250 million (US$ 16.2 million to Providence) - payable within 10
business days of June 6, 2017

-- US$ 6.750 million (US$ 5.4 million to Providence) - payable no later than
3 business days following the issuance of the P&A notice for the 53/6-A
well


If TOTAL subsequently elects to exercise the Option, Providence, Sosina
and TOTAL will enter into an agreed form Farm-in Agreement to effect the
transfer of a 35% working interest and Operatorship in FEL 2/14 to
TOTAL. Any farm-in would be subject to the approval by the Minister of
Communications, Climate Action and Environment.

Speaking today, Tony O'Reilly, Chief Executive of Providence said:

"We are delighted to have agreed this Exclusive Option with one of the
world's leading E&P companies. Should TOTAL subsequently elect to
exercise the Option and farm-in to FEL 2/14, the JV Partners will have
the benefit of being operated by an industry leader in deep-water
hydrocarbon exploration and development".

INVESTOR ENQUIRIES




Providence Resources P.l.c.