Providence Resources Share Discussion Threads

[funtimejonny] 17/7/2017 09:30

Well....expectations of a mad rush to buy shares here today on foot of yesterday's upbeat coverage in the Indo and today's RNS.....does not appear to have come to pass, so far at least! Admittedly it is only 9.30 so things could warm up a bit as the day goes on. I think meself that the catalyst that is needed is a farm out of Barry. That way investors will have some tangible proof that the company and the CEO have some credibility and it ain't all "jam tomorrow". Not sure what the volume is like on ISEQ this morning. Would have thought some of the many Indo readers might have had a punt.

[steelwatch] 17/7/2017 09:20

herm - t'was in Tony Hayward's time in the hot seat. Baron Browne of Madingley stepped down in May 2007, so m'Lud pleads 'Not guilty yer honour!'

[hermana3] 17/7/2017 09:09

Riley, The bowlwer hat wearing boffins demand the proverbial mountain load of paperwork and many months of perusal before granting consents these days. All that awful browne of BP's fault too.

[offerman] 17/7/2017 09:09

Gersemi - 17 Jul 2017 - 07:26 - 49230 of 49245 - 2Absolutely spot on. But they have found oil at Barryroe They just. Need to find a partner to commercialise it and explore the upside potential. Totally agree though all these licenses updates PV I've been putting out the last few years look good on the face of it but the difference with the markets now is stocks don't get priced ahead.Years ago, you would've found that these types of updates would've rocket the share price but the market is very fickle and to be honest more realistic these days hence why I PV are are not priced in the pounds but in the pence. If you were to look at it literally PVR are actually in a better position now than they were when the share price was 9 pounds. But the financial crisis the oil-price Plunge and the realisation that all stocks were overpriced years ago based on potential rather than actual production so in a way it's better to find you the stocks the way they do today. Because if the stock rises then it's going to be on and all find actual assets not just theories or probabilities which would then in turn make it less likely for that stock to plunge. Years ago stock would've risen 10 20 30 fold on potential alone but if it was a duster it with then plunge massively. At the moment PVR is very low on its share price anyway so even if the current drill comes in A duster The share price will be far less affected than if it was currently trading in the pounds. Should mean many more people get less burnt. Problem is I wish all of this took place years ago as I got hugely burnt as many of you know and many of you here also suffered. So I would say the company is in a really good position at the moment and even if bad news does come from the drill it's not going to sink the company.

[rogerlin] 17/7/2017 09:07

"In the event that the JV partners agree to convert LO 16/27 into a
Frontier Exploration Licence, and a subsequent decision is taken to drill
an exploration well..."

There is as yet no drill commitment at Avalon, indeed there are no firm drill commitments anywhere else in the Porcupine, should Druid/Drombeg be dry (except maybe Nexen who seem to be doing a site survey).

[hermana3] 17/7/2017 09:03

Ian, Agree even if these drills aint costing a red cent the thing will get rightly hockeyed if we get "a witches' tit". The market is very cruel of late....

[riley9] 17/7/2017 08:59

Pity they cant move icemax from druid, when that's completed, straight to avalon...

[hermana3] 17/7/2017 08:59

Ian, Half of big investors got in at 12p so derisking could be what we are seeing. Not everybody buying into Sully's rose tinted prognosis on The Atlantic Margin yet. If Druid/Drombeg is successful Sully will be vindicated and all of us holders will be dancing....

[ianio5691] 17/7/2017 08:51

I agree Zhockey, but are you telling me this won't get hammered if its a duster...?
There is clearly still someone selling in the background

We could do with a decent announcement on Barryroe beforehand.

That would hopefully send us to the moon.

[uncle john] 17/7/2017 08:49

Potential,
Average Volume is 2.6m per day, Friday it was 13% lower.
This lower price inspite of ramping from ridler and Blowster on Twitter. There has been quite a campaign!
(volume from VectorVest System)

[zhockey] 17/7/2017 08:47

Derisk? PVR make $5M profit from this well.

[ianio5691] 17/7/2017 08:43

It was Capitol, but not had a holdings RNS for weeks.

Suspect a few of the4 other II's are de-risking, together with a few of the long term PI's.

Fingers crossed for a good result. You won't be able to buy if it is.

There again - you may see your holding decimated if it's poor.

Binary bet....

[potential] 17/7/2017 08:29

Must be big sellers taking this down!!!!

[bump3r] 17/7/2017 08:14

Interesting post from Jimmy on iii
He even recommends reading a book

The deep kinsale project is interesting. Firstly, it based off the view that the gas in the kinsale field originated from a giant oil field beneath the kinsale field and that that when basin inversion occurred the deep field was pushed up and this movement upwards decrompssed the the dissolved gas in the deep oil prospect which ruptured the deep oil prospect top seal and the gas migrated into the kinsale field. There is a good paper published on this by the PESGB.
marathon did not drill for the oil, even though they had two gas platforms in the sea. Petronas declined to drill for it and Fastnet could not farm it out.
However, if deep oil was present in a reservoir the reservoir could be a lot thicker and hence less likely to compartmentalise. To my view, either new seismic technology allows pvr to confidently map the thin barryroe reservoirs and faults or pvr will need to depend on a deep oil prospect, which needs to be proven, to effectively carry the project finance risk of barryroe development.

Buys more time and allows pvr to direct investors focus on the Atlantic.

You might need to purchase a book called Exhumation of The North Atlantic Margin . Timing, mechanisms and implications for petroleum geology. Issued by the geological society special publication no 196.
It's a book of geological papers, look at the papers by Dore et al.

If you invest offshore Ireland you need to read this book.

Jimmy

[zhockey] 17/7/2017 07:53

Gersemi,

They already found oil, Barryroe.

[funtimejonny] 17/7/2017 07:51

Yeah...Sounds like Ireland is turning into the new Saudi Arabia over the next few years!

[hermana3] 17/7/2017 07:45

The Doc is talking huge numbers at Avalon. The New North Sea?

[potential] 17/7/2017 07:37

Another positive RNS - keep them coming!- positive and in the right direction!!

[harrissen] 17/7/2017 07:34

cgod
17 Jul '17 - 06:59 - 49225 of 49227 0 0

How far do we go down this week then?


...........................

Total Depth to Drombeg is 2750m below mudline level.
The time to TD is estimated to be about 60 days so the average distance drilled per day is about 46m.

ps.

Total depth at Druid is 1750m from BML and will take about 38 days to drill.

Exciting times ahead in the upcoming weeks.!!

[king kong dong] 17/7/2017 07:33

A bit of Irish blarney here methinks....

[stockriser] 17/7/2017 07:21

the Avalon prospect could potentially access a total hydrocarbon resource charge of c. 8.67 BBO and c. 21.43 TSCF (equivalent to c. 12 BBOE).

[bump3r] 17/7/2017 07:21

If all these prospective resource targets come in from all the companies, then offshore Ireland is the next oil frontier.Puts more pressure on Druid well to be a success.

[harrissen] 17/7/2017 07:16

Another positive RNS - keep them coming!