Providence Resources Share Discussion Threads

[peaeff] 30/7/2017 22:52

Catsick

Do your mum and dad know you're still awake and playing on your computer.

[bump3r] 30/7/2017 21:38

Carsick is that secret code that we've struck oil?Otherwise I can't see any chocolate milk being found in the Atlantic margin plays.Or maybe Everyone on the icemax and support vessels are drinking chocolate milkshake at the moment.

[catsick] 30/7/2017 21:29

Aparently its just chocolate milkshake they have hit and there is not really a market for a billion barrels of it ...

[hermana3] 30/7/2017 18:44

With luck,Jonny!

[funtimejonny] 30/7/2017 18:30

Are we loading up the tanker with crude at the moment?

[hermana3] 30/7/2017 18:25

Tis a hive of activity alright!

[jusmasel99] 30/7/2017 16:45

Pity you cant zoom in .... hxxps://www.webcams.travel/webcam/fullscreen/1473431066

[cpap man] 30/7/2017 15:55

United Oil & Gas [UOG]



Barney Gray [Oil & Gas Analyst]



Leveraging experience to build a portfolio

United is an independent oil and gas company established by two former senior employees of Tullow Oil in 2015. United’s strategy is to leverage management’s experience and contacts within the oil industry in order to acquire an exciting portfolio of hydrocarbon assets. The company has already secured an interest in the Waddock Cross oil field in the UK and agreed to farm into the drill-ready Selva gas field in Italy. With the company currently conducting an RTO of Senterra Energy, we believe that United is poised to accelerate significantly the development of an exciting European- focused oil and gas business.

United’s strategy is to build a portfolio of oil and gas E&P assets with an initial focus on the UK and Europe. In particular, the management has demonstrated expertise in evaluating oil and gas assets and subsequent farm-in opportunities. Further expansion of the company will likely focus on assets within stable political and fiscal regimes and management is keen to leverage off its contacts within the industry to gain access to early divestment opportunities and avoid auctioned transactions.
United acquired interests in the Waddock Cross field (26.25%) and the associated exploration upside (18.95%) on licence PL090 in Southern England in July 2016. The field was shut-in in 2014 due to an excessive water cut. However, reassessment of existing 3D seismic data has indicated that two wells to probe the crest of the field well above the oil water contact have the potential to boost production significantly by 2018/19.

We expect that United will participate in the first of a two well programme in Q4, whereby a successful result will de-risk the field significantly. Consequently, we anticipate that the company’s maximum financial exposure to Waddock Cross will be approximately US$0.6m by the end of 2018.

In Italy, United has signed an exclusive option with ASX-listed Po Valley Energy to acquire a 20% interest in the Podere Gallina licence in Northern Italy under a capped 2 for 1 farm-in agreement. This licence contains the currently shut-in Selva gas field in addition to several exploration opportunities on the surrounding block.

United understands that a single well drilled updip to previously exploited areas of Selva will access at least 17 BCF (gross) of gas resources located in very high quality reservoir. As such, Selva has the potential to produce gas at stable plateau for up to eight years providing a very attractive source of long term cash flow to United.

On the exploration side, United has identified the Broadmayne prospect on UK licence PL090 as possessing major potential upside, whereas in Italy, the Podere Gallina licence exhibits several interesting prospects, one of which; East Selva could provide significant upside to the re-development of the main Selva field.

In the context of the imminent RTO with Senterra, we have established a conservative NPV valuation of US$11.1m (£8.8m) for United which focuses on the core assets within the portfolio. This is equivalent to a pro forma fully diluted value of 3.8p per share assuming a total of 228.9m shares in issue. For illustrative purposes, we also calculate that the upside valuation for the company could be as high as US$38.0m (£30.3m) on an unrisked basis, equivalent to 13.3p per share on a fully diluted basis.

[notaskanger] 30/7/2017 15:53

Skandi Flora now back at Drill site. Has she brought out the Casing pipe required for the run down to Drombeg?

[notaskanger] 30/7/2017 15:45

Sjoberg picked up her load from Icemax at 1400 hrs and is now making tracks for cork. She will be due in Cork at 0600hrs. Will John O Sullivan be waiting on the Docks?

[riley9] 30/7/2017 15:09

...too funny lol

[stockriser] 30/7/2017 14:04

I bet my face was a picture when I read destination PROVIDENCE .... LOL

[ianio5691] 30/7/2017 13:59

Doh! You had me getting all giddy then Stock... 😏

[stockriser] 30/7/2017 13:35

Oh well, apparently the tanker is heading to providence USA a port just outside of Boston :-(

[stockriser] 30/7/2017 13:33

It's now 8.2 nautical miles North of Icemax - definitely sayd destination PROVIDENCE

[ianio5691] 30/7/2017 13:29

Fab news if needed though....!!!!
Yippee...!!!

[ianio5691] 30/7/2017 13:28

Surely you would only need a tanker if you were going to conduct a flow test?
Didn't TOR specifically say no testing....?

[1cagney] 30/7/2017 13:25

Now THAT'S a result stock:)

[stockriser] 30/7/2017 13:18

Is someone having a laugh? Just looked on marine traffic and noticed the Maersk Mississippi (oil products tanker) about 15km NNE of Icemax - hovered over it on live map and it comes up as destination PROVIDENCE.

[ride daice] 30/7/2017 12:32

Hard to work out who's been kissing the Blarney stone here.

[1cagney] 30/7/2017 11:39

Bloomberg it's the drinking the bar dry bit that's just unbelievable

[ccr1958] 30/7/2017 10:46

oh `The Roaring Donkey ` Lovely Pint of Guinness ...

[harrissen] 30/7/2017 10:33

CHC Helicopter Services

31st July
Flight Number - 30b

Departure Time - 10AM

Customer - Providence Resources

Routing - Stena Icemax

Status - On Time
...

The bigwigs arriving to give the final go ahead to announce a discovery?

[riley9] 30/7/2017 10:26

...which actually is indeed a pub in Cork ! That could almost be taken as a positive indication of a positive drill result ! either that or they were drowning their sorrows at a missed hit bonus... lol

[bloomberg2] 30/7/2017 10:18

Shamus O'Reilly Bartender at the Roaring Donkey (cork) nursing a hangover this morning!!! After mighty Max crew change drank the bar dry last night!!!!!