Providence Resources Share Discussion Threads

[ngms27] 04/8/2017 09:05

It's complete and utter Taurus Merde to suggest that no oil at Druid means that Drombegs top seal is intact.The two quite simply are not related if you look at the location of the expected source from Diablo.However if you look at the technical presentations it's clear to me that the largest risk for Druid was seal. They thought that mudstone from another channel may have been providing seal.Drombeg on the other hand looks more robust, I also like the fact that it's interpreted to be over pressured.Whether they make a discovery at Drombeg remains to be seen but I'd think we will know in about three weeks time at most.

[timw3] 04/8/2017 09:05

o/t HUGE news at AAOG. Secondary completion for $800m drill signed off!!

AAOG £3m cap once cash is stripped out vs $800m drill in the coming weeks. Totally insane valuation. Should be 50p+ AT LEAST!

[falia] 04/8/2017 09:05

ENTU RISING AGAIN , HUGE BUYS

[stockriser] 04/8/2017 09:01

Steel - have to admit, I still have faith here so have averaged down big time today. Just glad I topsliced a good chunk of my holding around the 17p mark.

GL SR

[tidy 2] 04/8/2017 09:01

Ukog has type 1 kim source clays which is the same as RKH sea lion discovery etc. The reason the majors overlooked the Weald Kim is because they used the wrong model to analyse its data. They used modal data for type 2 which is what they have in the North Sea. In the 80's they had limited knowledge compared to now. As SS says that was pre windows era, you know time moves on Shows how good ukog is when you get a raved about pvr and they strike water. Ukog not only strikes premium sweet but has no water cut at all as the oil is fed directly from the type 1 source rocks

[jotoha2] 04/8/2017 08:58

Talkman not far of in his valuation , 5p a fair price for a pure gamble.

[freelunch] 04/8/2017 08:57

Clearly we were at target depth.....good old PVR never fails to deliver. This time luckily kitchen sink intact just lost my taps

[steelwatch] 04/8/2017 08:54

Stocks - still in, but somewhat depleted. Will need to ponder on where the stop proceeds wind up

[richpassi] 04/8/2017 08:53

Yes markie , its gambling

[markie225] 04/8/2017 08:50

Dromberg topseal intactThis is good news for Dromberg. No mention of oil shows whatsoever suggests the seal to deeper traps such as Dromberg is not breached. It actually increases the chance of Dromberg having a valid trap. Another couple of weeks to wait..Courtesy of EOG board on lse any thoughts ??

[richpassi] 04/8/2017 08:48

Over the last 5 years its been his arms !

[ianio5691] 04/8/2017 08:47

Blue finish anyone...?

[timberwolf3] 04/8/2017 08:47

Mkt cap under £60m, currently drilling a company making well, more company making wells being drilled next year, slight possibility Barry might get a farmout, cash in the bank, 2 highly respected ex Tullow guy's now making the decisions.

What's not to like, FILL YOUR BOOTS.

[richpassi] 04/8/2017 08:47

Love the last line stock lol

[stockriser] 04/8/2017 08:45

richie - to be honest - it's not TORs fault that it's water - but he was instrumental in getting this drill (plus the ongoing Drombeg)as a free carry, infact making £5mill from it.

Let see what he has up his sleeve ;-)

[richpassi] 04/8/2017 08:45

As a mechanic I always think it to be a good thing not to have oil in the water ....but alas for holders :(

[neo26] 04/8/2017 08:44

Thank god, O'Reilly totally derisked this well, it cost us nothing... In fact we made $5m profit on it if not more, depends how much it will cosTotal and Cairn foot the bill. We will reach drombeg in less than 2 weeks. Druid and Drombeg is written off for me now.Won't be selling any of my shares..

[falia] 04/8/2017 08:44

30P TO 1.5P IN A FEW MONTHS

[falia] 04/8/2017 08:42

GUYS GET YOUR MONEY BACK IN EDU , UP 19%

[tidy 2] 04/8/2017 08:41

Not good at all. Not even a trace of oil.

[talkman2] 04/8/2017 08:41

There is as much chance as seeing a leprechaun in your garden as Druid finding commercial oil .

[isef0001] 04/8/2017 08:40

Well! At least the intrepid Icemax appears to be performing. 24 days to reach Druid from spud. 93 metres per day so I'd say we are ahead of schedule. Small comfort I know.

On another point. Can anyone please justify the oft stated well profit of US$5m to PVR.
By my calculations it is only US 3.9 m all up at US$42m well estimated cost. PVR's share of that is US$3.12m

ie: Cairn 42x 45% = 18.9 + 27 from Total = 45.9- 42 (est cost of well)= 3.9 x 80%= 3.12 to PVR. Of course PVR and Sosina still have to receive the balance of Total's US27m which isn't due until 3 working days after P and A announcement.

Back to the disappointment. As has already been stated by others, PVR is a pure explorer, you pays your money and you takes your chances. Despite all the best endeavours by seismic interpretations and de-risking interpretations from other like basins etc. no one can actually say what is down there until the drill hits the target.So express your disappointment by all means but please stop whinging.

[richpassi] 04/8/2017 08:40

Ftj put it back to last weeks price then !

[talkman2] 04/8/2017 08:39

Might take a look at 5p ( it's cash level ) when Druid is announced as a duster , as it will be .

[ny boy] 04/8/2017 08:38

Managed to add a few more @ 8.75p all good under the hood, will check back later in the year