Providence Resources Share Discussion Threads

[hermana3] 06/8/2017 10:32

Jam, Needs at least one more drill. Barryroe hardly mentioned at AGM time. Really hope the proposed incoming partner is still at the table.

[jam2day] 06/8/2017 10:12

Snowboarder
Totally agree with that statement.
The only justifiable management complaint is the lack of progress on Barryroe imo.

Barryroe is an oil and gas field discovered in the Celtic Sea due south of Cork. Close to the exhausted Kinsale Head gas field, it is as close as 3 kilometres to the Kinsale Head existing pipeline. The discovery is at a water depth of 100 metres. Wikipedia
Recoverable oil: 311 million barrels (~4.24×10^7 t)
Region: Celtic Sea
Recoverable gas: 207×10^9 cu ft (5.9×10^9 m3)
Discovery: 1981
Offshore/onshore: Offshore
Estimated oil in place: 1,000 - 1,600 million barrels (~−220,000,000 t)
Start of development: Who knows

[funtimejonny] 06/8/2017 09:59

Interesting point of view.

[greyingsurfer] 06/8/2017 09:47

So what would all of you whinging about mgmt have been saying now if Druid had been oil filled? What's different that has anything to do with management?Peter

[hermana3] 06/8/2017 01:55

He is visiting The Last Chance Saloon once again.....

[talkman2] 05/8/2017 22:20

TOR the CEO who keeps on giving

[seangwhite] 05/8/2017 21:34

What price when TOR announces his retirement?

[srvsrv] 05/8/2017 20:24

anyone help - it is stated that PVR has 30m in cash now and it will last to end 2018. Eventhough Tony has a big salary :) - it still is a large amount. What is it for - in the AGM presentation only thing mentioned is the drilling of Barryroe in 2018 =20 m - so 20 of the 30 is allocated to Barryroe or??

[talkman2] 05/8/2017 20:23

There are rumours that Perrier might be interested in farming in to Dromberg after the Druid results .

[neo26] 05/8/2017 20:19

I must confess drombeg is looking least likely for a strike now, one hope for us is that the zone is overpressurized, is it with fizzy water or hydrocarbons? Take your pick..I will continue to hold I can see Barryroe farmed out before the year end if drombeg fails.

[hermana3] 05/8/2017 19:47

Yeah "Monday morning quarterbacks" are a pain in the jacksy! A Drombeg Elephant will see them of course....

[steelwatch] 05/8/2017 19:11

Herm - not enamoured towards the self righteous after the event types who won't let up.

[hermana3] 05/8/2017 18:57

Steel,One more of those and gersemi for de sin bin?

[steelwatch] 05/8/2017 18:32

Herm - LOL. Must make a note of that wee gem 😂

[hermana3] 05/8/2017 18:04

Guilty of Very Pompous fartristy he is. Drombeg will come to our emotional rescue in the next 10 days!

[greyingsurfer] 05/8/2017 14:45

Gersemi

I am intrigued as to why an intelligent, considered investor would expose any amount of capital to a binary risk position. To do so is not investing nor is it speculating but outright stupidity.

Plenty do. It's a perfectly intelligent and valid way to invest - provided you adjust your position sizes accordingly.

All investment involves taking on risk in return for potential gain. There is no fundamental difference between investing in shares with limited down side and limited upside and those with considerable downside and considerable upside. Provided the risk and reward balance makes sense spreading investments across a number of near binary bets makes perfect sense, the key is that you split between enough of them, and with independent risk factors. You may end up with some big losses but if done properly you may also end up with better overall returns, for no or little more portfolio volatility.

If you take the view that total capital preservation comes above all else and no risk to it can be taken then you have little choice other than putting your money index linked govt bonds, and accepting below inflation returns.

Coming here to tell the sort of people who are prepared to invest in companies like PVR that they should allow no risks with their capital is probably a waste of your and our time.

Peter

[stockriser] 05/8/2017 13:30

FFS Pap - you obviously suffer from paranoid schizophrenia - what on earth made you think that my post (50294) was directed at you. I eagerly await your response! But then again I'm filtered ...hmmm

Think you've just made yourself look foolish m8!

[hermana3] 05/8/2017 13:21

Sean, Plunkett has his hands full with his own baby T5 and Being Chairman here. Bet he would run a mile from CEO job and I think he is 66 years of age too.

[papillon] 05/8/2017 13:20

Stockriser 5 Aug '17 - 01:01 - 50294 of 50312 0 0
What a ducking fick .... now why not filter me - PLEASE

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Your wish is granted, Stockriser. You're filtered.

Stockriser? What a great example of an oxymoron! Stockfaller would be a far better name for you seeing that your optimistic posts have coincided with the collapse of the PVR & LOGP sp's and the unfortunate, but wholly predictable, demise of SEA. I'm all in favour of optimism, but your illogical and irrationally optimistic posts concerning PVR, LOGP & SEA I find borders on stupidity.

I hope that Dromberg is a success. atb "ducking fick" LOL.

[neo26] 05/8/2017 12:44

RuedolfWe will hopefully find out very soon, one can speculate they have been drilling past druid for number of days.

[ruedolf] 05/8/2017 12:29

Back in 2012 Drombeg was the main prospect that 2d had shown up ...

.. no mention of the druid prospect as it did not register well on the 2d ..

. the druid prospect only came into play when the 3d was done which showed up the sands but lacked the other features that Drombeg showed up on the 2d

Well worth looking at the old drumbeg articles back then when no mention of Druid.

"

Potential resources in a new Irish offshore drilling prospect have been put at nearly one billion barrels of oil.

After evaluating data on the Drombeg prospect Providence Resources has suggested that the structure has the potential to contain up to 872 million barrels of oil on a P50 basis.

Providence disclosed today the result of a 2D seismic data inversion programme which suggests that there are up to 872 m bbls in a primary seismic anomaly within the Drombeg prospect.

Also Providence has said there could be additional resource potential in separate stacked reservoir targets.

The resource prediction comes after analysis of data obtained over the 11/9 Drombeg licensing option awarded to Providence in the 2011 Irish Atlantic Margin Licensing Round. The prospect lies in a water depth of 2,500 metres (8,200 feet) in the Atlantic Ocean, around 220 kilometres (137 miles) offshore from Cork and around 60 kilometres (37.5 miles) from the ExxonMobil-operated Dunquin prospect which is due to be drilled next year.

Providence reports initial rock physics modelling has been performed by Ikon Science using 2D seismic lines over the Drombeg licence area, which has identified a seismic anomaly which is thought to be consistent with thick hydrocarbon-bearing sandstone. Also a large Jurassic fault block has been identified, with a “..crestal fluid escape feature…”; below the Drombeg Lower Cretaceous prospect.

“The analysis of the primary Drombeg seismic anomaly has indicated a recoverable P50 prospective resource potential of 872 mmbo, based on an oil in place volume of 2.970 BBO [billion barrels of oil] together with analogue data from the North Sea,” Providence has disclosed.

“However, further technical data, including 3D seismic, will be required in order to better assess the ultimate resource potential of the Drombeg prospect,” the company adds, continuing: “Further similar Lower Cretaceous seismic anomalies have been identified both laterally offset to, as well as vertically stacked with, the Drombeg prospect providing further resource growth potential

John O’Sullivan, technical director at Providence says the seismic inversion work at Drombeg could support the belief that similar sized structures could be found offshore Ireland as those discovered off West Africa.

He said: “Recent successful discoveries, both in West Africa and South America, have highlighted the enormous potential of the Lower Cretaceous deepwater clastic exploration plays of the Central Atlantic.”

O’Sullivan continued: “We believe that the results of the Drombeg seismic inversion signal that this significant play may well extend into the North Atlantic Conjugate Margin and, more particularly, into the southern Porcupine Basin.”

He said the work done by Ikon models the presence of hydrocarbons over a large area at Drombeg, “Initial feedback from the industry has been very positive with the prospect creating much interest amongst deepwater exploration operators,” he added.

[seangwhite] 05/8/2017 12:23

TOR should be replaced by Plunkett as a means of demonstrating that PVR has a chance of actually getting a deal done on Barryroe. Success for the Delivery drill will not get progress from TOR as he is not capable of succeeding.VGLTA

[talkman2] 05/8/2017 12:12

I really feel Dromberg is the last chance saloon for TOR . If this doesn't come off ( and still no news on Barryroe or Spanish Point ) his days will be numbered . The clamour for his removal will be overwhelming.