Providence Resources Share Discussion Threads

[jotoha2] 07/8/2017 11:23

Why would anyone invest here prior to drill result , it's illogical , there is always plenty of time to get in , rkh gkp all great plays after finding the sweet spot , do not fall for the positive spin from the usual culprits , they want your cash. 5p still looking good.

[hoper2] 07/8/2017 11:11

seangwhite:

While he keeps getting his big wages he won't retire. The whole point of PVR is survival so that TOR - and one or two others - can continue getting paid. He will stay until PVR goes bust.

[papillon] 07/8/2017 11:09

I have no idea whether a Barryroe farm out deal is due next week, next month, next year, or never! What I do know is that the money Goldman Sachs invested in PVR shares is but a miniscule drop in the ocean compared to the total amount of money they have invested! It's equivalent to a billionaire having a £5 bet on a horse race! Unlike some on this bb Goldman Sachs haven't bet their life savings on PVR shares!

There is another possibilty to Barryroe being farmed out and it's commented on by LOGP in their final results RNS dated 30th June. That's for PVR & LOGP to go it alone for the next Barryroe appraisal well. LOGP state in that RNS that they are confident, in the absence of a farm out deal, that they can raise the cash to fund their 20% share of the costs. Raising the cash via a placing is one option they have looked into.

[isef0001] 07/8/2017 10:56

neo26: To get the drill for free would be my answer to your question as far as PVR are concerned. As for TOTAL, they get 35% plus operatorship. At the time that included the potential for Druid. Well, thats gone but the potential still remains for Drombeg, at least until the drill bit arrives on target.

So what is the value to Total and PVR should the Drombeg prognosis prove to be correct.
STOIIP of 1,915 mmbo x 35% RF= 670.25mmbo recoverable.

TOTAL's share 35%= 234.5875 mmbo divided into US$27m = a cost of US$0.115 per barrel
PVR's share 28%= 187.67 mmbo.= free at US$42m drill estimate.

If PVR wish to remain a pure explorer then you would have to assume they will sell out of Drombeg once discovered or appraised. Using a selling price of US$4.00 per barrel would net PVR US$750.68m. Not bad considering it cost nothing to drill.
Of course it is still only a potential and there re many on this thread who have written it off a a duster already. I just felt like being a bit positive.

[ianio5691] 07/8/2017 10:56

The drill is still ongoing - and we have yet to reach the more likely of the two targets.

There are a few large insti's invested here, and they will prey on weak and nervy holders by selling it down to trip stop losses.

Don't buy into this type of play if you can't take the pressure.
Only risk what you can afford to lose.

On the upside, if Dromberg holds what we hope it should, it will be very difficult to buy in any decent amount.



I am sure the Non holding blog board police will be along shortly to kill any signs of positivity...


Were all doomed! Doomed I say!

[doerx2] 07/8/2017 10:54

Gkp, rkh etc all over this pos

[presto77] 07/8/2017 10:42

the drill hole is still in progress ffs

[ianio5691] 07/8/2017 10:29

Not sure Neo... but like a lot of deals, I am sure it will be a complicated tangled web!

Can't see this going any other way IMHO

[neo26] 07/8/2017 10:04

LanioOne question why would total pay for an first option on druid and drombeg if company planning on selling the whole portfolio?

[neo26] 07/8/2017 10:02

Stockriser It was dissapointing, O'Reilly was nowhere to be seen on that rns, we are where we are best thing will be takeout at 40p.Just end the misery, O'REILLY is bad luck..

[stockriser] 07/8/2017 09:54

It's amazing how quiet TOR has been of late - no big fanciful interviews - nothing about disappointment re: Druid - who actually put the RNS together, it was only reviewed by John O'Sullivan - It's as if TOR is sitting in the background waiting to make a big announcement ;-)

[funtimejonny] 07/8/2017 09:54

What a terrible disappointment this auld share has been over the years. Nothing ever seems to go right: Ardmore,Hook Head, Barryroe, Spanish Point,Druid. Nothing brought to a satisfactory conclusion and the poor auld shareholders have lost their shirts many times over. Would have been better to have put the money in a savings account.

[ianio5691] 07/8/2017 09:23

Cephalosaurus
7 Aug '17 - 08:57 - 50360 of 50366

I think that one way or another Barryroe is a done deal, but the thing is, for how much and on what terms. It could be that the companies are planning to take the whole portfolio on to production, they will want to see the results at Druid and Drombeg.


You have exactly the same thought process as me Ceph.
I think the f/o at Druid and Dromberg was requested by a major prior to full buyout. If you were buying something - you would want a survey to tell you exactly what you were getting. How do you put a price on potential....

Barryroe isn't a farmout.... I think we are looking at a full buyout.

Goldmans know it - they are not well known for binary risk investments.

The results of Dromberg will only impact the sale price.

[jotoha2] 07/8/2017 09:19

5p target not that far away .

[funtimejonny] 07/8/2017 09:17

If that is true Rage....then LOGP is a good punt.

[badger60] 07/8/2017 09:16

"cos they like high risk as well" ....Of course PVR is high risk.....it doesn't matter whether Goldman's or uncle Tom Cobbley owns it........the risk profile is the same for both.

[ragewarrior] 07/8/2017 09:11

Once Drombeg results come back one way or another could well see Barryroe deal announced soon afterwards.

[richpassi] 07/8/2017 09:10

Many times ......far tooooo many times lol

[richpassi] 07/8/2017 09:09

Mythical ! Surely not many have visited and revisited over the last 5 years , Tony said so

[freelunch] 07/8/2017 09:04

Hard to take Barryroe farmout seriously. If you want a job for life then security guard on the mythical Barryroe dataroom must be the one.

[cephalosaurus] 07/8/2017 09:03

Goldman usually like to invest in dead certs, so Whether or not Drombeg comes in, there must have been something else like Barryroe, that will value the company above their entry price for a double at least. I suspect something interesting will get thrown into the mix here soon, even if Drombeg dusts.

[jam2day] 07/8/2017 08:57

Answer cos they like high risk aswell?

Dont think so!

The Goldman Sachs Group, Inc. is an American multinational finance company that engages in global investment banking, investment management, securities, and other financial services including asset management, mergers and acquisitions advice, prime brokerage, and securities underwriting services. It also sponsors private equity funds, is a market maker, and is a primary dealer in the United States Treasury security

[cephalosaurus] 07/8/2017 08:57

I think that one way or another Barryroe is a done deal, but the thing is, for how much and on what terms. It could be that the companies are planning to take the whole portfolio on to production, they will want to see the results at Druid and Drombeg. Then they will be buying a hugely derisked company of dicoveries (including or excluding Drombeg). PVR is on the verge of being a production company. It has Spanish Point and Barryroe. If Drombeg comes in, it is a really useful entry portfolio for a major into Ireland, sans risque. In other words they will not be buying or farming into a pure explorer anymore.

jnr mentioned they would likely not want to turn the company from an explo into a production company, so this makes the above theory plausible.

In summary, perhaps a deal for Barryroe involves buying PVR out completly, but until they know what is in Drombeg, they can't finalise a price.

Some of you will say wishful thinking, Paps will remind me I don't know the future, but who knows. Not I, not Paps, but the leprichauns know.

[gwatson56] 07/8/2017 08:54

My money.... top up this AM ... is Barryroe. Goldman have been around a long time and tend to bet on favourites not outsiders.

[freelunch] 07/8/2017 08:48

Answer cos they like high risk aswell?