Providence Resources Share Discussion Threads

[buffythebuffoon] 08/8/2017 07:23

Anyone who thinks the movements in the share price of a small oil company are likely to move in a rational way after a failure to find hydrocarbons from a hyped 'big drill' is the stupid one.

It's these irrational movements that can make us, or lose us, a lot of money of course.

It works both ways, as those still holding if Dromberg is a success will find out.

Would anyone who thinks that Barryroe will be farmed out or sold in the next few weeks care to explain why now?

Buffy

[neo26] 07/8/2017 23:49

JohotaSo a well which cost us nothing and with all the licenses/ farm out deal we have in place ie avalon you think it's warranted for share price to fall 75% on this current drill?.You are one stupid dude.

[papillon] 07/8/2017 23:29

Wrong. Plunkett paid 12p, jotoha2. He bought 1m shares at GBP0.12. See RNS dated 6/10/16.

[jotoha2] 07/8/2017 22:43

Like many Plunkett bought at 9p , so is not feeling the pain ....yet , once it gets to 5p then hopefully a change at the top may bring better results log term .

[papillon] 07/8/2017 21:19

I seriously doubt that PVR will manage to farm out Barryroe, LBO. After all HUR couldn't farm out their Shetland discoveries despite that being their preferred option; they had to raise the US$530m themselves to proceed to production. I suspect that PVR & LOGP will have to go down the same route themselves, but will they be able to raise the large amount of cash to proceed to production like HUR have? I seriously doubt it.

[seangwhite] 07/8/2017 20:31

I cannot see how any holder would say after the constant failure to deliver that TOR should be left to carry on. Whether the Dromberg drill is good or bad news leaving TOR in place would be plainly lunatic.Plunkett as a temporary CEO would raise the share price to cash levels at least.VGLTA

[richie666] 07/8/2017 19:04

Ceph - your last para i believe is v insightful.Barryroe AND Span Pt must be number 1 priorities now. Not least to get a proper equity value on the co to give them flexibility on the deal front.While my views on ToR are well known, I dont believe Plunket is also a buffoon!

[zhockey] 07/8/2017 17:10

Total and Cairn need to book reserves growth so the exploration directors get their bonuses. Barryroe reserves are not big enough for Total, Cairn maybe.

[cephalosaurus] 07/8/2017 15:48

Good post Richie, it may be groundless speculation that a takeover might occur, but look at what has been said:
1) PVR did not expect to take D/D into production, they indicated they would sell up if they were discoveries, or they would likely be bought out. (See ToR last november speech).
2) People ask why are Cairn and Total 'ignoring' Barryroe and Spanish Point discoveries, in favour of a Risky wildcat? Answers speculated are a) that either Barryroe and Spanish Point are worthless and Atlantic margin wildcatting is more likely to give a guarenteed roi, or b)they are now production portfolio assets and the majors are interested in PVR and want to assess their current most valued exploration assets, and reveal whether D/D can move up into the production portfolio.
3) Preparations are being laid for exploration to production for the Barryroe asset.

Point 3) suggests Barryroe is not worthless to majors as some suggest, and that it has not been overlooked in favour of unexplored licences, but merely parked while they assess the rest of the portfolio.

If a major wants to buy out or farm into Barryroe alone, they can leave the rest of PVR intact by buying or farming into Exola.
However, if Exola is sold or farmed out, and they want to offload Drombeg if it is a discovery, there is no Exola type offshoot to farm out or sell that seperately. They did not ring fence it like Barryroe, even though they said they would sell it. This implies that plans changed a bit since they set up Exola, and if they plan to sell the whole lot, it doesn't matter about ringfencing further assets yet.

At the most, PVR seems to want to get assets appraised, and then to have a free carry on a production percentage for each asset, from which they can finance other exploration assets.

They were probably preparing for the possibility to sell Barryroe by ring fencing it in entirity in Exola. As a fall back from a duster at Drombeg, they could still do this and use the money to aprraise and explore other assets, and keep ToR in a salary. The chances are a deal is being done, the value or content to be finalised post Drombeg drill.

However, I don't think there will be the appetite for further exploration after a dustur at Drombeg, without at least concluding a deal at Barryroe, or using the remainder of the balance sheet to do that appraisal well. I think there will be one more apprasial drill confirmed soon for the Icemax, then a deal to buy out whatever discoveries are in the portfolio if Drombeg is a success.

All speculation of course. Good luck all

[stockriser] 07/8/2017 15:31

1mil just gone though at 9.12p!

[greyingsurfer] 07/8/2017 15:25

To date the drill has been disappointing, what's changed? It hasn't effected our balance sheet is negative way.It may not have changed the company's cash balance sheet, but it's taken are large chunk out of the potential worth of the company's explo assets. That is, of course, a very real negative in terms of the valuation the market will give to the company. If that wasn't the case lots of people, yourself included, would not have been posting so much about the potential valuation of Druid and the effect of finding oil on the share price before the result was known.Get real!Peter

[lbo] 07/8/2017 15:24

Nothing has changed since 2014 (except perhaps the collapsing share price) but still they somehow manage to find more fools to scam!!!LBO - 09 Jan 2014 - 10:27 - 1666 of 1757Irish oil industry big on hype, low on findshttp://www.irishtimes.com/business/sectors/energy-and-resources/irish-oil-industry-big-on-hype-low-on-finds-1.1648739

[papillon] 07/8/2017 15:18

LOL, Cephalosaurus. "And your opinions carry more weight than mine?" Did I say they did?

"I am also aware you bought shares in a pharma company that you have no knowledge of the product."

NOT TRUE. I originally bought shares in what was effectively a cash shell, FAST, which was trading at a large percentage discount to it's cash balance. I sold most of those FAST shares (for a profit!), but hung onto some. I have topped up a few times since then because I like the look of AMYT's drug pipeline. I was a devlopment chemist in the surface coatings before I retired so I'm not scientifically illiterate and I do understand the chemical composition of their drugs under test and though I'm no biologist I have read up on the rare conditions that their drugs are intended to combat since i wrote the sentence you have quoted (I posted that some time ago). Most posters on this bb who hold shares in PVR have no background knowledge of the oil industry, but it doesn't stop them investing.

I also like the composition of the BoD. The Chairman, for example, has an exemplary CV in the bio/pharma industry.

[papillon] 07/8/2017 15:01

Ballyroe Heights is a hotel in Tralee, Co Kerry, barnes4. LOL.

Perhaps it's a better takeover target than LOGP/Barryroe? LOL

[richie666] 07/8/2017 14:58

My guess is if Drombeg is a duster too then the stock will fall to 6-7p. At that point it will trade at a very small premium to cash but of course there is Span Pt and Barryroe which could easily be moved to 2P status and are worth, per our piece here -
between 49 & 85p per share to us based on conservative peer reserve numbers.

I have added in recent days and will add again on either a duster or drill success. Risk/reward back dramatically in buyers favour in our opinion.

As for takeover spec - I think this is groundless but one things for sure - Pageant will want to catalyse some type of activity as they are back underwater again ('scuse the pun!) on their holding.

[neo26] 07/8/2017 14:18

Just prior to the drill of druid and drombeg, company said the drill will literally cost them nothing and in fact they will make $5m profit out of farming out the deal. O'reilly said this prior to drill.To date the drill has been disappointing, what's changed? It hasn't effected our balance sheet is negative way.We have other interesting licenses which can be drilled, we have the big boys sniffing at our licenses..It's not the end, 4p isn't going to happen. .

[richpassi] 07/8/2017 14:17

Good luck to you lanio, mean it :)

[ianio5691] 07/8/2017 14:15

Ride Dalce - you're crazzzy....! 🤗

Just like the rest of us 'Gamblers'

Just be careful.... With an unfounded positive post like that, you'll have our resident non-holding blog police having a meltdown.

Come on Pap and Richpassi - more negativity please..😂
28513;

[ride daice] 07/8/2017 14:06

Call me crazy but I have a good feeiling about this.

[richpassi] 07/8/2017 13:59

What's a balance sheet ? I never said anything was your fault :)

[neo26] 07/8/2017 13:53

richpassi

if you cant read a balance sheet its not my fault.

[richpassi] 07/8/2017 13:46

Stupid investors could be called gamblers :( its those they need to be warned of lines like ........the price it will be if its a success ! Success .... Tony ......last 5 years , not seen those words in a sentence recently :(