Providence Resources Share Discussion Threads

[ride daice] 08/8/2017 10:48

I wouldn't be giving up on Drombeg yet.

[neo26] 08/8/2017 10:48

JimmyLargest shareholder lending them money with an unsecured loan bodes well.

[freelunch] 08/8/2017 10:43

Ok enough said just remember shares are about making money. If they do farmout Barryroe all will be fine.

[harrissen] 08/8/2017 10:39

neo26
8 Aug '17 - 10:12 - 50439 of 50441 0 0

Harrissen

On which occasion?

No oil shows whatever in the druid. The hypothesis was wrong.


........................

Yes, I said because there was no oil shows in the Druid the hydrocarbons could be trapped in the Drombeg reservoir by a sheet of solid rock preventing the natural upward flow of oil to the Druid reservoir. If that is not the case then Drombeg is also full of water. As you know,oil will always rise up to float on top of water unless there is a impenetrable sheet of rock preventing it from doing so.
I came across this situation before in an oiler I had shares in but for the life of me I can't remember which one it was.

[jimmymolly] 08/8/2017 10:34

Neo. Words like "heartened" and "encouraged" coming from Boldy sound like the gasps of a desperate man

[langster] 08/8/2017 10:32

Malcy's 2 cents at 13 minutes

[neo26] 08/8/2017 10:29

I take heart from logp statement:Whilst we acknowledge the farm out of the Company's Barryroe asset has taken longer than originally envisaged, the Company remains heartened by the level of interest it continues to receive in the farm-out process and looks forward to updating all shareholders on progress in due course."

[neo26] 08/8/2017 10:28

FreelunchYou were talking about funding I told u they have the funds to go it alone for at least Avalon and should Barryroe ..Now you are deflecting and talking about your experience in investing.Pvr are not going under..Steel watch, thanks..

[steelwatch] 08/8/2017 10:17

neo - re. Avalon, actually, Total would pay 60% and Cairn 24% subject to an overall cap of $42m leaving PVR and Sosina to share the balance of 16% pro rata their respective 24%/6% stakes post FIA.

[freelunch] 08/8/2017 10:16

Neo sadly experience is all I have to go on. The balance book looks great but at some point you have to generate value? The next 12-18 months are funded but surely we are after an share price rise. So its Dromberg and Barryroe at present. Im not complaining just a realist neo the company is not going bust but are we going to make money?

[neo26] 08/8/2017 10:12

HarrissenOn which occasion?Pvr hypothesis is that the diablo ridge filled both druid and drombeg with oil. No oil shows whatever in the druid. The hypothesis was wrong.

[neo26] 08/8/2017 10:03

Funds for what?Total is operator at Avalon with 50%, cairn has option for 20% and we have 26%, we have money to drill Avalon and barrymoe should we go it alone.Won't sell any of my shares, will wait for Barryroe saga to be concluded..Druid/drombeg drill cost us nothing, zilch, NADA.. you sound like we are going bankrupt...

[freelunch] 08/8/2017 09:46

Also Neo and I also do believe there is value to be had here how will funds be raised?

[7russell] 08/8/2017 09:38

Neo - If you are 99% sure its a duster then you might as well sell now and buy back cheaper in a couple of weeks.

[neo26] 08/8/2017 09:28

I'm 99% certain drombeg will be duster too, tor needs plan B quick to limit the decline.Only in aim will company lose 70% of value even when they have potentially transformational assets and decent balance sheet.Never did I know we have too many idiots investing in aim. If it goes to 5p after duster, so be it won't be selling...

[harrissen] 08/8/2017 09:25

Hermana3 a bid could come any time imo. Potential bidders have access to the data room and will bid on the strength of what is known about Barryroe , the result of the present drill is neither here or there.

Everyone is now assuming Drombeg is a duster because Druid turned out to be one but there have been occasions where stacked reservoirs have been separated from each other by a solid rock mass which traps the hydrocarbons in the lower reservoir. Why would PVR continue to drill to Drombeg if they thought it was full of water as well?

[freelunch] 08/8/2017 09:11

Neo I have to be honest not sure you really get it. As much as 5p seems rediculous its very real. Its not about cash in bank what they gonna do with it get over to paddy power....actually odds better than dromberg. Its what after Dromberg. Nobody sits on hands these days waiting for the never never Barryroe. The next drill after Dromberg is when? I knew I was betting on the drill and lost will wait for Drom and why not but after that?

[wardy333] 08/8/2017 09:09

Good risk/reward stock here always the chance of a bid, news soon on the deeper well which I think could be good, better seal etc, Barryroe looks the money bet here.

[filterwest] 08/8/2017 09:05

Sorry guys posted in a wrong thread. I meant HUM.

[filterwest] 08/8/2017 09:03

My advice do not sell unless you have too. The only way is up.

[hermana3] 08/8/2017 08:38

Harri, Would be a strange time for a bid at the moment!

[hermana3] 08/8/2017 08:35

Richie aint confident on Drombeg. Fair enough as only occasionally does the deeper section of a well deliver when the shallow section is dry. Going to be an interesting 7-10 days here.

[harrissen] 08/8/2017 08:34

Would you care to explain why you think it won't be sold and you will have answered your own question!!

[tsmith2] 08/8/2017 07:24

I think the share price would double if ToR left the company