Providence Resources Share Discussion Threads

[funtimejonny] 12/9/2017 11:35

A bit of a change of heart by your good self Herm! Have you been reading the Irish Times today? I have to say that I have had enough of this man as well and I believe his reputation is now so badly damaged that he is no longer suitable to take negotiation forward. His resignation would probably give rise to a massive jump in the share price as well.

[hermana3] 12/9/2017 11:08

Tom Hickey must be offered the CEO job here. TOR can stay on BOD if he so wishes and can even have non executive Deputy Chairman title if it helps to soothe his bruised ego!
Enough is enough.........

[ccr1958] 12/9/2017 10:55

Not a ramp but cerp (LGO) are now moving forward.. just trying to recoup some losses . Ccr

[peaeff] 12/9/2017 10:50

The greatest achievement for ToR has been, without doubt, Barryroe but due to it's current stagnated position it has also become his 'crown of thorns'. As time goes by he is being judged more and more on the one thing that has effected shareholders the most, and that is the non-monetisation of Barryroe, over a period of the last five years.

We will never be told what problems were behind some sort of agreement not coming to the table, we have only rumours of the possibilities. You can bring them to the table but you can't force them to sign. However, over these five years many promises of imminent success have been issued but none has come to fruition. During his reign as CEO we have seen a 100/1 consolidation in share capital and more recently, to raise capital, we have seen a 10 times increase of shares in issue. That is why we are languishing at 5-6p. He has kept the company afloat but at a very large cost to shareholders and none to himself. His personal shareholding in the company has always been questioned by some.

So what could, or should, he have done differently? a very difficult question to answer. Perhaps he should have concentrated more on the one thing he had done successfully and not 'gone for gold' with projects such as Dunquin, Druid and Drombeg and rather spent the funds further appraising Barryroe to a level whereby partners could have been secured sooner. It does appear to be one of the main reasons no agreement has been obtained. He certainly should not have made the 'wild' promises that he did which, without doubt, have been responsible for locking in the majority of shareholders over the years.

On the other hand he does seem to have a certain rapport with institutions and is very personable when in the spotlight. He knows the company and it's assets inside out. However, in the end, shareholders will demand returns, which requires success, and, Barryroe aside, PVR have little of it to date.

Until Barryroe releases it's full potential, another 1-2years possibly, then something must change and he must be the one in the firing line. The board and the institutions know the man better than anyone and I am sure that whatever decision is made, if even considered, it will be the right one. AIMVHO

regards

[richie666] 12/9/2017 09:41

Bumpr - au contraire - 1 share 1 vote 1 say - it's what a democracy is made of.

We use our voice to highlight failings in management capability and strategy.

[bump3r] 12/9/2017 09:39

With all due respect Richie, Align have no power to request a change at the top for PVR.You are just a regular shareholder like us guys who are taking a punt and have an opinion which is fine.Whether your opinion is shared on this BB , Twitter or your website doesn't really matter.It what the instis and large shareholders want to do next that matters.All of them are at a loss.Axing the CEO may not even be in their thinking.

[roadster750] 12/9/2017 09:35

Plunckett could have been responsible for farmouts, he has shown his belief in pvr by purchasing 1million shares with his own money, he has true expertise,"the king is dead long live the king".

[zhockey] 12/9/2017 09:24

If ToR managed to limit the PVR exposure to the pre-drill plan then I think he has done a good job. No one can blame him for the lack of oil, Major players in the industry believed it was worth a shot and paid for the drill. ToR must be given credit for those farmout deals.

[richie666] 12/9/2017 09:21

Greying - this is the LAST time I am to clear this up:

1. The assets we believe worth multiples of the stock price (clearly we are not alone given Pageant increasing in recent days too)
2. Management read ToR Jnr has proved himself totally inept and wholly incapable of monetising these hence our agitating for change at the top
3. Ref Pump and Dump as u put it - there has been no pump and dump by us. We hold more shares now than we did before the Druid duster! That would be a pretty unedifying and unsuccessful dump I am sure you agree!

As ever, it is easy to criticise behind an anonymous bb handle without appraising facts sensibly.

[hermana3] 12/9/2017 09:21

Grey, The investment community is populated in the main by snakes,many of whom like to hide in the long grass. O'Reilly is now a hunted man but can he depend on Pat Plunkett and the board to stick by him? Enquiring minds need to know.........

[hermana3] 12/9/2017 09:16

Zh, Could Pageant be tempting Tom Hickey(Tullow FD) back into The O&G sector? He is a long time favourite of the City

[greyingsurfer] 12/9/2017 09:10

Surely what beggars belief, Ritchie, is that someone who claims to hold the views you do about PVR senior management is still prepared to encourage clients to invest, and take part, wittingly or otherwise, in a pump and dump involving the company?Peter

[zhockey] 12/9/2017 08:55

Neo,

If TOR has any sense he would have limited PVRs exposure after Druid. They could have as much as £30M still.

Pageant are obviously bullish on Barryroe.

[neo26] 12/9/2017 08:45

ZhockeyI believe they have around £22m, but that can fast dissappear. .

[richie666] 12/9/2017 08:40

He has more hair Herm! However not a good singer as me!

[hermana3] 12/9/2017 08:33

Richie, You enjoy The David V Goliath thing! Are you by any chance related to Liam Gallagher?

[billyrayvalentine] 12/9/2017 08:24

Ianio5691
11 Sep '17 - 15:18 - 52752 of 52791 1 0
Richie666's Align Research getting a kicking in the Evening Standard...







Market report: Fingers burned as Providence oil strike talk proves fake news


Beware market rumours. Small-cap punters who piled in to one doing the rounds last week learnt a harsh lesson today as it turned out to be fake news...

...nice one, welcome in Trump's "fake news world", Align Research aka richie666 ;-)

[ianio5691] 12/9/2017 08:19

RNS Pageant still adding. Now hold 58m - 9.7%

[tsmith2] 12/9/2017 08:16

Pageant increase holding, I think ToR is a dead man and crystallisation event is coming...

[richie666] 12/9/2017 08:11

Here's hoping!

[zhockey] 12/9/2017 08:04

How much cash did PVR have to spend on this well? The RNS said they had covered costs significantly but that is a dial back from a $5M surplus. Could their cash now be as low as £20M requiring a fire sale placing?

[rayrac] 12/9/2017 07:47

I'm out...again. Been a costly trip, but not all eggs by a long way!

Best of luck you crazy followers.:(

[archlight] 11/9/2017 21:07

Hoper

Its bloody difficult for an Irishman to spend millions drilling for water in an ocean. Even for a paltry 500k a yr.

[hermana3] 11/9/2017 20:51

Rog,Pat has to trust his Chief Geologist's instincts. Wee Sully will be sleeping with one eye open for a while now as his lustre after Barryroe has long lost its shine....