Providence Resources Share Discussion Threads

[steelwatch] 19/10/2017 10:39

isef - senior moment!

[isef0001] 19/10/2017 10:31

steel: No worries! I just wasn't sure if I'd missed something.

[steelwatch] 19/10/2017 10:15

Isef - thanks for correcting me.

[hermana3] 19/10/2017 09:14

Ise, Total has up to November 25.

[isef0001] 19/10/2017 07:06

steel: Can you give your reasoning for the Christmas exercise time frame please. I ask because the D/D P&A announcement was on 26th Sept and the Avelon option gives Cairn 60 days from that event announcement. So my my reckoning they have until 25th Novemeber '17. But happy to be corrected if you have other information. Cheers.

[steelwatch] 18/10/2017 19:19

I believe Cairn has until Christmas to exercise their option to farm in to Avalon. Same for Total to take up 2/14.

[rogerlin] 18/10/2017 19:06

This is the farm in that was already agreed. The 60 day options are for Total to continue with the Druid/Drombeg licence and for Cairn to farm in to Avalon. Until we hear about those we will not know what Total or Cairn really think about the results at Druid/Drombeg. There is no drill commitment as yet on the Avalon licence and so Total have not spent much so far, if they don't like it now they just won't do anything. The Atlantic margin is off unless one or both of those options are taken up or of course unless Nexen drill a successful well and that not till next year at the earliest.

[greatfull dead] 18/10/2017 17:49

Herm,

I too will be buying a good many PVR in time.

ATB,
GD

[hermana3] 18/10/2017 15:54

FTJ, Cant fault Total for a lack of enthusiasm! That bitumen must count for something....

[funtimejonny] 18/10/2017 15:17

Every little helps... a bit more money coming in the door instead of going out is OK in my book!

[steelwatch] 18/10/2017 12:44

By my reckoning, following today's farm in to 16/27, the first well cost up to $42m is split:

TOTAL 60%/PVR 32%/Sosina 8%

Anything above the $42m would revert to TOTAL 50%/PVR 40%/Sosina 10%, but if CNE exercises it's option then, up to the cap:

TOTAL 60%/CNE 24%/PVR 12.8%/Sosina 3.2%

Anything above the cap reverts to TOTAL 50%/CNE 20%/PVR 24%/Sosina 6%.

[hermana3] 18/10/2017 12:38

GD,Pageant sweeping up more shares here.

[greatfull dead] 18/10/2017 11:33

Herm,

I just read your post on the EOG bb. I am on standby to re-enter back into PVR.

ATB Amigo,
GD

[greatfull dead] 18/10/2017 11:29

Fiach,

Have you got the hiccups? Or maybe you have nowt better than repeat yourself. What have you contributed to the thread? Nothing as far as I can see, except to take the phish because I used the wrong word for hurling.

Enjoy your day. I am, making money...

GD

[steelwatch] 18/10/2017 11:02

Cairn to take up their option next? If so, 84% of first Avalon well cost up to $42m covered...

[hermana3] 18/10/2017 09:01

Fiach, You are a hoot! Any comment on the French voting yes to AM?

[greatfull dead] 18/10/2017 08:45

Good morning all. Done a bit of selling and buying yesterday on the phone to my broker while having breakfast in a hotel down south. Now safely home and slept well at home last night.

Great RNS from PVR today. Buying PVR again very soon. Got a hectic day ahead. Looking to buy a vehicle with a ramp installed for mobile wheelchair access. Life is a tad a busy for me currently!!!!!!

ATB,
GD

[hermana3] 18/10/2017 08:13

Well that is a plus. So it looks like The Atlantic Margin aint dead after all. Avalon drill could happen...

[buffythebuffoon] 18/10/2017 07:58

Moved out of these losers after the failed drill.

I just popped back to see if the same posters are still exchanging pleasantries, and if Ritchie has still not managed to move on with his life.

Yep, same old same old, with PVR still unable to find the caps lock button when they write their ‘so what’ RNSs.

Buffy

[stockriser] 18/10/2017 07:27

That could well be the next news ☺

[bump3r] 18/10/2017 07:22

Good news.Why don't Total farm into Barry,rather than frontier exploration?

[tmmalik] 18/10/2017 07:11

Jump jump jump20p

[stockriser] 18/10/2017 07:06

Licence Update
Licensing Option 16/27
Southern Porcupine Basin
COMPLETION OF FARM-IN WITH TOTAL
MINISTERIAL APPROVAL FOR ASSIGNMENT OF 50% EQUITY AND OPERATORSHIP OF LICENSING OPTION 16/27 TO TOTAL
Dublin and London - October 18, 2017 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, provides an update on Licensing Option ("LO") 16/27. Providence is pleased to confirm that the agreed farm-in by TOTAL E&P Ireland B.V. ("TOTAL"), a wholly owned subsidiary of TOTAL S.A. has now completed. This follows approval of the Minister of State at the Department of Communications, Climate Action and Environment to the transfer of 50% equity and Operatorship of LO 16/27 (Avalon) to TOTAL.
In June 2017, Providence announced (RNS June 7, 2017) that Providence and Sosina Exploration Limited ("Sosina") had signed a Farm-in Agreement ("FIA") with TOTAL whereby TOTAL will take a 50% working interest and Operatorship in LO 16/27, subject to Ministerial approval. Under the terms of the FIA, TOTAL:
Pays its pro-rata share of past gross costs of c. US$ 0.175 million
In addition to its pro-rata share, pays 21.4% of the past and future costs during the 2-year term of LO 16/27, subject to a gross cost cap of US$ 1.33 million
In the event that the JV partners agree to convert LO 16/27 into a Frontier Exploration Licence, and a subsequent decision is taken to drill an exploration well, TOTAL will pay 60% of the drilling costs, subject to a gross well cap of US$ 42 million
With the farm-in now completed, the revised equity in LO 16/27 is TOTAL (Operator - 50%), Providence (40%) and Sosina (10%).

[funtimejonny] 17/10/2017 19:55

A Cracker...a cracker this wee beauty