Providence Resources Share Discussion Threads

[steelwatch] 29/3/2018 00:31

Back in the days of yore, around 2011/12, I was invested in one, Nautical Petroleum, with its flagship discovery pretty much fully appraised and seeking to farm down for a development carry. Enquest joined the party and all looked sweet, but, after a frustratingly long period of Omerta when NPE's price dwindled to less than half of it's heyday, Cairn popped out of the blue and took Nautical out together with it's remaining stake @ £4.50 per share cash. I was a tad miffed at the time in view of mi sick squid target, but, looking back, it didn't work out too badly, if only I hadn't stuck de proceeds in ENQ! Eye watering development costs through to production last year have saddled that nag with nigh on 2bn debt. CNE, on the other hand, benefiting from the legacy carry, now has a 30% stake in a field nearing plateau production of 50k+ bopd.

[hermana3] 28/3/2018 22:09

1cag, Wont be selling either!

[1cagney] 28/3/2018 21:59

Herm I for one have no real option but to hang tight for a little longer.

[hermana3] 28/3/2018 21:57

SR, 10% of Barryoe is chickenfeed to the Chinese. Wonder what they would pay for the lot? 50p per share?

[srvsrv] 28/3/2018 21:53

good point hermana3 regarding the warrants:)

[hermana3] 28/3/2018 21:50

1cag, Give it some time. APEC must be eyeing the whole shooting match here. Today's deal is only a starter.....I note they aint interested in LOGP warrants...

[1cagney] 28/3/2018 21:42

Thanks guys but oil at 70 tensions with Russia problems with some connector in North Sea, and Brexit should be pushing this up.

[hermana3] 28/3/2018 21:41

Steel,APEC is loaded with cash and ambitious. President Trump says these are highly important things for a partner to possess...

[steelwatch] 28/3/2018 21:32

1cag - hot money seems pretty scarce all round the noo, coupled with sh1tti market in these dark days of trade war talk, nuclear tension and Brexit!

[hermana3] 28/3/2018 21:23

1 cag, probably because no drill in 2018 and no cash element in deal. Market not getting the big picture yet( nothing new there!).

[1cagney] 28/3/2018 21:14

Herm I hear you. But why hasn't the share price moved from no deal to deal?

[hermana3] 28/3/2018 21:07

1cag, This deal helps unlock the underlying value of Barryroe and that is a good thing.
Steel, Spanish Point is low hanging fruit and this is what APEC likes. Spanish Point to be drilled in 2019?

[1cagney] 28/3/2018 20:58

OK so after a loooong wait, today was best described as totally underwhelming. So what'll move the share price ? The Sunday Papers ?, the confirmation of the Deal in Q3 2018 ? The arrival of a rig in Q4 2018 / Q2 2019 ? The drill test results in Q3 2019 ? The potential of a take-out of PVR because of the test results ? or none of the above ? You'd want the patience of a flipping saint.

[steelwatch] 28/3/2018 20:56

herm - Herr Trumpmeister says "America First!" I say "Low hanging fruit first!" and share price fits de bill 😉

[hermana3] 28/3/2018 20:42

APEC could come in for Spanish Point too!

[hermana3] 28/3/2018 19:47

Westie, Saw your call but couldnt take it as at work! Good farmout...

[greyingsurfer] 28/3/2018 18:41

Seems a pretty fair comment, though given Malcy's normal excess enthusiasm it does read somewhat negatively!

Peter

[neo26] 28/3/2018 18:24

Maybe this comment from Malky today didnt help the increase. Hmmmm Malky Boy.

Providence Resources

It is near enough April Fools Day to check ones calendar as PVR announce a modest farm-out of the Barryroe field to a Chinese consortium who will fund 100% of three wells and associated side tracks. This will be funded by way of a non-recourse loan secured against future Barryroe production plus warrants at 12p and if completed will be in Q3 2018. Unusually I have had no comment from Tony O’Reilly, when I have I will add more but this deal is by no means a clean farm-out by traditional standards and lack of comment from TOR is worrying.

[tsmith2] 28/3/2018 17:47

2 * 1Mn trades reported. Looks like orders worked..Decent move coming up me thinks

[westmoreland lad] 28/3/2018 17:00

Herm not answering mobile either. Perhaps fell off de potty this am..

[steelwatch] 28/3/2018 16:31

ns - delete takes about 14 days to clear apparently.

[steelwatch] 28/3/2018 16:29

cheers abu. email from herm did not have Spanish header, so took it he was home.

[notaskanger] 28/3/2018 16:22

steel, got your message.