Providence Resources Share Discussion Threads

[hermana3] 06/8/2019 23:46

T5 and PVR could be a good combo with Tone walking de plank. Money could be raised for Barryroe if Chinese bail. Bet investors insist on Tone's immediate exit as a pre condition. Pat could be an Interim CEO and Angus Operations Advisor

[raisethestake1] 06/8/2019 23:25

Herm, something is going on when it is just Junior and the two ex Tullow boys left.We know it should be 100s of millions value,but beggars can't be choosers.We have been advised now by Cenkos Providence UK broker advises that we could raise in order to carry out survey so as to get the asset drill ready.Furtherly it was advises survey last quarter 2019 with drilling pushed to 2020.Junior wins because he stays on the gravy train longer.He has been doing it for years now.He has now spent 200 million and has nothing to show for it.Bluffer straight off the top shelf.Hopefully his days are numbered.If he put his money where his mouth is he would be broke by now.We are constantly being fed limited information.How will this man face the crowd at the AGM if this deal doesn't go ahead.I hope he is gone by then.He is costing me money.Lets hope our luck will change.Hopefully news this week.If not we have a major problem.GLALTH

[hermana3] 06/8/2019 22:19

Raise,Plunkett is foremost a dealmaker and he and Angus would bring in a proper CEO such as Tom Hickey or Philip O'Quigley. What would T5 pay or would we be taking paper?

[raisethestake1] 06/8/2019 21:30

Hopefully Herm.Seriously to draw massive wages from a company with 3 employees and no money is disgraceful.To expect us to pay for his lifestyle takes some neck.Ownership of all the major assets will be transferred.Let us hope we get a bidding war not a firesale for Juniors finishing bonus.Are T5 circling I wonder?

[hermana3] 06/8/2019 21:01

Raise, Pat and Angus wont be as pliable as Daddy was.

[r9505571] 06/8/2019 17:53

From the LSE board... Another possibility is that JO'S was only hanging on to see his share options come good. Twenty-six million options granted in 2016 and 2017 under Providence's Long Term Incentive Plan (LTIP) lapse this week. JO'S has nine million of them. Unless the share price exceeds the strike price of 45c by Thursday they are worth diddly squat. The same applies to the twelve million held by TO'R. I presume he will propose giving himself a new tranche if things eventually work out, but it seems the other senior people are not to be so incentivised.

[steelwatch] 06/8/2019 17:07

Riley - it would take either time or money.

2018 AR:

Mr. Tony O’Reilly, Chief Executive, has a service contract, effective from 1 April 2017, with the Company in respect of services outside of the Republic of Ireland through a company beneficially owned by him, Kildare Consulting Limited. The emoluments and fees payable under the above mentioned contract amounted to €426,075 for the year ended 31 December 2018 (see Note 23 (Related Party Transactions)). The contract was renewed on 1 April 2019. The renewed contract is of two years duration and is subject to one year’s notice period.

[jam2day] 06/8/2019 17:06

Really Riley --- couldn't agree more if only that simple

[riley9] 06/8/2019 16:40

Pat and Angus should hold a board meeting and vote junior a massive pay cut, easy win - 2:1 against junior.

[divmad] 06/8/2019 14:16

Is this a record time delay now at the DCCAE between notice of compliance with environmental issues and issue of a survey permit? Or just how much longer should a patient observer wait for action?

[raisethestake1] 06/8/2019 11:26

We are in for a further dilution here if this beauty goes ahead with a fundraise.Bear in mind that it is really needed to pay the inflated wage bill here,as well as the redundancy package for those leaving.Is it not bad enough to have wiped 40% off the share price in the manner carried out here.Its all very sinister in my opinion.He must go now.Take the golden spoon out of his mouth.Does anybody really think that Baby will turn up for work A5 9.00am in a serviced office.One things for sure if he does is that he will be only one getting 1/2 million a year wages.We are getting robbed blindly here.

[richpassi] 06/8/2019 09:13

Not even the 50k , not a penny more ......unless !

[hermana3] 06/8/2019 08:47

Ok put him on £50k and a bonus for successful drills. Bet Pat and Angus will be putting heat on him to reduce his massive salary by a large amount. Tis an obscene overhead in an outfit of this size

[richpassi] 06/8/2019 08:43

You really think he's worth 50% ? I'd hold my head in shame before I took another penny . To earn your money you really do need to produce something , only my opinion . I know he is truly loved by the majority .

[hermana3] 06/8/2019 08:42

Steel,Providence have probably already had approaches to Operate Barryroe. Hope there is a placard at The Natural Resources Ministry today....

[steelwatch] 06/8/2019 08:40

Herm - COSL should be able and willing, but, if not, the likes of Petrofac, ADTI, Fraser etc all capable.

[hermana3] 06/8/2019 08:32

Yes Jnr needs to trim minimum 50% off his massive wedge!!!!

[hermana3] 06/8/2019 08:31

Steel,Fast becoming a standard procedure for an outfit that drills on average about once every 3 years.

[riley9] 06/8/2019 08:29

Junior needs to take another salary cut too, pronto.

[steelwatch] 06/8/2019 08:22

Rog - in the RNS, they'll bring in a "dedicated project management team," which I read as a turnkey drilling contractor.

[matt] 06/8/2019 08:21

I think the following part suggests that they are letting their fulltime employees go but when funding is in place they will hire a project team as necessary for Barryroe. They would not be the first business to let full time people go and then re-hire some of them on a short term project basis.


Site-Survey Consent Pending

The Company is still waiting for consent to conduct a site survey over
Barryroe. As of August 2, 2019, the application is still pending with
Ireland's Department of Communications, Climate Action & Environment.
The Board believes that the carrying out of the site survey in the
immediate term is essential to expedite the forward drilling plans for
the Barryroe Project which will be managed by a dedicated project
management team.

[rogerlin] 06/8/2019 08:06

EXOLA will act as Operator for the Drilling Programme with technical
assistance being provided by the APEC Consortium; and,

-- After the completion of the Drilling Programme, APEC will have the right
to become Operator for the development/production phase.

Are there enough staff left for PVR to be "Operator"? There must be rules to qualify as Operator, not likely that APEC could just step in.