Providence Resources Share Discussion Threads

[specul82] 22/8/2019 15:05

Interesting comment a bit reassuring from cnooc The Iolar post-well results are being analysed and, once complete, will help inform our future activity in the basin. We have high-quality prospects offshore Ireland and are looking to mature opportunities in the region,� Riddoch said.

[abudhabi123] 22/8/2019 14:55

Thanks Steel

[papillon] 22/8/2019 14:14

I think you are spot on there with your scenarios, cash. O'Reilly has been a big PVR winner over the years. Trouble is he has been the only bloody PVR winner! What's he on? 670k Euro's a year? Not bad going for an AIM quoted O&G explorer that hasn't had any drilling success recently, has no revenue and is to all intents and purposes SKINT! What does he do all day apart from top up his tan? After all his PVR workload can't be that onerous.

[cashandcard] 22/8/2019 14:01

As the money has not been received and looks like its not going to be, I think the following two scenarios will playout;

- PVR are probably well aware the money ain't coming but cannot announce deal is dead before the AGM (12th Sep) without risking a complete hammering by shareholders and risking the passing of resolutions. So they will continue to extend the backstop date until the AGM is out of the way in a few weeks.

- Once the AGM is done, they will announce the deal with APEC is off or announce a fundraiser to get things moving and let APEC quietly disappear from their RNS's.


Whichever way one looks at it now, APEC look like Charlatans and PVR management even bigger Charlatans. The question for investors is why do you still support O'Reilly Jnr? What has he achieved since 2012 (apart from picking up a fat salary)?


Cash

[steelwatch] 22/8/2019 12:22

abu - Kommandor back in range now and on time.

[jusmasel99] 22/8/2019 11:03

Not so sure about that being all bad news .. somebody must know something because they have been buying up EOG shares for the last couple of days.

[currypasty] 22/8/2019 11:00

CNOOC Petroleum Europe and ExxonMobil have plugged and abandoned a high-profile wildcat on the Iolar prospect off the west coast of Ireland as a dryhole.
Following the disappointing results, the Stena Drilling-owned drillship Stena IceMax has now departed from the FEL 18 well, 232 kilometres offshore in the Porcupine basin.

Ray Riddoch, CNOOC Petroleum Europe's managing director, confirmed the well was dry.

"The Iolar post-well results are being analysed and, once complete, will help inform our future activity in the basin. We have high-quality prospects offshore Ireland and are looking to mature opportunities in the region,” Riddoch said.

The Stena IceMax began drilling on 27 May.

CNOOC Petroleum Europe, a subsidiary of Chinese state-owned company CNOOC Ltd, was operator in a 50% partnership with the US supermajor.

Iolar was in an adjacent block to Providence Resources’ Druid and Drombeg prospects, which yielded disappointing results when drilled in 2017.

Jamie Collard, senior analyst at consultancy Westwood Global Energy Group, said 29 exploration wells have now been drilled in the Porcupine basin without any commercial success.

"In the southern Porcupine, the failures at Dunquin and Druid/Drombeg shifted the focus away from the Cretaceous and Cenozoic stratigraphy, back to Jurassic plays," he said.

"The dryhole at Iolar would seem to have downgraded the Jurassic, and the potential of adjacent acreage, assuming it was a valid play test.

"The Porcupine basin appears likely to remain frontier until risks regarding source effectiveness and reservoir quality can be reduced

[resourceful] 22/8/2019 10:34

worst possible news

[itsriskythat] 22/8/2019 10:26

Upstream online have tweeted:

[abudhabi123] 22/8/2019 09:56

Thank you Steel. ATB

[steelwatch] 22/8/2019 09:40

abu - Kommandor eta Montrose 16:00 BST today. You may be able to catch it on webcam:





Currently out of range in a dead area.

[abudhabi123] 22/8/2019 09:08

GD...ATB to you too. We keep our fingers crossed and hope the money arrives sooner rather than later. I am confident it will.

[greatfull dead] 22/8/2019 08:50

Abu,

Your right, TOR forgoing his huge salary at this stage would not alter PVR current situation. It would have a few years ago imo.

Best of luck with you topping up. I have averaged down on shares and that has paid off.

I did what I don't do and should not have done yesterday. I topped up on share yesterday afternoon at a price near the highest its ever been. Fortunately I am still overall in profit there.

ATB,
GD

[hermana3] 21/8/2019 22:19

Westie, Will be at me post in the morning...

[westmoreland lad] 21/8/2019 21:42

------ and after five chuffing years BPC announced this morning a formula to drill the first oil well offshore Bahamas. Interesting reading their RNS this am. with special regards to drilling costs etc.. Have a read and see if your thinking is akin to mine regarding possible re negotiations going on at PVR.

Quote -- thx whoppy ----------------------------------->

I bet some of the majors choked on their blueberry pancakes this morning at those drilling costs. Less than $50m for drilling two wells.

[matt] 21/8/2019 21:39

Cork I imagine

[steelwatch] 21/8/2019 21:37

Survey vessel headed into Montrose. From there, we'll see where to next...

[goggin] 21/8/2019 21:36

But Why friend?

[hermana3] 21/8/2019 20:04

Gog, Look beyond your shorting nose and this is worth multiples of current price

[abudhabi123] 21/8/2019 16:18

GD...if TOR did what you are suggesting would it have altered the current situation. What we want right now is to receive the $9m and get on with the survey, followed by the drilling.
I reiterate that I am frustrated as you are, but I am convinced all will come right.
I have actually been topping up with these silly prices!!!

[abudhabi123] 21/8/2019 16:01

fiachra...if you are so clever,and I am so ignurant (you probably mean ignorant) why don't you answer the question which i I addressed to GD.

[matt] 21/8/2019 15:58

I hope that suggests someone knows something and the funds arrive.

As I was trying to discuss on the LOGP thread their appears to be enough to suggest the issue is with APEC's funders not APEC and one might conclude the funder is no longer JIC. Either way I hope the money for the survey and the future drilling is forthcoming.

If anyone has found better information than I've posted there today I'd be keen to see to better understand the risk.