Providence Resources Share Discussion Threads

[bones698] 30/8/2019 14:00

Barryroe isn't going to ever get developed until oil is in short supply and the price is sky high say 200 a barrel it's simply to risky and expensive to develop otherwise and whilst we there is no need with plenty of easy oil to access without barfyroes major issues it won't be and we won't see it in our lifetimes . Worthless at this point tbh .

Why9 do you think so many have successfully drilled it but walked away even after hitting oil so many times . Simply because the flow rates drip off a cliff quickly due to compartmentalization. It would require numerous side tracks and the risks of collapse and bore damage increase massively .

[papillon] 30/8/2019 13:59

I agree with you, Cash. Good insight.

[cashandcard] 30/8/2019 13:01

papillon,


That would make it even worse. Barryroe not being a goer was known for a longtime. But to be touted as such a great asset by the companies involved rips up what little remains of their credibility. It would also make them little more then lifestyle operations for management hoping to secure their own futures while waiting on a miracle in the Atlantic margin - very very high risk.


Cash

[papillon] 30/8/2019 12:54

I'm beginning to believe, Cash, that it's NOT TOR's fault that Barryroe hasn't been appraised after PVR drilled the last well on it over 7 years ago. I believe the fault lies with Barryroe itself!! I'm beginning to believe that TOR & PVR know that because the money they have raised in previous placings hasn't been spent on drilling another appraisal well on Barryroe, but on wildcat wells on the Atlantic margin. Apart from that European chancer around 4-5 years ago and the latest chancer, APEC, no reputable oil company appears to want to farm into Barryroe. There was talk around 5-6 years ago that the state owned Indian oil company was going to make a billion dollar bid for PVR, but I don't believe that rumour to be genuine. Definitely PVR made no official comment. It never mentioned that the Indians made an approach.

[cashandcard] 30/8/2019 12:30

It was always thus, no money = placing. The real question is why do investors still believe in Tony O'Reilly as the man to get Irish oil going. This bloke has achieved almost nothing with Barryroe over the last 6-7years. In the same timeframe other medium-large appraisal stage projects have been appraised, developed and are actually producing oil. Get a new boss, long overdue.

Cash

[bones698] 30/8/2019 12:21

Share price now showing that pvr are touting for a fund raise and share issue imo . They have said as much in their recent rns's and the money from apec isn't coming .

They will spin out the rubbish about assurances until after the fund raise to keep the price up them it will come out the deal is dead .

[1cagney] 30/8/2019 10:00

The lack of movement from the Kommandor speaks volumes. I just hope that pageant & the other major holders are not going to allow their investments go belly up without some form of swift intervention.

[hermana3] 30/8/2019 08:10

September on horizon and light months away from a spud!!!!

[hermana3] 30/8/2019 07:19

When will we get a change to this status quo? We will soon be running out of road here...

[riley9] 30/8/2019 07:09

Still no money then.

[babbler] 29/8/2019 16:12

have a tent ready just in case...

[r9505571] 29/8/2019 15:03

I remortgaged the house to load up!

[njl53] 29/8/2019 14:59

Thanks for update, Steel.

[steelwatch] 29/8/2019 14:47

njl - Not what GD asked, but may be what he meant perhaps?

Shares in treasury (none afaik):



Authorised, means they have the headroom previously authorised at general meetings to create new shares. Most companies have some headroom in order to be able to raise up to the limit. If they need more, shareholder approval has to be sought via convening a GM.

[shanur90] 29/8/2019 13:58

That's not punt money that's huge money someone's in the known I took some can see this spike as we can see the huge buys in logp too but that keeps going NT

[jam2day] 29/8/2019 13:13

reassuring 1.5 mln buy - lets hope its done with information recieved

[papillon] 29/8/2019 12:22

There is an ignorant fantasist called Manyana posting on the lse PVR bb.

He's posted the following nonsense today:

"As for APEC trying to get Providence or Barryroe on the cheap you have to look at the assets. Barryroe is quantified as 340m barrels of oil on an independant assessment of a p90 basis. "Proven reserves are typically known as 1P, with many analysts referring to it as P90, or having 90% probability of being produced."

That oil, in the ground, at p90 is valued by the oil industry at $5 a barrel. That gives a value of $1.7billion to Barryroe "as is" so how can anybody buy Providence cheap and on that basis he should have no problem, surely, of borrowing against it especially as the company has no debt."

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

That's nonsense. Plain bollacks! Barryroe is classed as a Contingent resource. FACT. What Manyana is too thick to understand is that the drilling campaign following the APEC farm in is a series of APPRAISAL wells to hopefully prove that Barryroe is a commercial prospect and change that Contingent 2C resource classification into a P1 + P2 Proven reserve.

Someone needs to tell Manyana he's talking complete bollacks!

[papillon] 29/8/2019 11:53

njl53
29 Aug '19 - 11:45 - 59222 of 59222
0 0 0
Steel - Authorised capital seems to be bigger than issued as per that link??

Authorised Capital at 31st December 2016.....
…. 986,847,052 Ordinary Shares of €0.10 cent each

Issued Capital at 31st December 2016....
597,658,958 ordinary shares of €0.10 each

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

That just means, nj153, that PVR can issue 398,188,094 new shares (986,847,052 - 597,658,958) without seeking shareholder approval because they already have that shareholder approval to increase the shares in issue to 986,847,052 shares). Simple really, nj153!

[njl53] 29/8/2019 11:45

Steel - Authorised capital seems to be bigger than issued as per that link??

Authorised Capital at 31st December 2016.....
…. 986,847,052 Ordinary Shares of €0.10 cent each

Issued Capital at 31st December 2016....
597,658,958 ordinary shares of €0.10 each

[raisethestake1] 29/8/2019 07:25

Kommandor still in the dock. Po Reilly is going to the markets for his wages. Who will be getting a slice of PVR on the cheap.Lets face it the money hasn't come since last year,The an Taisce delay was a smokescreen and we are being played for fools getting fed a load of manure weekly at present.Get it wrapped up either way now I say.GL to us all ,we may just need it.

[papillon] 28/8/2019 22:04

I'll need to refresh my memory of the contents of the PVR & LOGP updates on the whereabouts of the elusive US$9m since the 5th June by reading them again, only I can't remember any of the many updates mentioning that getting the US$9m out of CHINA is the problem. However that hasn't stopped the bullish posters, since early June, posting numerous links to web sites showing how difficult it is getting money out of CHINA and prattling on non stop that getting money out of China is the problem (look at the lse PVR bb today for conformation). In fact CHINA, if my memory serves me right, doesn't get a mention in any of these RNS updates. Please somebody correct me if I'm wrong, if only to stop me wasting my time reading the RNS's again. In fact a recent PVR RNS mentions that APEC have yet to receive the cash from their funder so in all likelihood neither APEC, nor their funder, have yet tried to get that US$9m out of CHINA.

As Matt posts on the new LOGP censored thread it's impossible to contact APEC on the phone numbers and email addresses they provide. Why is that? Do they still exist? Their web site gives no clues, apart from the fact that it hasn't been updated for at least a year and makes no mention of Barryroe. Which in itself is a danger sign! Small O&G enterprises, like APEC, even private ones, tend to shout out the news of a major farm in deal from the rooftops, so why the reticence from APEC? Again I ask, do they still exist? If they do I would have thought they would have issued some kind of update on the situation, but they say nothing!

Who are APEC's funders? If, as the fantasists believe it's JIC and/or CNOOC, why don't the PVR/LOGP RNS's say so instead of just referring to APEC's funder(s)?

It took over 6 years to farm out Barryroe including over 2 years when the PoO was over US$100 per bbl. What chance now of attracting a reputable oil company to farm into Barryroe? Manyana on the lse thinks it would be easy, but I tend to disagree.

[steelwatch] 28/8/2019 17:54

GD - I don't think so:

100% of the companies issued share capital is in public hands.

[greatfull dead] 28/8/2019 08:08

Has providence got any shares in treasury???

GLA,
GD

[funtimejonny] 28/8/2019 07:39

Another article appeared in the Examiner yesterday evening about PVR and the delayed funding.