Providence Resources Share Discussion Threads

[feelbo2] 30/9/2019 13:00

Clear since last year and sadly hidden from Shareholders until June. Apec Money was never going to arrive. Need for recent 30th extention only to secure placing for Boards salary, cost of redundancies including Tors, liabilities nothing more.All the waffle about Apec being embarrased,,Tor staking his reputation, money being held up in the banking system is a pile of mince. Unfortunate again for everyone who bought into today's placing including Plunket are already in the red... Look forward Tors update in the morning.

[papillon] 30/9/2019 12:39

Manyana (real name Walter Mitty!) posts the following drivel on the lse PVR bb:


"How much is Providence worth without Barryroe? About $250m. Why? Because every cent you spend looking for oil can come out of the profits you make and Providence has spent that amount over the years on failed projects all of which can be repaid out of Barryroe?

Why do you think O'Reilly has been running around for the last seven years on futile projects instead of developing Barryroe? Two things would happen. They would find billions of barrels of oil in another hole or they could use the costs against Barryroe's profits."

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Manyana is definitely away with the fairies! A resident of Cloud Cuckoo Land! I think, Manyana, that "O'Reilly has been running around for the last seven years on futile projects instead of developing Barryroe" because NO ONE, apart from a couple of chancers with NO money of their own, called Lars Windhorst and Colin Liu, are the only ones prepared to put up the money to develop Barryroe. Unfortunately no one has been mug enough to give them that money!!

[papillon] 30/9/2019 12:21

Meanwhile a poster called ALGU is doing his ramping best on both the lse LOGP & PVR bb's.

ALGU
Posts: 297
Price: 0.975
No Opinion
SLE half year repot
Today 09:39
In the half year report for SLE it values its 5% interest in Barryroe at US$33.2 million, which is a smaller share than LOGP but many times our market cap.

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Obviously ALGU is deluded if he thinks the SLE valuation bears any relation to reality. That valuation is pure fantasy. He only has to look at the valuations of the unquoted companies in the WPCT portfolio to realise that some asset valuations in company balance sheets are pure fantasy.

Also ALGU doesn't seem to understand he's NOT comparing like with like. The SLE 4.5% stake in Barryroe is a NET PROFIT INTEREST (NPI) stake unlike that of LOGP. SLE had a 30% interest in Barryroe (PVR had 50% & LOGP 20%). SLE sold that 30% stake to PVR in return for a 4.5% NPI. Either ALGU didn't know that, or he does and he's trying to compare chalk and cheese.

[jam2day] 30/9/2019 11:36

Good indication that no monies coming-plan B it is with the orange man to fall on sword if not inplace

[feelbo2] 30/9/2019 11:27

Egm update PVR secured short term funding from placing. Fictional $9m still not arrived from Apec!. No surprise...

[hoper2] 30/9/2019 11:02

Sub 5p - new shareholders already down. How on earth did they manage to sell more shares at over 5p? You can tell these fund managers don't use their own money.

[ianio5691] 30/9/2019 11:00

the Chinese firm now felt "a bit ashamed"....

Don't think this mickey mouse Chinese outfit have any shame!

Clearly a bunch of wannabe cowboys and our only chance now is to find a serious, legitimate farm-in partner.

If the money was not here first thing this morning, it will not materialise mid-day.

We need to tell these Chinese con men to do one and move on.

Come on Pat - sort it out.

[ohisay] 30/9/2019 10:53

Mr O'Reilly said APEC had been informed last week of the planned fundraising, and said he believed the Chinese firm now felt "a bit ashamed" that Providence had been forced to raise cash from shareholders because of the delay in receiving the APEC loan.

Good to know eh?

[steelwatch] 30/9/2019 10:50

EGM res passed, but no sign of Apec dosh with hours to go...

[ianio5691] 30/9/2019 10:47

Placing to raise 3.7m Euros.

Phew - that's Juniors salary sorted for another few of years.... beginning to worry how he would afford to maintain his privileged lifestyle if the gravy train ran out of cash...

Back to the sunbed for him then!

[mcbull] 30/9/2019 09:08

Providence Resources will hold an extraordinary general meting later this morning at which shareholders will be asked to approve a plan to sell new shares in the company.

Earlier this month the oil exploration firm announced it was carrying out a conditional share placing in order to raise $3.76m.

The money may be required by the company because of ongoing delays in receiving a loan advance of $9m from Chinese investor, APEC Energy Enterprises Limited.

APEC has missed a series of deadlines set by Providence for receipt of the funds, which are to be used to cover the exploration costs at the firm's Barryroe site off the Cork coast.

Providence has given it until close of business today to deliver the funding, which was originally due on June 14.

Chief executive Tony O'Reilly Jr has blamed the problem on an international bank transfer delay.

On September 12 Providence said it had conditionally raised cash by proposing to issue nearly 60 million new shares to institutional and other investors at a price of £0.051 per share.

The money from the placing is to be used to re-engineer the company's business model, fund a site survey at Barryroe and for working capital.

Providence has said that if it does not receive the proceeds of the placing, its ability to continue as a going concern will be compromised.

The proceeds of the share sale will only provide working capital up to February 2020.

Providence's board is currently undertaking a strategic review of the options available to the company on future financing alternatives to finance future working capital obligations beyond that date.

At the firm’s AGM earlier this month, Tony O’Reilly Jr said he fundamentally believed that the $9m loan from the Chinese backers will be delivered.

He also said he has staked his reputation on the issue.

[digbee] 30/9/2019 08:37

RTÉ radio,share offering at EGM.

[hermana3] 30/9/2019 08:35

Triple watching day here!!!!

[hermana3] 29/9/2019 23:33

This has saved them loads of interest!

[riley9] 29/9/2019 22:37

They should have drought it over in a suitcase, it have been a damn site quicker.

[hermana3] 29/9/2019 19:31

We hope this is the first of many payments. So far all we have on offer is an interminable wait and our extremely tanned leader putting "his reputation" on the line of Chinese cash arriving.....

[canigou2] 29/9/2019 18:56

4 months so far. Doesn't seem right to me but wtfdik. If it is I would personally rule out partnering with Chinese entities. This is only the first of many likely transactions!

[mwainw1973] 29/9/2019 16:39

Hasn't it already been confirmed just not received? Someone working in banking tells me this can take months

[canigou2] 29/9/2019 14:41

Wasn't this cash advance due at the end of May? To state the obvious, this doesn't look good. At the end of this week a new plan may be required.

[papillon] 29/9/2019 13:49

From today's Irish edition of the Sunday Times (via the internet):

"Nearly 160 oil and gas wells have been drilled in Irish waters since 1971, with only the Kinsale and Corrib gas fields so far yielding recoverable hydrocarbons

Exploration for oil off Ireland has attracted large-scale investment from some of the biggest names in international oil and gas. To date, they have nothing to show for it in terms of actual oil output. According to the Irish Offshore Operators’ Association (IOOA), which represents fossil fuel exploration companies, about €1bn has been invested in the hunt for oil and gas off Ireland. Nearly 160 oil and gas wells have been drilled in Irish waters since 1971, with only the Kinsale and Corrib gas fields so far yielding recoverable hydrocarbons. Not one barrel of oil has been recovered."

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So circa 1bn Euro's has been spent on 160 wells and "NOT ONE DROP OF OIL HAS BEEN RECOVERED". I'd say drilling offshore Ireland for oil is a complete waste of money! The odds on success are negligible.

[riley9] 28/9/2019 19:17

So is cost reduction.

[hermana3] 28/9/2019 15:50

EGM cash needed very urgently...

[funtimejonny] 28/9/2019 15:16

Won't be the first time they've been scammed!