Providence Resources Share Discussion Threads

[hermana3] 08/12/2019 10:51

OM, The Irish Government still banning oil drilling in future licences. Still allows drilling for gas. Very confusing as most drills are for gas and oil. PVR's current licences unaffected of course.

[greatfull dead] 08/12/2019 10:48

Herm,

Reading your posts TOR/PVR should have in hindsight concentrated on one or two fields that had previously had been discovered in the 70's/80's.

Drill and discover either gas or oil in quantities that were sufficient to be commercial.

Not have a an expensive office to run in Dublin and lot of personnel on the payroll.

They could have easily have contracted in the required personnel to develop one of these fields through production without a farmin.

ATB,
GD

[offerman] 08/12/2019 10:28

Thanks Herm. What is the situation with the Irish government are they going to allow drilling and production of oil or are they going to ban all exploration and opt for solar and wind farms ETC.I'm sure they would still need to import to meet the needs if they were to ban. Like I said I'm not interested here at all haven't been for some time took massive losses previously but hoping my other stock comes good as I believe there is definitely worth a small punt here. So what is the position with the Irish government right now ? Thanks OM

[hermana3] 08/12/2019 09:39

Offer, Yes I did complain that he was overpaid and it is so frustrating that he only drilled one appraisal well and spent millions drilling undiscovered wells. He's gone now and the portfolio remains. Barryroe,Spanish Point, The Celtic Sea portfolio and Dunquin must be tempting morsels for a cash rich operator.

[funtimejonny] 08/12/2019 09:02

Good point

[archlight] 08/12/2019 08:31

Alot of Stockholm syndrome all around as they hold your assets captive.

[offerman] 08/12/2019 08:17

Spot on Rich , Think Herm was on the Christmas tipples last night or something . Herm I'm sure I heard you over the years slate Tony and over paid and quips about his salary etc . If you hadn't then apologies I just thought you had and then you say hard working !!!!!! Blimey , wake up mate Rich was right , he just creamed it off on huge well overpaid salary . Can't you honestly see that? How can you defend him? He lost me and others a fortune for his incompetence . My choice yes I know and my bad decision for believing in him but he also lost us a fortune . Same as BOC and TH did at PCI.

[richpassi] 08/12/2019 06:56

Sorry Hermana 'Worked Hard' ? On the money he was on it would be expected......and HE DIDN'T come up to EXPECTATIONS ! Road Sweeps work hard Nurses work hard Dairy Farmers work hard milking.......all Oreally did was eat the cream and drink the milk ;)

[steelwatch] 08/12/2019 04:09

Last sentence should read "It potentially rivals...



Low hangers first!

[hermana3] 07/12/2019 22:23

Cant help thinking it all could have been different if the planned Spanish Point had taken place. The vagaries of delays in refurbishing rigs cost us dearly. Tony worked hard but had little luck and we must hope next boss or owner is blessed with luck. Bet there will be some interest in taking this one out cheaply...

[bones698] 07/12/2019 11:56

Expect the financial officer to resign now and that will spell the end of the company .

If they mention continuing to pwrsue barryroe then you know this is dead for sure .

Nice of them to squeeze a last few million out of investors before pulling the plug . Tie no doubt will get a nice bonus with it then let someone else carry the can for the company going busy . All to obvious

[funtimejonny] 07/12/2019 08:48

A sobering read for sure, though it doesn't mention all the other failures and mishaps along the way. A graveyard for many an investors money and hopes,mine included. Thanks for posting Steel.

[steelwatch] 07/12/2019 05:28

A sorry saga:

[northatlanticholdings] 06/12/2019 22:22

Tony.. glad to see you do the right thing . Stand aside for the cavalry - time to lift and shift this asset

[riley9] 06/12/2019 16:45

Not being kneecapped ? I believe it's a traditional offer on the Emerald Isle.

[offerman] 06/12/2019 16:04

Spot on Kibes and Divmad.

[sludgesurfer] 06/12/2019 15:50

Tony,We've had a whip round for your leaving drinks.. the cheque's in the post....I'll stake my reputation on it.

[peaeff] 06/12/2019 13:18

Well I suppose this was an inevitable conclusion to what has occurred in the past few years but it is nevertheless sad for TOR, who has put a good deal of his life into the company but has been well remunerated for doing so.

I note 'no apologies' offered for the many failed efforts and the vast millions of capital that have passed throughout his reign and it saddens me somewhat to being continually reminded of the 'major companies' he has brought on board. These major companies did not have a hand in Barryroe, in fact the only thing they have done is to establish that a couple of our assets were non starters. For one of those assets that may not have been a wholly truthful assessment and it did the company no good at all at the time.

Other than that their input has been non e4xistant, which is confusing when one considers the reputed value of a fully developed Barryroe. Why haven't these friendly majors, with oodles of funds available to them, ever shown an interest. Why when a Chinese consortium come along, 6 years after discovery, and agree to fund an excellent solution to break the deadlock, did we have an eleventh hour failure for the sake of £9m. Most confusing to ma.

So we are now in new hands who have made a statement suggesting that there is still a future here, I suppose that is about the best we can hope for. Bring it on and the sooner the better.

May I wish all fellow shareholders old and new good luck for the new year and a very happy Christmas.

regards PF

[kibes] 06/12/2019 12:05

"After more than two decades with Providence, it is time for me to
pursue new opportunities. I am extremely proud of all that we have
achieved over the years"

Which is what exactly?

[funtimejonny] 06/12/2019 11:56

Well he stayed on till the bitter end to extract every damned penny he could out of the proceeds of the last fund raise. Very noble of him. This outfit will be needing a significant inflow of new funds if it is to carry on beyond February. Take Over target maybe if some entity has the stomach for risk?

[sirrux] 06/12/2019 11:38

Although maybe (big maybe) it wasn't all just bad luck and poor foresight and they've just been deceived in the world of big bad business and politics over the decades. When you are just little fry you are particularly susceptible to this and it continually hurts investors, who arguably are being robbed and not being told the real story behind the numbers. To win the smaller fry need to be incredibly smart.

[divmad] 06/12/2019 11:23

I wonder what his Leaving compensation package amounted to?

[sirrux] 06/12/2019 11:15

700p? They'll need a name change too for that! Providence means timely preparation for future eventualities - well they certainly need that looking back but it's been a total jinx in reality.

[richpassi] 06/12/2019 11:10

Sorry Raise I'm better than that !