Providence Resources Share Discussion Threads

[roadster750] 26/5/2020 09:45

I think the carbon capture element of this SpotOn/Norwegian tie up is an important one.

[hermana3] 25/5/2020 13:21

Yes Spoton are a serious entity and will be a great partner for Barryroe. The Norwegians know all about bringing fields into production.

[srvsrv] 25/5/2020 12:28

Like this:

Extract from the Currency.
I ask Fjelland who the backers are. “We will say that when we have all our formalities in order. We have an agreement with them, but we need to transfer that agreement across to Barryroe basically. We would like to have that signed before we go on [and name the members of the consortium],” he says.

When all the paperwork is done (this week?) PVR will get the 200k investment + we will get info about the consortium.

[druidinvestor] 25/5/2020 08:35

https://www.eksportkreditt.no/en/case/billion-kroner-australian-contract-for-onesubsea/

[druidinvestor] 25/5/2020 08:29

Also worth noting from the article is that SpotOn is UK based so that it is able to finance the project through the Export Credit Norway scheme. This will be the primary source of finance. Check out https://www.eksportkreditt.no/en/

[papillon] 24/5/2020 14:18

roadster750
24 May '20 - 13:40 - 60521 of 60521
0 0 0
Herm, I agree its good that we are being kept up to date, the way I read the rns is that they are "taking longer than anticipated in closing out the necessary
arrangements with its consortium",oh hang on that's exactly what they stated, not that they couldn't raise the £200k which is how some seem to interpret it.

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

But roadster750 that's precisely what PVR & APEC were saying last summer! History has a habit of repeating itself, especially where Barryroe is concerned. Whether SpotOn will come up with the £0.2 million we will have to wait and see, but history suggests not.

LONGWAIT posted on the lse bb that "If SpotOn are still holding their shares - and I think we would have noticed if 20 million had been sold in the market". You don't have to sell shares in the market; you can always cover your position via a CFD deal. Of course I have no crystal ball and can have no knowledge of what SpotOn have, or haven't done, but the precedents don't look good. First Sequa, then APEC and now SpotOn?

[roadster750] 24/5/2020 13:40

Herm, I agree its good that we are being kept up to date, the way I read the rns is that they are "taking longer than anticipated in closing out the necessary
arrangements with its consortium",oh hang on that's exactly what they stated, not that they couldn't raise the £200k which is how some seem to interpret it.

[hermana3] 22/5/2020 21:44

Nothing ever runs smoothly here but at least we are being briefed as opposed to situation with APEC. Fingers crossed this goes according to plan.

[raisethestake1] 22/5/2020 18:39

Thanks Steel.APEC name still stamped in the Department website.Hopefully we will see the removal from the margins next update.It can be hard to get the lawyers to remove title from all the various places where it might appear.Alot of lawyers were involved writing up the comprehensive agreement at the time.Have a good weekend all

[steelwatch] 22/5/2020 18:18

raise - also see qrtly acreage report to 30 March, page 4:



6 monthly report to 30 June may, or not, indicate any change since then.

[raisethestake1] 22/5/2020 17:19

I'm happy with that.Thats the sort of transparency I was talking about.Nice and concise with a definite timeframe.Note that their consortium was mentioned.Will we be furnished with a few names such as Aker or Equinox.I have a positive feeling about this now and will be topping up some more.

[mcbull] 22/5/2020 16:09

Oh cr*p, it's not different this time......lol

[raisethestake1] 22/5/2020 15:54

As of Feb 13th
Exola DAC, a subsidiary of Providence and operator of the Barryroe Field, has notified APEC that it has commenced the regulatory process required to transfer the 50% equity in Standard Operating Licence (“SEL”) 1/11, which contains the Barryroe field (“BarryroeR21;), currently assigned to APEC, back to the original owners. This will result in Exola DAC and Lansdowne Celtic Sea Limited reverting to their original 80% and 20% interest respectively on completion.
As far as I am aware we have not been informed that this process has been
completed. Is this an obstacle at the moment? Coupling this with the drop in oil prices and the pandemic there is hardly an appetite to throw money at a project since belts are been tightened every where.There is always some obstacle as an excuse for Barryroe.So much money was squandered on doing everything else such as seismic surveys,paying massive amounts for specialist consultation and wildcat drills instead of proving up existing finds such as Spanish point and Barryroe.
If Spot on invested the further 200 large we would have been told quick enough.Let us hope for an update with details soon ,but it didn't seem that there is much to tell.All shops closed up and running on reserves at the moment.GLA

[peaeff] 22/5/2020 15:53

Something quite familiar with this news

[roadster750] 22/5/2020 15:46

PROVIDENCE RES. Spoton Energy Investment Update
22/05/2020 3:42pm
UK Regulatory (RNS & others)


TIDMPVR


THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

THIS ANNOUNCEMENT AND THE INFORMATION IN IT, IS RESTRICTED, AND IS NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, SWITZERLAND
OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO
DISTRIBUTE THIS ANNOUNCEMENT

FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL
NOT CONSTITUTE, OR FORM THE BASIS OF AN OFFER TO SELL OR ISSUE OR THE
SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY
NEW OR EXISTING ORDINARY SHARES OF PROVIDENCE RESOURCES PLC IN ANY
JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL

Providence Resources P.l.c.

SpotOn Energy Investment Update

Dublin and London -- 22 May 2020 - Providence Resources P.l.c. (PVR LN,
PRP ID), the Irish based resource development company ("Providence" or
the "Company"), provides an update on the second tranche of the proposed
investment in Providence by SpotOn Energy Limited ("SpotOn Energy").

As announced on 6 April 2020, SpotOn Energy invested GBP0.3 million into
Providence as part of the recent $3.3 million fundraising and committed
to invest a further GBP0.2 million within six weeks of that
announcement.

SpotOn Energy has experienced some delays in closing out the necessary
arrangements with its consortium because of current working and travel
restrictions and has informed Providence that it will be necessary to
delay the second tranche of its investment by approximately one week.
The Company will provide an update to the market upon receipt of funds.

[contrarymary] 22/5/2020 15:11

"APEC has not officially handed back their 40% as far as I know"??? Are you trying to look stupid? You think they will send it all back in a shipping container? Does it help you out that APEC Energy Enterprise Limited was dissolved on the 7th of April?

[mcbull] 22/5/2020 14:44

But it's different this time........lol

[raisethestake1] 22/5/2020 14:20

No Mon no fun.Same transparency that we have grown accustomed.Money will show commitment.Original 300 large could have been sold back into the market at profit for all we know.APEC has not officially handed back their 40% as far as I know.

[hermana3] 21/5/2020 22:25

Tis a relevant issue for sure but you are perfectly right to say it may not be the subject of a RNS. Providence was a secretive operation under the previous management but hope current management is more open. Time will tell....

[contrarymary] 21/5/2020 22:14

Why should we hear news in the morning? What makes you think SpotOn investing further must be the subject of an RNS? Some people leave themselves very exposed to disappointment.

[hermana3] 21/5/2020 22:01

Specifically green yokes....