Providence Resources Share Discussion Threads

[aimbagger] 30/10/2020 10:36

Sold this morning by any chance rts? Absolute waffle! Just because there's a slight delay to get paperwork done when everything has already been agreed. We now know it's a free carry and going straight into production. Bar a slight change in timeframe which will only affect those on margin or having to sell at a given time, this is only positive news. Farm Out completion will come prior to end November IMO. Dotting i's and crossing t's.

[raisethestake1] 30/10/2020 10:28

The roof would have lifted here if everything went to plan.Its never as good second time around.I reckon we are busy tapping the bond markets as mentioned by Alan.This isn't going to be a full free carry.We will have to take our share of 20% of the project as 80% will be funded and Spot on don't have a bank card on them.Call it a paper loss if you want,it's real money and I took a big knock myself first thing this morning albeit recovered a bit nuts that's the game.Now I can look forward to a drift slowly downwards for the next month unless there is some good PR put out.

[patfishing] 30/10/2020 09:51

Davy saying the amount of paper work is huge ,for a free carry, early production and so on, all documents must be 100%. Nothing should be red into this delay but good and was expected..... I think it's great he is making shure that all involved know exactly what is expected off them.

[bocase] 30/10/2020 09:41

It may in fact be a blessing in disguise. With oil down about 7% this week timing would have been really bad. Hopefully in a few weeks time with US elections out of the way and maybe more clarity on a vaccine, oil may be on the way up and the news may be better received.

[feelbo2] 30/10/2020 09:08

Rather get things 110% right, no surprises, leaving nothing to chance rather than play to the terraces. That was TORs amo look where it got us with the Chinese.

[greyingsurfer] 30/10/2020 09:07

Hope they are a bit quicker at approving the FO than the the Tanz govt were with AEX's!

[bocase] 30/10/2020 09:04

I am not the least bit surprised. I did say that it was 1000 times more complex that buying a house and that takes forever. A delay was inevitable and as many have said, an opportunity to top up for those with funds to do so.

[aimbagger] 30/10/2020 08:50

Exactly Feel. Great opp this morning for those looking to top up/buy in. Likely to be done before end Nov as well, co will always extend beyond what they expect.

[panadin] 30/10/2020 08:48

Herm: is there a venue where Alan Linn's statue is being toppled today?

[feelbo2] 30/10/2020 08:45

Nothing changed bar a couple of weeks.. Still Game on. ?

[thetoonarmy2] 30/10/2020 08:39

Think a few T20 traders caught out what a good opportunity to top up though :)

[fatnacker] 30/10/2020 08:28

Well I've just doubled my holding.

[aimbagger] 30/10/2020 08:28

MM's taking advantage of weak holders unsurprisingly, fully expect a recovery on the day. Maybe just a touch red. £55M Mcap is a gift IMO. Fully funded and early production confirmed in the RNS, huge positives. Won't ever need to come back to the market for funds again.

[hoper2] 30/10/2020 08:10

It's amazing, but people on the other thread are saying this is good news and that the financing has been sorted. It's pie in the sky - it always has been and the only thing to look forward to is another extension.

[2dinvestor] 30/10/2020 08:08

Government need to line up their ducks on energy security post Brexit and get that message out before year end. Greens are a problem.

[raisethestake1] 30/10/2020 08:01

Spot on would be the operator post Farm out.They would have to have the government approval.Covid times certainly don't help.Lets see what the market make of it.

[2dinvestor] 30/10/2020 07:53

Thanks. That's the real delay then. This is a huge political moment. GLTA.

[raisethestake1] 30/10/2020 07:49

For the Farm out,yes

[2dinvestor] 30/10/2020 07:41

Can someone confirm if government approval will be required? Thanks.

[raisethestake1] 30/10/2020 07:41

We will get there in the end.Sleepy Ryan needs a nudge i think

[aimbagger] 30/10/2020 07:27

Positive in that terms agreed, fully funded has been confirmed! Likely to be days rather than weeks I would have thought. What's a few days/couple of weeks when it's been 9 years in the making. Remember people had the same doubts earlier this year when there was an extension to the SpotOn energy investment and that came up trumps a few days later. Fully expect the same here and if the US elections are out the way that could be a very good thing.

[steelwatch] 30/10/2020 07:17

Hope not too many caught trading on tick overnight.

[srvsrv] 30/10/2020 07:14

yes - terms are agreed only the documentation remaining.

AL has former mentioned that finalization could be 1-2 months +/- end October.
Difficult to estimate precise 6 months ago.

And the extension wouldn't have been made if no progress:)

[cephalosaurus] 30/10/2020 07:08

Excellent news, just some commercial documentation to complete, can't really moan in the current circumstances, the number of participants etc etc.

Very comfortable with my investment

[richpassi] 30/10/2020 07:07

Someone has to say it .......Extension