Providence Resources Share Discussion Threads

[funtimejonny] 02/11/2020 10:45

No sign of this old dog gone from red to blue. Agree with your sentiments Richpassi. Wish I'd pulled out years ago before I lost me shirt on this one.

[aimbagger] 02/11/2020 10:34

LOGP gone red to blue. The minor delay has been priced in now, expecting things to begin picking up shortly with news potentially being just days away.

[richpassi] 02/11/2020 10:24

I'll be happy if you are right Herm as I've got old money locked in here but I do respect Bones as I ain't put any money in for 5 years due to him ;) only wish I'd sold out years ago too !

[hermana3] 02/11/2020 10:05

Yes wee bonesey is experiencing a "carpe diem" moment! Best enjoy it now because it ain't going to last for the old misery guts....

[richpassi] 02/11/2020 09:59

Depends on who you listen to. At the moment Bones seems to be closest to what's going on ;)

[sportbilly1976] 02/11/2020 09:27

so how long is the delay...from comments on Friday it is not expected to be long...a few days, week or so?

Market/price drop this am played nicely by MM's on the back of nervous sellers on the bell

[peaeff] 31/10/2020 16:37

Do we remember the words of the 'FALLEN ONE' when Barryroe news first broke.

"WE COULD BE PRODUCING BY 2015"

ha didn't forecast we would be part of the 'penny share club' in 2020

[funtimejonny] 31/10/2020 14:23

An eight year wait is even more unusual!

[hermana3] 31/10/2020 09:49

Spoton sure know how to suck the life out of this share. A 7 month option for a farmin is unusual but we should be used to unusual here.......

[hermana3] 30/10/2020 21:47

Never ending drama when it comes to Barryroe. Must be final delay.

[tyler90] 30/10/2020 20:20

The consortium alignment of interest is intended to keep down development costs by agreeing on deferred payment terms for the project and including the consortium in equity returns from production

[hoper2] 30/10/2020 20:02

Anyone remember this:

In September 2018, EXOLA and Lansdowne signed an Updated Farm-out Agreement (“FOA”) with APEC which provides for a fully cost-carried firm programme comprising of the drilling and testing of four vertical wells and one horizontal side-track (collectively the “Drilling Programme”), plus the optional drilling of two additional horizontal wells (the “Option Wells”). Under the terms of the FOA, China Oilfield Services Limited (“COSL”) will provide all services and equipment required to conduct the Drilling Programme.

Guess what? It all turned pear shaped because when it came to the nitty gritty nobody had any money. Both APEC and SpotOn have a lot in common - there is no published financial history for either of them.

[contrarymary] 30/10/2020 18:10

Whereas I am disappointed that the news was not epic, I am happy that we were not left hanging with no update. It appears that everything remains good, only delayed a little, with indeed a few positives, such as fully funded and early development. Everything still looks great imo, and the epic news will be with us soon.

[aimbagger] 30/10/2020 13:24

https://twitter.com/providencereso/status/1322165468069797889?s=21"Despite ongoing the Covid constraints, we have made excellent progress in agreeing farmout terms, for an interest in Barryroe, to SpotOn Energy & are working very closely with them to finalise agreement documentation"Link to full announcement here: tinyurl.com/y5sq5a8m

[aimbagger] 30/10/2020 12:59

The is for sharing steel, perfectly sums up the situation.

[steelwatch] 30/10/2020 12:45

Further to patfishing's post #62113:

Providence Resources
Slight delay to ensure detailed agreement

The news that the exclusivity period offered to SpotOn Energy has been extended should be seen as a requirement to document a detailed work programme and full external project funding rather than anything else. In the context of this and a COVID backdrop, a requirement for a little more time should come as no surprise.

Job Langbroek Morning briefing

[raisethestake1] 30/10/2020 12:28

I would have bought more on the drop this morning myself but am already fully loaded here at an average of 5p,so I am in a good enough position. Also in LOGp at 30% of what I have here at an average of below 1p so happily sitting it out.I have averaged down all the way to the bottom to achieve my average here,so as you can imagine was let down badly post APEC fiasco.I hope to see Mr Linn on record stating what the twitter.brigade claim , so we have it from the horses mouth.Happy days ahead hopefully 😀

[aimbagger] 30/10/2020 12:14

I do apologise rts, I think I read your message the wrong way when on the move. I believe it is SpotOn that is putting the bond together, yes. The rest of the funding will be in place via the Expert Credit Norway government backed facility which will be stumping up to 80% of the required funding. I believe today is just a cracking buying opportunity. The chart is now oversold on the daily and is likely to bounce from here short term IMO.

[patfishing] 30/10/2020 12:10

Billy to at least double your money in a week or two would be nice.

[sportbilly1976] 30/10/2020 12:05

took some more at 6.1p...delay looks to be very short term and happy to wait for confirmation

[tyler90] 30/10/2020 11:35

Dipped my toes here for the first time. Reckon extension does not mean waiting 4 weeks. The 31 October date was always going to attract hot money but now a RNS can land any day

[raisethestake1] 30/10/2020 11:26

Still holding Aimbagger,not really waffle I regards to going to the bond market.Alan Linn mentioned it in the recent proactive presentation.He spoke of the 20%.Am I reading him wrongly that it is Spot On that will back this.I see the consortium members deferring payment in Leah of payment from production but don't see them putting up finances upfront

[sportbilly1976] 30/10/2020 11:03

Sadaat Umar
@sadaatumar
#PVR #LOGP I spoke to Alan Linn this morning & Acc to him, delay is due to extensive paperwork, many parties, lawyers are involved to make sure all done properly. They are at final stage of completion process. Rest all is done, just paper work is finalising.
10:53 AM · Oct 30, 2020·Twitter for iPhone
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Sadaat Umar
@sadaatumar
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Replying to
@sadaatumar
#PVR #LOGP 30 days extension is just a backstop, as he don’t want give weekly extension or another extension. He wants to complete all agreement within one extension. He is expecting agreement to be done quite early (mid nov or so) but extra days is just for contingency.

[aimbagger] 30/10/2020 10:59

https://twitter.com/sadaatumar/status/1322129593478926341?s=21

[sportbilly1976] 30/10/2020 10:57

Irish Independant on 25th October

@ProvidenceReso
(#PVR.L) expects to finalise commercial terms on its long sought after farm-in deal later this week for the Barryroe #oil and #gas field, according to its CEO Alan Linn. via
@Independent_ie

Share Talk trying to get hold of Alan it seems to clarify the elements driving the delay/extension


Share_Talk ™
@Share_Talk
Replying to
@Dobbo761
and
@ProvidenceReso
We picked up on the publication published in the
@Independent_ie over the weekend, we have had no contact with the #PVR until today
@Share_Talk have asked them to go on the record/interview, we wait.
@Dobbo761 Thank you for asking