Providence Resources Share Discussion Threads

[raisethestake1] 13/5/2021 19:45

What a waste of the last year and the year before.As usual we don't have a clue what is going on but one couldn't say the same for Nick Furlong of Pageant.He is obviously in the loop. We got led down the garden path by SpotOn and it is obvious that pre drill if it happens will see us PIs bent over a barrel. We can look forward to more and more dilution from all these options that are giving the big boys a free ride.Not one bit happy to have yet again waited patiently to be let down again.Is Job Langbrook getting a wage for doing SFA.We haven't heard a murder from him.Hoping for a piece of news daily but we will have to wait another 4 months for maybe another can kick. This share is worthy of a health warning. To think how different it could have been when we were sitting at 8.5p waiting for news to break. Pity. What exactly has Pat Plunkett done since he joined up because I can think of nothing. He is faceless for somebody that could give us a high profile.Do these boys even turn up for work in their shared budget office every morning. Frankly I doubt it.

[thevoid] 13/5/2021 19:31

What do we have to look forward to in the next six weeks and more? Anything else?

Annual report?

Pageant has made a non-binding offer to underwrite an interim capital raise of up to US$2.5 million to cover the incremental project funding requirement which was originally expected from SpotOn upon completion of the farm-out (“the Pageant Offer”).

The Offer remains open until 30 June 2021.

Site survey update???

[hermana3] 12/5/2021 21:43

Oil at $69.05 despite a wee bit of weakness on Dow today. Spectre of inflation appearing on horizon.

[hermana3] 12/5/2021 21:27

Swizz, The renewable sector will need loads of help meeting Ireland's future energy needs and Providence will be in pole position to help. Good to have Alan working in tandem with IOOA.

[swizz] 12/5/2021 15:15

Renewable and O&G can work in harmony, will Ireland seize the opportunity?,.....GL S

[raisethestake1] 12/5/2021 13:16

It is a pity that we have not been furnished with proper facts in the Farm out failure RNS.I hope it isn't a case of back to the drawing board again.Money tied up here as usual.Can see this getting dragged into next year or even paying for a site survey and then nothing happening as was the order of the day last time.

[swizz] 12/5/2021 09:16

Interesting to note Equinor getting some traction in Scotland with SSE and it will be interesting to note the narrative from PVR, when they finally break cover and provide a more detailed explanation of the works that are going on in the background with Equinor,..GL S

[longwait] 11/5/2021 16:56

Very very early in the new year!

[hermana3] 10/5/2021 19:58

Steel, Let us hope and pray that Alan's appeal for "honesty" amongst the political elite on Energy Security policy does not fall on deaf ears.

[steelwatch] 10/5/2021 15:51

herm - won't know that until the 2020 Annual Report is published, probably in June.

Meanwhile, Al is keeping himself busy:

[hermana3] 10/5/2021 12:22

thev, Agree wholeheartedly with your understanding. Wee bit surprised Alan did not take up warrants. Does anyone know what his annual salary is here?

[thevoid] 10/5/2021 11:40

We must agree to disagree on this one, swizz. The warrant price is agreed at the time of the placement with all the sensitive information made available to the placees – directors and all are insiders at that point.

The contract is not affected by any material changes that take place in the following twelve months which was not known at the time of the placing.

That is my understanding.

[hermana3] 10/5/2021 09:03

Swizz, Thanks for that article. Let us hope the Government is listening to IOOA argument. Them blood sucking greens must not be allowed to own the Energy agenda unopposed by the working members of the sector.

[swizz] 10/5/2021 05:37

As I said previously, any purchase by a company director regardless of the instrument would have to be cleared by the nomad, being classed as an insider when the original placing was structured, would have no bearing on the access to material information now, but I do agree there is no better measure, than directors having a decent amount of equity interest, to underline how aligned they are to their respective shareholders,

In other news, interesting to note the article in the Irish Examiner yesterday and this I am sure will be a significant objective of the Barryroe development,….GL S

[thevoid] 09/5/2021 10:33

All the placees are deemed to be insiders and the contract would not affect them taking up their entitlement one year on ... just as the chairman did.

In my view, it would have demonstrated good leadership for the captain to have got his wallet out. I hope he did!!!

Some might agree. How many times over the years have I heard that old cliche about directors not having any skin in the company. As for free incentive options ...

And BTW, I have had an interest in PVR and LOGP for a little while.

[swizz] 09/5/2021 06:40

Considering how close Alan will be to the material details of the current negotiations, I wouldn't rule out that the Nomad has not cleared him to make a warrant purchase, the rules applying to inside trading are the same regardless of the equity instrument, ....GL S

[hermana3] 08/5/2021 11:16

The warrants takeup rate is impressive irrespective of Director takeup(Mc Coss is no longer a Director). The large option scheme at 1.5p could also be relevant....

[srvsrv] 08/5/2021 10:38

They also have a large option scheme

[thevoid] 08/5/2021 09:52

Hi herm, On the face of it, three directors failed to take up their options to purchase their entitlements to the warrants. I hope that does not prove to be the case.

If it is the case, the CEO's thanks to the warrant holders sounds a little hollow to my ears if he failed to demonstrate his personal financial commitment, while thanking others for theirs.

He is the captain - not the right message - makes me wonder why.

[thevoid] 07/5/2021 19:15

So what should we read into the following?

Providence CEO Alan Linn commented “We are delighted to have received the ongoing support of the warrant holders and believe it reflects and highlights the underlying strength of the Barryroe asset.”

[hermana3] 07/5/2021 17:37

Plunkett took up his options but no formal mention on Linn or Mc Coss.

[thevoid] 07/5/2021 17:23

I would really be interested to know if these two directors exercised their 3p options ... or have I missed some published information?


07-Apr-20 06-Apr-20 Placing Alan Linn 1.50 GBX 882,961
07-Apr-20 06-Apr-20 Placing Angus McCoss 1.50 GBX 333,333

[hermana3] 07/5/2021 17:18

Oil up at $68.14 as US jobs figure for April comes in on the low side. Old sleepy biden(another woke green) is the gift that keeps on giving................