Providence Resources Share Discussion Threads

[hoper2] 25/6/2021 17:34

Well at least we know how much the CEO earns per year - 295,000 euros! The report also says "The share based payment expense for Alan Linn in 2020 was €400,000". I'm not 100% sure what that means, but it doesn't sound good. Will look into that when I have more time.

[hermana3] 25/6/2021 07:14

P, Is it your sole purpose in life to merely posture on the fence and diss all around you! Very sad....

[hermana3] 24/6/2021 21:44

Spot price still on the march. Hope Job and Alan will provide some detail on Barryroe financing plans in The Sundays. We are all completely in the dark and it cant go on much longer...

[hermana3] 23/6/2021 23:29

Very quiet here today on a day when the spot price surpassed $75....(closed at $75.19).

[hermana3] 23/6/2021 21:36

Falcon Oil and Gas are back to Operations at potential gamechanger, Beetaloo. CEO Philip O'Quigley(ex- FD and Board Member here and at PCI) bringing our old friend Malcy onboard the project too.

[hermana3] 22/6/2021 21:57

Raise, Barryroe is some saga alright and the latest phase is where we found ourselves in 2012. A good sized oil and gas field lacking finance. 9 years later and the fundraise continues...

[p5tvr] 22/6/2021 21:50

PVR have got as much chance of getting any oil out of the ground as Scotland had winning a game at the Euro's....Looks like people are slooooowly coming around to realising that they've backed a donkey here....LOL

[raisethestake1] 22/6/2021 17:34

I don't think we were gullible as we made our investment decisions on what we were told such as the billions awaiting for us in Druid and Drombeg which turned out to be hot water, then the seven drill campaign with APEC with proof of money transfer seen etc. That turned out another false dawn. We awaited Spanish point like we could pick up the rewards there any time we wanted. All this while Junior lived like a Lord. He even sponsored the Irish Olympic sailing team with the last few Euros in the bank at one stage. Alan Linn seems to be more trustworthy but has let us down again recently by signing up with SpotOn who are now in the past also. We waited patiently for a year while that saga was played out. My fear is that we are .now back to the drawing board with many hurdles to climb. I am not in a bad position here with an average of 5p. I will take most if not all out if I see that price again which I think is quite possible.I got out here with profit at 15-17p and unfortunately bought back in and followed it back down to 2p when I got my average down. It worked for me to average down last time but I will do so no longer as it is too risky. I made my own decisions here. It is a pity that we have to base that information on what usually turns out to be codswallop here.The dilution that we have suffered is criminal while others take the large percentage for what to them is chicken feed. Then with the right news money could be made here yet. We will struggle here with those slippery greens sticking there spanner in the works at every opportunity though with the site survey signed off I think they were told to back off as they were reminded of the money message issue where the government could be forced to pay PVR compensation for lost of previous money's put into the license. At one stage I was in for the longhall but no longer.Once bitten twice shy. GLALTHs

[steelwatch] 22/6/2021 15:37

"Providence Resources confident over Barryroe progress"

[peaeff] 22/6/2021 14:12

Raise

Our previous leader was. no doubt, a person who could talk the talk but through hindsight we now know that is all it was TALK. However he was able to raise funds from others who were far closer to the overall picture than we will ever be. If he was able to convince them what chance did we the PI's have. The timeframes of PVR at that time bore no resemblance to the normal calendar, inasmuch that imminent could, and generally did, mean we would be updated as and when.

Maybe he himself believed the hype he was continually creating during his term as CEO but once again, in hindsight, there was very little substance in anything he promised.

There, IMO, seems to be a very similar occurrence emulating from the current management, inasmuch that one failure has resulted in total failure and the future plans are lacking in even the slightest encouraging detail for PI's. Once again the time frames of previous estimates seem to be extending in leaps and bounds and we are left with the option of getting out or keeping the faith.

I never thought I would say this but if I could get out with half of my current investment I would be gone. I look back and think how gullible can one be.

regards

[raisethestake1] 22/6/2021 13:24

Peaeff, another worry here is Pat Plunkett talking about Barryroe coming into fruition in the next couple of years and not talking about the present year for planning and site survey and next year for anticipated drilling campaign. We swAllow up the millions yearly for wages and overheads with nothing to show for it. What a waste last year was with those SpotOn time wasters. They were probably our only option. We are resetting the clock once more and next thing we will be hearing that the data room is open once more. Supply us with the same info as Pageant. It would be foolish to think that they are not in the PVR loop and that of course would be illegal.

[peaeff] 22/6/2021 11:26

Raise,

The word sketchy probably does not go far enough to explain a number of anomalies one could ponder in respect of Barryroe, At the time of it's commercial awakening by PVR and LOGP we were being repeatedly reminded of how fortunate we were to have several 'majors' supporting other ongoing projects at the time, none of which had a positive outcome, but none of them seemed in the slightest interested in Barryroe. Millions of pounds were spent on those other failed projects and in hindsight that money could have been better served in an attempt to develop Barryroe which, as we now believe, was a stone bonker, as opposed to hopeful exploration and wishful thinking.

The question posed has never been explained and will remain so until, and if ever, Barryroe proves it's reputation, and even if it ever does the question will remain as to why the interest among the 'big boys' was non existent.

This company has always encouraged shareholders to believe in Barryroe and the latest two failed disasters do not inspire confidence, In the meantime the share price has been totally decimated by dilution and failure but we are at least clinging to future hope.

Many shareholders have departed and have lost accumulatively many millions in doing so whereas others, like myself, are still in at the deep end hoping the tide will turn before the grim reaper appears.

regards

[raisethestake1] 22/6/2021 10:04

Road,with no one willing to underwrite a loan the question is will a bank Norwegian or otherwise be willing to take the asset of Barryroe as security when no major seems willing to put the cash up front for an old style farm in. Sketchy on details they are willing to give in the RNS.We await next month for the AGM

[hoper2] 22/6/2021 10:00

Well the results tell us that they need to raise yet more money just to survive the next 12 months. How many shares will be in issue by then? Another 500 million - perhaps more. Even the the License for Barryroe expires in July 2021 - you couldn't make it up! What a company, what a board of directors.

[roadster750] 22/6/2021 08:05

Raise, the Norwegian banks are interested because the consortium is mostly Norwegian.

[raisethestake1] 21/6/2021 23:00

We will have to await more details next month at the AGM. I hope they will have concrete news by then. I cannot help to wonder why Norwegian banks will be interested when our Norwegian partners are now out of the loop. Very sketchy on details here. Something has to be going on in the background here.

[hermana3] 21/6/2021 21:58

Mary, Determined to stuff that awful Minister Eamon Ryan lol. One of the greatest ignoramouses of all time...

[contrarymary] 21/6/2021 20:51

Hopefully you are right Hermana3. I will be toasting to your positive outlook and wisdom if this all works out well.

[hermana3] 21/6/2021 19:26

Mary, A fundraise of the considerable size needed for Barryroe takes time and the big shareholders are holding fast. Providence have always delivered on the fundraising front and Davy and Cenkos are working hard to complete this one. Time for cool heads as always.

[contrarymary] 21/6/2021 18:04

Another failed opportunity to reassure this investor that everything is good and my interests are being best served. Worrying is the only way I can describe it.

[hermana3] 21/6/2021 17:11

A rather indifferent reaction to results and accompanying statement. The nudging of spot price to near $75 today underpins Barryroe and will assist in funding the upcoming Site Survey and Drilling campaign.

[terminator101] 21/6/2021 16:18

£36 million market cap for worthless assets. Overvalued fluff.

[hermana3] 21/6/2021 13:49

PF, I agree there was a certain vagueness from Alan on future Barryroe financing and financial support from service providers. We can rely on financial support from Pageant Holdings, Goodman and O'Driscoll and wouldn't be surprised if wee Tommy Anderson came aboard for another bite at this wee morsel. Our latest Board members Menton and Mc Kay are also not exactly in the bin dipper catergory...