Providence Resources

Comordha

"Daniel Stewart today initiated coverage on Providence with a ‘buy’ recommendation and a 1,344p price target, which implies the stock could rise some 137 per cent from the current price of 560.5p."

http://www.proactiveinvestors.com/companies/news/27613/providence-resources-provides-clear-share-price-catalysts-says-daniel-stewart-27613.html

The Pontiac

Cheers Comordha.

PVR up over 3% again today.

I bought some Landsdowne Oil & Gas earlier (LOGP.L) @ 40.5p. LOGP own 20% of Barryroe. The stock hit a high of 75p post Barryroe test results and subsequently retraced back to the low 40's. Funding issues maybe a concern, but looks oversold to me. 40p surely is the bottom here?

How much recoverable oil does Barryroe hold? 100 mmbbls minimum surely? Plus gas.

Plus the other highly prospectus assets LOGP hold - Amergin, Roscarberry (adjacent to Kinsale Head Gas Field), Midleton etc.

Provenience has had a great run since the Barryroe test results, yet LOGP has just kept falling. Strange and unjustifiable.

The Celtic Sea is now starting to attract the attention of oil companies, which puts Landsdowne in an excellent position as they were 'in' early, thus securing some of the best assets/blocks.

neil.p.b

Hey Ollie,

Just had a look at LOGP chart out of curiosity and it looks good. Am thinking about taking a trade position myself.

http://content.screencast.com/users/neilpb/folders/Default/media/577d0f39-0d91-4602-8a86-c186287b6af0/LOGP.png

In established uptrend for almost a year now. Currently resting on lower channel line and historic resistance with a short term double bottom (bullish). You'll see at the start of February there was three days where prices beached the lower channel line but then subsequently closed back above it and continued on within the channel, this is known as exhaustion break and a strong indication that the uptrend has some way to go yet. Stochs and MACD showing bullish divergence. Definitely a hold for holders and a good risk reward/reward trade for anyone thinking of buying with a stop at 39ish.

Just on the point of 'it hit 75p'. That was purely due to a pump by ii's to distribute stock and should not be used for comparative purposes. If you look at the day it hit 75p and the subsequent day (both down days) you'll see high volume selling (professional informed investors selling stock to pi's on the good news hype), the next two days hit similar levels and are up days but on minimal volume (i.e. professionals not buying) - you'll see this a lot with aim stocks and something to watch for with any spike.

GL

The Pontiac

Cheers Neil, excellent post.

Not great at this charting stuff myself, but trying to learn. I'm surprised it hit 40p last November on Barryroe spud news, although this was probably pumped up the same way by "professional informed investors selling stock to pi's on the good news hype". (25p to 40p and retrace, high 30's to 75p and retrace).

Have been watching it since the Barryroe results and it appears to have bottomed out at 40p, so hit the buy button @ 40.5p on Friday.

Off now to study that chart and analysis again.

Mandycat54

I have some providence shares & have been sent an invite to the EGM which is bing held 27th April. The special resolution up for vote is
"To disapply statutory pre-emption rights in relation to the allotment of the Placing Shares."
Can anyone enlighten me as to what this means? I bought these shares when they were called Atlantic Resources and know absolutely nothing about shares. I would appreciate idiot level answers. Thanks Mandycat54

The Pontiac

Well I took Neil's advice and sold LOGP at 39p last week. Could have bought back in yesterday morning @ 36p if I kept my eye on the ball. 39.5p on the ask now, so might buy in again. Didn't like the way it was trading in the 30's so played it safe.

At least we now know 35p is/was the bottom.

Menas

Some more great news from Providence this morning for those of us that are still holding.
Barryroe will yield four times as much as previously expected. Thaty puts it on par with a north sea field.....so expect to see some movement today.

€8.35 at close last night.

A Primal Nut

Was having a look there....share price reported and on LSE, ISE, consistent at 670c. But when I go into FXCM (Sharewatch.ie) it lists PVR-L as 14.64. Any ideas? Am I getting the ticker wrong??

Menas

A Primal Nut wrote: »

Was having a look there....share price reported and on LSE, ISE, consistent at 670c. But when I go into FXCM (Sharewatch.ie) it lists PVR-L as 14.64. Any ideas? Am I getting the ticker wrong??

http://www.ise.ie/Prices,-Indices-Stats/Equity-Market-Data/EquityDetails/?equity=74651

AP_MAN

ticker PVR-L is correct, saw myself on FXCM,
some system error, ring them if you want to trade.

open the graph showing correct prices though..

A Primal Nut wrote: »

Was having a look there....share price reported and on LSE, ISE, consistent at 670c. But when I go into FXCM (Sharewatch.ie) it lists PVR-L as 14.64. Any ideas? Am I getting the ticker wrong??

riddles

I bought Providence shares in more hope than expectation - when the diluttion happened - hope left town. Hope is back now - anyone with any idea this share can go to? on the ISEQ at least. thanks

http://www.iol.co.za/business/markets/commodities/providence-resources-raises-hopes-for-irish-oil-1.1349193

paul9791

How are those Providence shares going, is it time to get rid of them,

riddles

I checked today and they are declining again - I am having trouble to get any information in relation to the downward spiral -- billions of barrells of oil are not worth a hat of sh1t if you cant extract them.

Sponge Bob

Even with the relentless good news on Irish exploration plays since July. Providence have dropped.

1. They need to partner on every single drop they MIGHT extract in future.
2. The big play is the South Porcupine where a number of companies have spotted a stack of 3 or 4 strata in a north south alignment, one will drill next year.
3. If that one hits a highly productive field through all the strata then it is game on for the rest, if not they will go down faster than a lead Zeppelin as the man said.
4. The NPWS has declared a SAC in Dublin Bay only last week which will add another 2 years time to market to the prospect off Dalkey....again assuming there is anything there.

Providence, known as Atlantic Resources for years, have been up down in and out of 'Big Oil Strikes' for 30 years now...their resolute inability to PRODUCE any field of any note has been duly noted in SBHQ.

The only certainty with Providence is that an O Reilly will be paid a most generous salary as an oil company executive ....especially considering his glowing track record in producing oil.

gordongekko

First dunquin drilling has not been successful

brandon_flowers

http://www.rigzone.com/news/oil_gas/a/127895/Dunquin_Reservoir_Found_to_be_Water_Bearing

Not good news despite the spin from Providence, Exxon will not be back for a while after this miss.

gordongekko

Price finished the day down over 10%

RATM

brandon_flowers wrote: »

http://www.rigzone.com/news/oil_gas/a/127895/Dunquin_Reservoir_Found_to_be_Water_Bearing

Not good news despite the spin from Providence, Exxon will not be back for a while after this miss.

I read the spin from O'Reilly, how he could call it a good result after Exxon had a duster AND are leaving the Porcupine Basin for the forseeable future is beyond me. O'Reilly seemed to be suggesting that the few drips of oil that did come up proved that the area is commercial.

Cute Hoor

Beware of an O'Reilly bearing gifts!!
Beveryware!!

Comordha

Could this be a complete wipe out story for shareholders? Could get taken out on the cheap?

Grecco

Doubt that, more like they can`t seem to get any interest from a farmin partner. This is bad as it means they would have to prove up BR themselves. Now one reason i don`t like Oilers who drill out at sea is the huge costs involved, each Well costing up to $100 million to drill :eek:
If they don`t have a farm-in partner then expect a massive dilution which will wipe out the shareholders
(Same for Lansdowne Oil and Gas as well)
On the other hand if they do get a Partner then the SP will head north again very fast

Bit of a binary bet at the moment

Thronegames

Have been watching share price with curiosity for the last year or so. Where's the best place to get the news behind the downward trend? Only recently back to the markets after a long absence. I see that all Mining and Resource stocks on ISEQ are trending downwards dramatically over the last year. Why is this and where can I get news for rationale behind this? I remember buying Providence for 1p each in 1998. Max I can seem to get is 10yr price history so I don't know what happened since the 1p days! It's OK I sold them in 2000 or so!

Thronegames

Grecco wrote: »

Doubt that, more like they can`t seem to get any interest from a farmin partner. This is bad as it means they would have to prove up BR themselves. Now one reason i don`t like Oilers who drill out at sea is the huge costs involved, each Well costing up to $100 million to drill :eek:
If they don`t have a farm-in partner then expect a massive dilution which will wipe out the shareholders
(Same for Lansdowne Oil and Gas as well)
On the other hand if they do get a Partner then the SP will head north again very fast

Bit of a binary bet at the moment

Hi Grecco you sound like you have a handle on exploration stocks. Can you tell me what are the best sites to get news and analysis on shares? I know it's a basic question but I am relatively new to trading. Some experience years ago!!

Comordha

When will there be news? The share price will be at 1 cent a share if they wait any longer. Irish exploration stocks have such a poor record of delivering long term returns - Petroceltic, Petroneft, Providence Resources are just a few.

jprboy

Anything happening on the Providence front currently?