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Providence Resources

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Comments

  • Registered Users Posts: 2,780 ✭✭✭littlevillage


    Soo.....Degiro stopped me from placing an order for some PVR today.

    "Unfortunately this product is not available for trading. This could be due to regulatory reasons, your current profile or an internal decision"

    Thats not the usual Complex investment balony thing, which I have sorted some time ago. Besides I bought PVR on 2 Nov and only sold out if PVR last Friday 20 Nov.

    Anybody else having any problems?


  • Registered Users Posts: 1,224 ✭✭✭Kilboor


    Soo.....Degiro stopped me from placing an order for some PVR today.

    "Unfortunately this product is not available for trading. This could be due to regulatory reasons, your current profile or an internal decision"

    Thats not the usual Complex investment balony thing, which I have sorted some time ago. Besides I bought PVR on 2 Nov and only sold out if PVR last Friday 20 Nov.

    Anybody else having any problems?


    Yes they have removed Providence Resources from their platform. You can no longer buy anymore however you can sell if you hold any.

    I queried this with them two weeks back when I received the same message as yourself and they told me they have reached their limit or some other jargon regarding these types of assets :rolleyes::rolleyes: I emailed again asking why they would remove it etc but they told me they would not be adding it back.

    I was trying to add to my existing holding at the time, I loaded up on LOGP instead given this news. Not sure what other platforms have Providence Resources.


  • Registered Users Posts: 2,780 ✭✭✭littlevillage


    Kilboor wrote: »
    Yes they have removed Providence Resources from their platform. You can no longer buy anymore however you can sell if you hold any.

    I queried this with them two weeks back when I received the same message as yourself and they told me they have reached their limit or some other jargon regarding these types of assets :rolleyes::rolleyes: I emailed again asking why they would remove it etc but they told me they would not be adding it back.

    I was trying to add to my existing holding at the time, I loaded up on LOGP instead given this news. Not sure what other platforms have Providence Resources.

    Thanks for the reply. That explains it. I have a Davy account and they are still available to trade there.

    How confident are you in the SpotOn deal getting signed before Month End?


  • Registered Users Posts: 1,224 ✭✭✭Kilboor


    Thanks for the reply. That explains it. I have a Davy account and they are still available to trade there.

    How confident are you in the SpotOn deal getting signed before Month End?

    I am trying to acknowledge my confirmation biases when it comes to my bet on Providence/Lansdowne.

    All signs are things are going well and Alan Linn has been outspoken in his confidence with the project. I think the massive volume of buying recently coupled with Providence reactivating their media and website platforms are extremely positive signs that we will get this through by the deadline. Brent Crude has been steadily on the rise too and every dollar increase there is worth millions to us.

    It's now or never for developing Barryroe. The oil is an exceptional quality, the depth is not as difficult as newer projects around the world, and there's a world class farm out consortium involved. The risk I have taken on for this gamble is worth it in my opinion, it's not every so often an opportunity to make money like this comes along.

    Now trying to look at it from a different angle I do worry at how long the confirmation of the farm out is taking. As far as we are aware there was only a few extra bits needed to be completed in the extension so having not heard with the deadline only days away is worrying but I have every confidence in the leadership.


  • Registered Users Posts: 1,162 ✭✭✭LawBoy2018


    Kilboor wrote: »
    I am trying to acknowledge my confirmation biases when it comes to my bet on Providence/Lansdowne.

    All signs are things are going well and Alan Linn has been outspoken in his confidence with the project. I think the massive volume of buying recently coupled with Providence reactivating their media and website platforms are extremely positive signs that we will get this through by the deadline. Brent Crude has been steadily on the rise too and every dollar increase there is worth millions to us.

    It's now or never for developing Barryroe. The oil is an exceptional quality, the depth is not as difficult as newer projects around the world, and there's a world class farm out consortium involved. The risk I have taken on for this gamble is worth it in my opinion, it's not every so often an opportunity to make money like this comes along.

    Now trying to look at it from a different angle I do worry at how long the confirmation of the farm out is taking. As far as we are aware there was only a few extra bits needed to be completed in the extension so having not heard with the deadline only days away is worrying but I have every confidence in the leadership.

    I'll say it again, you're in far too deep on this one unfortunately. Any objective person could see that this project is going nowhere.


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  • Registered Users Posts: 1,224 ✭✭✭Kilboor


    LawBoy2018 wrote: »
    I'll say it again, you're in far too deep on this one unfortunately. Any objective person could see that this project is going nowhere.

    Look I'm prepared mentally in every circumstance, I have a definite rule in investing to never bet my debt or what I can't afford to and I've never done that.

    If I lose what I've invested on this I wouldn't break a sweat but the upside which is a possibility - they've booked the rig which I forgot to mention yesterday - would make me a nice chunk of winter cash


  • Registered Users Posts: 2,780 ✭✭✭littlevillage


    Iooking to get back in at 7c. But if there's any problems...but its roulette.

    On Monday its 4c or 20c.


  • Registered Users Posts: 47 Rolling Stone


    I'm certainly not an expert in the markets but have been following this with interest over the last number of months.

    As stated by Kilboor, Alan Linn has been outspoken in his confidence with the project and has indicated that things are progressing in the right direction with the farm out. From what I have seen, he has been talking abstractly as opposed to specifics. I understand that there are issues around confidentiality etc. but my concern is that Alan Linn has skin in the game and he would be saying all the right things publicly for as long as he can, even if things are not going well behind the scenes.

    I don't know the corporate governance rules and requirements for companies listed on the ISEQ but surely if the farm out was going nowhere, Alan Linn would have to say so and not simply placate everyone just to buy more time and entice more investors?

    Trust me, I fully accept that at this stage, buying shares in this company is akin to throwing my money on trap 5 at Shelbourne Park. As above, what I would love to know is how truthful is Alan Linn being and are we likely to see an agreement on the farm out. My gut is telling me that there will be no agreement by the end of the month and the share price will tank. However, if there is an agreement and a plan in place to start actual drilling the share price will likely rocket.

    Is there any info. circulating on the farm out agreement or are the assertions of Alan Linn the only info we have to go on?


  • Registered Users Posts: 1,224 ✭✭✭Kilboor


    I'm certainly not an expert in the markets but have been following this with interest over the last number of months.

    As stated by Kilboor, Alan Linn has been outspoken in his confidence with the project and has indicated that things are progressing in the right direction with the farm out. From what I have seen, he has been talking abstractly as opposed to specifics. I understand that there are issues around confidentiality etc. but my concern is that Alan Linn has skin in the game and he would be saying all the right things publicly for as long as he can, even if things are not going well behind the scenes.

    I don't know the corporate governance rules and requirements for companies listed on the ISEQ but surely if the farm out was going nowhere, Alan Linn would have to say so and not simply placate everyone just to buy more time and entice more investors?

    Trust me, I fully accept that at this stage, buying shares in this company is akin to throwing my money on trap 5 at Shelbourne Park. As above, what I would love to know is how truthful is Alan Linn being and are we likely to see an agreement on the farm out. My gut is telling me that there will be no agreement by the end of the month and the share price will tank. However, if there is an agreement and a plan in place to start actual drilling the share price will likely rocket.

    Is there any info. circulating on the farm out agreement or are the assertions of Alan Linn the only info we have to go on?

    I had hopes that today would be the day of the announcement to be honest so like you in my gut I have a feeling we will see an extension.

    Regarding info, apart from some notifications of execution of warrants and certain shareholders stating their holdings, there have been people on twitter claiming calls with AL who said all is on track, chats with the spot on CEO (saying that everything is on track again), as well as other sources stating it will be completed.

    What we do know is the extension was to tie up some loose ends, that the rig to be used is booked, and that spot on will be entering the bond market for funding.

    Oil prices rising, a world class consortium, fully funded, relatively accessible depth, and the potential for more oil discovery make me believe this will happen.


  • Registered Users Posts: 1,224 ✭✭✭Kilboor


    Crazy amount of volume going into close today.


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  • Registered Users Posts: 1,224 ✭✭✭Kilboor




  • Registered Users Posts: 1,224 ✭✭✭Kilboor




  • Registered Users Posts: 417 ✭✭chrisd2019


    Kilboor wrote: »

    Nothing is every black or white with this company.
    Not the first time for such drama around a deadline with this company.


  • Registered Users Posts: 1,224 ✭✭✭Kilboor


    chrisd2019 wrote: »
    Nothing is every black or white with this company.
    Not the first time for such drama around a deadline with this company.

    Definitely not but a loss of integrity for business post if they're wrong

    Market responding well to the news


  • Registered Users Posts: 417 ✭✭chrisd2019


    Kilboor wrote: »
    Definitely not but a loss of integrity for business post if they're wrong

    Market responding well to the news

    Personally, will sit on the fence regarding this project as the risk reward profile of this company and project is not in my opinion weighted beneficially for a small investor / shareholder. I have a feeling any final farm out will leave Providence with a much smaller % of the final completed project.
    Another concern I have is the time frame for the various steps in the field development.


  • Registered Users Posts: 976 ✭✭✭greenfield21


    Kilboor wrote: »
    Definitely not but a loss of integrity for business post if they're wrong

    Market responding well to the news

    Iirc there was an RNS on press speculation saying discussions were ongoing. Knowing the history I'll wait for confirmation of agreement.


  • Registered Users Posts: 1,224 ✭✭✭Kilboor


    Slaughtered. Market doesn't like waiting on Eamon Ryan or Funding.


  • Registered Users Posts: 2,780 ✭✭✭littlevillage


    Kilboor wrote: »
    Slaughtered. Market doesn't like waiting on Eamon Ryan or Funding.

    Soo, the deal is signed, but its conditional on the money coming from SpotOn and Irish Government giving the go ahead.

    In other words, they are back exactly where they were with APEC.

    I'm down a few bob now, but only on a small position that I opened up last week. Need to decide now if I will hang on.....and maybe double down on the dip....or just dump it altogether.


  • Registered Users Posts: 1,224 ✭✭✭Kilboor


    Soo, the deal is signed, but its conditional on the money coming from SpotOn and Irish Government giving the go ahead.

    In other words, they are back exactly where they were with APEC.

    I'm down a few bob now, but only on a small position that I opened up last week. Need to decide now if I will hang on.....and maybe double down on the dip....or just dump it altogether.

    I would say it will consolidate upwards from tomorrow on.

    It's good news for any long term investors.


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  • Registered Users Posts: 2,780 ✭✭✭littlevillage


    Kilboor wrote: »

    Seems Alan Linn is putting a positive spin on things. The reality is without funds & Government approval ....they are going nowhere. SP crash, tells us everything we need to know, I suppose.


  • Registered Users Posts: 1,162 ✭✭✭LawBoy2018


    I think the market has reacted to Linn's tendency to drip-feed bogus articles to the media every now and again to hype up the project and keep people interested.


  • Registered Users Posts: 1,224 ✭✭✭Kilboor


    LawBoy2018 wrote: »
    I think the market has reacted to Linn's tendency to drip-feed bogus articles to the media every now and again to hype up the project and keep people interested.

    I mean there's nothing in any of Linn's articles that differs much from the farmout agreement.

    I've taken some time to process the news, short to medium term traders dislike the timeframe but the fundamental value proposition is still there and I am confident in SpotOns ability to lock in the funding.

    News sellers triggered short term stop losses today. I believe in a rebound before week ends. Theres a fully funded farmout here with 50% of the permits costs also covered. Time frame is a year extra but I've every confidence in more info on the funds coming to the fore in the near future.


  • Registered Users Posts: 47 Rolling Stone


    Not overly concerned with the current share price IF the project is still viable and can proceed. My main concern is with SpotOn Energy and the funding that they need to secure to make this happen. A secondary concern is Government and regulatory red tape, especially with the Green Party potentially in power over the next 4-5 years.

    Yesterday's deal was essentially an agreement between two parties who don't have a pot to piss in. There doesn't appear to be a whole lot of info. about SpotOn Energy online. They were only incorporated 4 years ago and have 1 active Director. Less than 10 Employees with under 2m turnover and the company was dormant during y/e 31.08.2019.

    What security would/could they offer? Perhaps the key to this is their CEO Stale Fjelland, his knowledge, experience and crucially his contacts in Norway as I'm guessing that this is where any funding is likely to come from? I'm only speculating here and if anyone has any other info. on SportOn please feel free to advise.

    Would be a shame to see this fall through as there does appear to be potential with Barryroe.


  • Registered Users Posts: 1,224 ✭✭✭Kilboor


    Not overly concerned with the current share price IF the project is still viable and can proceed. My main concern is with SpotOn Energy and the funding that they need to secure to make this happen. A secondary concern is Government and regulatory red tape, especially with the Green Party potentially in power over the next 4-5 years.

    Yesterday's deal was essentially an agreement between two parties who don't have a pot to piss in. There doesn't appear to be a whole lot of info. about SpotOn Energy online. They were only incorporated 4 years ago and have 1 active Director. Less than 10 Employees with under 2m turnover and the company was dormant during y/e 31.08.2019.

    What security would/could they offer? Perhaps the key to this is their CEO Stale Fjelland, his knowledge, experience and crucially his contacts in Norway as I'm guessing that this is where any funding is likely to come from? I'm only speculating here and if anyone has any other info. on SportOn please feel free to advise.

    Would be a shame to see this fall through as there does appear to be potential with Barryroe.

    Somebody on twitter is claiming that spoton are currently working on securing funding for the Bentley field in the North Sea and that they have raised 1.3 billion for that project.

    The company who owns that field is private so no news releases etc.

    Allegedly 70% of Barryroe funding is already secured with offers for taking all bonds already.



  • Registered Users Posts: 417 ✭✭chrisd2019


    Kilboor wrote: »
    Slaughtered. Market doesn't like waiting on Eamon Ryan or Funding.

    Must say that for once I agree with the market.

    This project is still far from commencement, without certainty on funding there is little progress made.


  • Registered Users Posts: 1,224 ✭✭✭Kilboor


    chrisd2019 wrote: »
    Must say that for once I agree with the market.

    This project is still far from commencement, without certainty on funding there is little progress made.

    I understand the uncertainty but an announcement on funding in the new year would send the share price crazy. The rumours on Spot On are positive , happy to continue to gamble on that. Still above break even on Providence


  • Registered Users Posts: 2,780 ✭✭✭littlevillage


    PVR seems to have bottomed out at 5c...and climbing again now.

    I'm under water on it now, not sure if I'll bother doubling down though, cause Davy commission is very high for smaller trades. (€14.99 flat rate per transaction).


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  • Registered Users Posts: 1,224 ✭✭✭Kilboor


    PVR seems to have bottomed out at 5c...and climbing again now.

    I'm under water on it now, not sure if I'll bother doubling down though, cause Davy commission is very high for smaller trades. (€14.99 flat rate per transaction).

    Consider selling for tax reasons if you do want to hold it into new year. I think we will have no problems with funding personally but always a risky play!


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