Providence Resources PLC

Captain Snow

Ireland's Climate Minister Just Approved a New Offshore Oil Project.

I'm just wondering the experts think here about providence resources plc share price.

Its currently 16.00 STG but peaked way back at around 900 STG.

With this new drilling potential. Is it a good long term investment.

https://www.desmog.uk/2017/07/21/ireland-s-climate-minister-just-approved-new-offshore-oil-project

http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/IE00B66B5T26IEGBXASQ1.html

Prezatch

Lets hope you took the lack of response here as a sign...

Providence shares plummet 46% as water found in key well
http://www.irishtimes.com/business/energy-and-resources/providence-shares-plummet-46-as-water-found-in-key-well-1.3176754

ranger4

Waiting for SP to hit 8c before i buy.

Captain Snow

Prezatch wrote: »

Lets hope you took the lack of response here as a sign...

Providence shares plummet 46% as water found in key well
http://www.irishtimes.com/business/energy-and-resources/providence-shares-plummet-46-as-water-found-in-key-well-1.3176754

Yes I did.

ranger4

over 20% Rise with SP couple of days ago no usual friday Negitive RNS i expect Investors could have positive Drombeg RNS monday or early next week .:D

Cute Hoor

ranger4 wrote: »

over 20% Rise with SP couple of days ago no usual friday Negitive RNS i expect Investors could have positive Drombeg RNS monday or early next week .:D

If you've made 20% on this yoke Ranger I wouldn't be waiting for any RNS, I'd be outta there faster than sh1t through a goose

ranger4

Cute Hoor wrote: »

If you've made 20% on this yoke Ranger I wouldn't be waiting for any RNS, I'd be outta there faster than sh1t through a goose

Have a feeling Dromberg results will be announced very soon possibly monday after ISEQ close or tuesday morn before LSE opens after bank hols & they woint disappoint this time as was the case with Druid watch ISEQ tomorrow.:D

sword1

ranger4 wrote: »

Have a feeling Dromberg results will be announced very soon possibly monday after ISEQ close or tuesday morn before LSE opens after bank hols & they woint disappoint this time as was the case with Druid watch ISEQ tomorrow.:D

Is a well profitable at that depth and distance from shore at current prices? Millions gone in to this so far.

ranger4

sword1 wrote: »

Is a well profitable at that depth and distance from shore at current prices? Millions gone in to this so far.

Total Oil seem to think so, No RNS this morn probably due to Lse holiday close Providence sp + 17% today on iseq a decent RNS with Drombeg will see Strong Rally.

sword1

ranger4 wrote: »

Total Oil seem to think so, No RNS this morn probably due to Lse holiday close Providence sp + 17% today on iseq a decent RNS with Drombeg will see Strong Rally.

Some operation, the rig is 185k a day and was 550k a day a few years ago.It is cheaper due to the drop in oil prices, it left the canaries a month ago but I don't know if travel is included in the fee. But that is only the start of it, there are one or two boats guarding it and a seismic ship with two guarding it also. I know it is the wrong forum but how does this work, do ships come and hook up to the rig till they are full? Where do they go with the raw product then? Could that volume be refined in Ireland? With weather etc there could be alot of delays. What depth are they drilling to, it seems they can go to around the six kilometres, that's a lot of pipe standing up straight.

ranger4

operations will now proceed to assess the deeper Lower Cretaceous Drombeg exploration target, which is situated c. 1,000 metres beneath Druid.


I believe if not at the 1k strike depth they are very close and RNS to follow shortly 50/50 chance either another duster or Strike i believe they will hit oil at Drombeg question now is if Strike commercially Viable.

ranger4

Positive Drombeg RNS imminent SP should have decent Lift tomorrow.:D

Cute Hoor

ranger4 wrote: »

Positive Drombeg RNS imminent SP should have decent Lift tomorrow.:D

There are only 2 ways (that I can think of) that you can know that positive Drombeg news is imminent, you have direct contact with the drill site or are a PVR insider, either of which would presumably have the AIM head honchos wetting themselves over you publishing this insider information in a bulletin board before an official news release by PVR themselves. Some lad twittered (was it you) yesterday and the desperate rushed in pushing the price up 33% (presumably the twitterer managed to unload at a price he could only dream of), normal service has been resumed today of course with the SP down 20%.

I presume you meant that you were hoping that a positive Drombeg RNS was imminent. I hope you are right, I hope you are right for yourself and all the long sufferering holders (3 year holders could be down 95%, longer term holders have probably lost 99% of their investment) of this turkey.

There are a few people who haven't lost out of course, one lad has benefitted to the tune of €6 million over the last decade (share price drop in the same timeframe - 98+%)

gordongekko

Cute Hoor wrote: »

There are only 2 ways (that I can think of) that you can know that positive Drombeg news is imminent, you have direct contact with the drill site or are a PVR insider, either of which would presumably have the AIM head honchos wetting themselves over you publishing this insider information in a bulletin board before an official news release by PVR themselves. Some lad twittered (was it you) yesterday and the desperate rushed in pushing the price up 33% (presumably the twitterer managed to unload at a price he could only dream of), normal service has been resumed today of course with the SP down 20%.

I presume you meant that you were hoping that a positive Drombeg RNS was imminent. I hope you are right, I hope you are right for yourself and all the long sufferering holders (3 year holders could be down 95%, longer term holders have probably lost 99% of their investment) of this turkey.

There are a few people who haven't lost out of course, one lad has benefitted to the tune of €6 million over the last decade (share price drop in the same timeframe - 98+%)

Might be true but sure he's a month saying it. A stopped clock it correct twice a day

Cute Hoor

Well it looks like another good news story from PVR fails to materialise, the latest in a long long list of bad news stories and 'hopeful' statements from the company.

Nody

Honestly after a decade or more of this from the various small oil companies I'm still surprised people buy into the BS. If you want to invest in a oil company then go for something bigger such as Exxon, Statoil etc. If you want to play the lotto winning stock picking game of it suddenly going up by a factor of 100x go for biomedical companies where at least there's a higher chance of success...

sword1

If they had found oil there what was a viable barrel price to harvest it. Surely it would be more than 150. That does not look like it will be the price for a long time.

lucky john

sword1 wrote: »

If they had found oil there what was a viable barrel price to harvest it. Surely it would be more than 150. That does not look like it will be the price for a long time.

$150,( Barring war in the next 20 years), possibly never. The only way to up the oil price is to drastically cut production in EVERY oil producing country. That's unlikly in itself. The other problem with forcing a price rise is renewables. The higher the price the more attractive they become. As it is we are fast entering the age of the electric car.
The big oil producers will be very happy "if" they can get a price of between $60 and $80 over the next 10 years. Exploration of the Irish coast may never be profitable.

sword1

lucky john wrote: »

$150,( Barring war in the next 20 years), possibly never. The only way to up the oil price is to drastically cut production in EVERY oil producing country. That's unlikly in itself. The other problem with forcing a price rise is renewables. The higher the price the more attractive they become. As it is we are fast entering the age of the electric car.
The big oil producers will be very happy "if" they can get a price of between $60 and $80 over the next 10 years. Exploration of the Irish coast may never be profitable.

Surely then the exploration made no sense as it was a lose lose situation.

lucky john

It might have made sense when they started out but it make less and less sense these days. I assume in for a penny in for a pound with them at this stage only with a lot more zeros involved. Actually it makes interesting reading if you search this forum for PR. A lot of hopes dashed over many years.