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Providence Resources

plasmin

Any view on Providence resources? Share prices have dropped significantly lately. Is it good thing to invest in this company? Cheers

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oneday2day

Hope this time that providence does the business, there’s another thread on here from 4 years ago that was calling providence firbwhat it is- not much has changed.

Hasnâ€™t been much positive news in the last 4 years, but it is speculative- @ballyharpat you are on a different investment level than satnav and lash alert- they obviously are only investing small amounts, we all start somewhere, like you said you did, but yes, if you are serious about investing, then blue chips are the way to go.
Judging by lash alerts comments, he has no financial knowledge and doesnâ€™t want any- if he suggests a landlord should hire someone to pick up the rent :-0 or that a blue chip is any way comparable to a stock like shire that they are invested in.
Regarding the â€˜warrenâ€™ quip, you seem to be a value investor like him, judging by your other posts- and it has obviously worked for you if you are still doing it 15 years later, and living a good quality of life from those returns-

There are many keyboard warriors, I wouldnâ€™t be getting into battles, if he has no knowledge, itâ€™s just jealousy- imo

ballyharpat

Captainsatnav wrote: »

P R up 40% since I got in ha ha

Well done Captain, you may make your 100%, it's a good feeling when your ship comes in!!

greenfield21

Back in the green on this one today, its pure gambling but I think this has potential in the medium term. Will hold and see

yobr

Captainsatnav wrote: »

P R up 40% since I got in ha ha

I dump them just before the drill.

Pkiernan

Sell at 30 pence

greenfield21

https://news.sky.com/video/ireland-a-step-closer-to-massive-oil-boost-11516568

Captainsatnav

greenfield21 wrote: »

https://news.sky.com/video/ireland-a-step-closer-to-massive-oil-boost-11516568

https://www.irishtimes.com/business/markets/providence-resources-target-price-upgraded-50-by-private-bank-1.3649380?mode=amp

ballyharpat

FFS-
The private bank is not considered an independent commentator on Providence because it is currently engaged by the oil explorer to provide corporate finance services.

Captainsatnav wrote: »

https://www.irishtimes.com/business/markets/providence-resources-target-price-upgraded-50-by-private-bank-1.3649380?mode=amp

greenfield21

See pvr is regaining some ground. Drop looks like it was caused by a delay in funding from the chinese company providing finance also alot of negatives around the climate bill and possible ban on expolration. Have not been really following it lately. Interesting to see if they get the survey permission.

littlevillage

greenfield21 wrote: »

See pvr is regaining some ground. Drop looks like it was caused by a delay in funding from the chinese company providing finance also alot of negatives around the climate bill and possible ban on expolration. Have not been really following it lately. Interesting to see if they get the survey permission.

Spot on summary. Got in myself there recently at 8 cents.... got out swiftly again though at 9 cents. Wish I had hung tough, I would be looking at 12 cents now and a healthy 50% profit on my investment in the space of about 3 weeks. :rolleyes:

Providence is not for widows and orphans...and is the kind of company that could be 18-20 cents in another 3 weeks or could be 5 cents. :eek:

Jim2007

littlevillage wrote: »

Providence is not for widows and orphans...and is the kind of company that could be 18-20 cents in another 3 weeks or could be 5 cents. :eek:

It's a penny stock.... it is is for no serious investor.... but as an alternative to the dogs or the horses go for it.

ballyharpat

Jim2007 wrote: »

It's a penny stock.... it is is for no serious investor.... but as an alternative to the dogs or the horses go for it.

I said this last year, they tore me a new one-it's definitely not an investment, like you say, as good as the ponies. If you put in even €500, youd raise the share price substantially, it's good if you want to gain or lose the price of a pizza.

Cute Hoor

Providence are expected to clarify the status of the 9 million Apec loan in the next couple of days, possibly as early as tomorrow morning. Last Monday Providence advised that the dosh would be received by Wednesday, it didn't arrive and they then set a Friday evening deadline for it to roll in, the company remained tight lipped as to whether or not it had been received.

greenfield21

Should be interesting to see how this one plays out now because they have made a right mess of things so far ha. Along with the survey I hope to see funds transferred tomorrow.

littlevillage

greenfield21 wrote: »

Should be interesting to see how this one plays out now because they have made a right mess of things so far ha. Along with the survey I hope to see funds transferred tomorrow.

I assumed the 40% jump in SP today meant that the funds had indeed been transferred. If not then woe-be-tide :mad:

littlevillage

They Irish Government has granted permission to carry out the site surveys. Bet the APEC funds will now magically appear also (Chinese were probably waiting for this signal before transferring the money)

https://www.irishtimes.com/business/energy-and-resources/providence-secures-permission-for-barryroe-site-survey-1.3981075?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Fenergy-and-resources%2Fprovidence-secures-permission-for-barryroe-site-survey-1.3981075

Cute Hoor

Big spread in the SBP today, only $1.5m left in the kitty at the beginning of August (little more than a couple of year's salary for Tony), all technical staff let go, moving from their HQ to a serviced office. The $10m Apec money still expected, as it has been for some time.

littlevillage

Still waiting .... Deadline extended again.... This time til 19th August.

https://www.independent.ie/business/irish/providence-further-extends-funding-deadline-38399042.html

I thought once the Irish Government gave the go ahead to do the surveys .....that that would have been enough to convince APEC to release the moolah $$$$

Now I wonder are APEC playing a more strategic game ? They see that Providence are struggling and maybe want to let them go the wall altogether and then snap up the licenses themselves at a knock down price.

At some point Providence have to show some liathroidi here and hopefuly source alternative finance elsewhere.....then give APEC an ultimatum.

To be honest even if the money is eventually transferred by 19th August from APEC the whole thing has been a PR disaster for Providence and the working relationship with APEC is damaged now anyway.

Cute Hoor

Closed up 20% in London, maybe they are getting the few shillings

hgfj

Cute Hoor wrote: »

Closed up 20% in London, maybe they are getting the few shillings

I don't think that means a lot tbh. Providence is such a small-cap stock that if someone bought just a few hundred shares it would impact the price.

Cute Hoor

hgfj wrote: »

I don't think that means a lot tbh. Providence is such a small-cap stock that if someone bought just a few hundred shares it would impact the price.

I know yea, but why would anybody be paying such an extraordinary amount, that's an extra 1.5p per share

hgfj

Cute Hoor wrote: »

I know yea, but why would anybody be paying such an extraordinary amount, that's an extra 1.5p per share

Ten thousand shares would come to only 150 quid extra though.

Cute Hoor

Another fluff piece in the Indo today, must be some family friends still in Talbot St

Money ($10m) still expected on Monday, if it doesn't arrive they have enough money to keep them going for a few weeks/months. If it does arrive they have enough money to stay afloat for a couple of years (there may be another $9.5m due from Apec at some stage?) but where is the money going to come from to fund their 50% share of the estimated $200m cost of the drilling programme.

littlevillage

Share placing at 5c a share has raised enough to keep them afloat till Feb 2020... they need to find another joint venture partner fairly quickly to get Barryroe off the ground.

SP today is 4.5c , things looking very bad.

Got in and out myself a couple of times in the last year, not holding any at the moment and won't touch it again if and until they have a new partner. Think there is a very real chance that this company could actually be wound up.

hgfj

littlevillage wrote: »

Share placing at 5c a share has raised enough to keep them afloat till Feb 2020...

Maybe if O'Reilly wasn't getting paid almost 500,000 a year they might be kept afloat a bit longer.

hgfj

https://www.rte.ie/news/business/2019/1206/1097376-providence-resources-ceo/

About time too.

Alternative headline - Rat Jumps Sinking Ship

Cute Hoor

He has made a comfortable living off the back of very long suffering (financially) shareholders, don't expect to see him queuing at the foodbanks anytime soon

"I am extremely proud of all that we have achieved over the years" - hmmm

Mach 3

:rolleyes:

Cute Hoor wrote: »

He has made a comfortable living off the back of very long suffering (financially) shareholders, don't expect to see him queuing at the foodbanks anytime soon

"I am extremely proud of all that we have achieved over the years" - hmmm

He is probably making himself available for the FAI and John Delaney for Providence ... would anyone notice the difference:rolleyes:

neris

Tullow taking a hammering today