Providence Resources

pugw · 28-03-2011 08:41PM #1

Roughly 2 years a friend of mine mentioned to me about buying shares in providence resources when they were @ 4cent! We didnt end up buying them but i kept an eye on them for a while then lost interest. They are now €3.16, i am under the impression that the company may have restructured the price somewhat themselves. Could someone please explain to me what happened and would I have made money if I had bought €1000 worth a 4cent? thanks

Highly Salami · 29-03-2011 01:23PM

There was a 100:1 share change/reverse split/whatever about a year ago. Shareholders got 1 share for every 100 they had and the shares were revalued X 100. If someone bought 25,000 4c shares a few years ago, they would have 250 shares now and so would have a loss if they sold shares at less than €4.

pugw · 29-03-2011 01:40PM

Many thanks for the explanation HS could never understand this! How come they are performing so badly? dont they have gas fields off the west coast that are supposed to be bigger than the Rossport one?

Raskolnikov · 29-03-2011 01:55PM

pugw wrote: »

How come they are performing so badly?

Providence Resources have been predominantly loss-making since they were originally formed 40 years ago.

Have you read their annual reports?

pugw · 29-03-2011 01:59PM

Raskolnikov wrote: »

Providence Resources have been predominantly loss-making since they were originally formed 40 years ago.

Have you read their annual reports?

Had a quick look at the recent ones, Im kind of a punter to be honest wouldnt be buying big and know little or nothing about evaluating the financial strenght of a company!

shoegirl · 29-03-2011 08:48PM

Is that John Teeling's company?

Very expensive to drill in the Atlantic. They might be waiting for a bigger buyer. Technology has a habit of suddenly leaping forward in oilfield services.

turbobaby · 30-03-2011 10:02AM

John Teeling! That name brings back memories. A very very nice fella who did some lecturing in UCD.

Kristopherus · 31-03-2011 06:16PM

I thought The O'Reilly family were the major stakeholders in Providence

pugw · 31-03-2011 06:42PM

Kristopherus wrote: »

I thought The O'Reilly family were the major stakeholders in Providence

+1 I thought so too that was the main reason we thought of investing in them!

o'grainne · 06-12-2011 11:04PM

Reading with interest the info on these shares. Not well up when they start splitting them.

My query is I purchased these shares in 2000 @1p each and have a certificate for 84,650 shares.
I have never heard from the company since and wonder what these are worth now.

Thanks.

ravima · 07-12-2011 11:29PM

you now have 846 shares.

heres hoping that they will move up on drilling in Barryroe!

TheInquisitor · 08-12-2011 02:03PM

Don't put a cent into this company. All they do is mine shareholders for cash and produce nothing. They made what a $40 million loss on their US expolits. they have had singleton now for years and are taking forever to up production. Every well they've sank around Ireland has been a Dud or close enough. And even if they do strike something there's no infrastructure in Ireland for any serious oil production.

o'grainne · 09-12-2011 12:34PM

Many thanks for the conversion Ravima.:)

Think I will get rid ASAP

igorbiscan · 18-12-2011 12:50PM

Since you've been in this long you might think about holding until the drill results come through,they're half way through it.dyor

Steveirl2010 · 10-02-2012 05:00PM

Posted by JOHNPT

Its game on - RNS released yesterday - 'presence of hydrocarbons'. This is only the beginning for Providence - completion of drilling in two weeks - and it will be proved commercial. Then before the end of March both Dunquin and Spanish Point drilling announcements will be made. Share price of Providence this morning is €3.34 on the ISEQ - on 31st March I predict between 9 and 12 euro. Watch this space.

Steveirl2010 · 10-02-2012 05:01PM

BTW - Its also on the Providence Resource website that they discovered 'presence of hydrocarbons'

The Pontiac · 10-02-2012 09:05PM

Steveirl2010 wrote: »

BTW - Its also on the Providence Resource website that they discovered 'presence of hydrocarbons'

There has been confirmed "presence of hydrocarbons" since the 1970s.

"The field has been successfully flow tested at rates of between 1,300 and 1,600 BOPD, from three exploration and appraisal wells that were drilled in the 1970s and 1990s."

The current well is an appraisal well, not an exploration well. Its objective is to achieve commercial flow rates.

colyum · 17-02-2012 10:42PM

I'd say you lot would sell your grannies!
Buying into oil and gas is totally **** for Ireland and the environment.
Buy into renewable ffs

JOHNPT · 18-02-2012 12:44AM

Another ridiculous post above. RNS confirming targeted depth reach expected on Monday - then approx 7-10 days to do flow test.

colyum · 18-02-2012 01:52AM

There's nothing ridiculous about the post at all.
Oil and gas is on the out, peak oil has been reached, it's sliding down hill.
Renewable energy is the future

Smcgie · 18-02-2012 06:41AM

^ Facepalm

Soulja boy · 18-02-2012 12:04PM

colyum wrote: »

There's nothing ridiculous about the post at all.
Oil and gas is on the out, peak oil has been reached, it's sliding down hill.
Renewable energy is the future

Not really, while it is true that oil cannot be sustained indefinitely, renewable energy sources will not fill that gap. Nuclear energy is the only viable long term option and I would never invest in it.

colyum · 18-02-2012 04:51PM

Face palm? I think Smcgie is still in babies (in America).
And Soulja Nuclear energy is not the most viable at all, where the hell are you getting that from? Look at Japan ffs. The place is a ****in disaster area. Jesus, it's like the blind leading the blind in here.
Best of luck to you all, you need it.
Over and out!

EdenCyrus · 18-02-2012 09:33PM

Right to get back to the point. It seems unlikely that providence will reach 9e in just a month from now appx. Keeping an eye on it would be preferable. But I doubt it will do as well as PCI did, in such a short space of time. In PCI I Should of bought in around Oct 11.....Paper millionaire for now I guess.

RossieGooner · 15-03-2012 11:04AM

Any comments on the news this morning then ?

xertpo · 15-03-2012 11:07AM

RossieGooner wrote: »

Any comments on the news this morning then ?

I thought the news was positive, but the stock has tanked. Was the news not better than imagined? Or is still by on rumour, sell on news?

JOHNPT · 15-03-2012 11:10AM

Good news but its time to sell. I will be investing my profit in another company within the next week - I will divulge the company on this board for anyone who is interested

EdenCyrus · 15-03-2012 02:01PM

RRL is it by any chance?

xertpo · 15-03-2012 02:13PM

JOHNPT wrote: »

Good news but its time to sell. I will be investing my profit in another company within the next week - I will divulge the company on this board for anyone who is interested

Would you like a drum roll? Divulge it already!

Kristopherus · 15-03-2012 05:17PM

Maybe BP:D. Not a bad choice, though, in all seriousness:)

nijinsky2 · 26-09-2013 12:33PM

my father has share certificates for 40000 providence shares 0.001 pshares........he also has 175000 shares @ 0.012 shares.........

after the reverse stock split we never received new stock cert...........i recently rang computershare and they are sending cert for 2000 shares

i dont understand how the .001 share is valued the same as the .012 share.

by my calculation the .001 share is split 1:100 and the .012 share is split 1:8 approx.......any insight appreciated

Providence Resources

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