Providence Resources

hgfj · 14-08-2019 9:18pm

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 · 14-08-2019 9:36pm

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 · 14-08-2019 9:44pm

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 · 17-08-2019 11:50am

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 · 03-10-2019 5:23pm

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 · 09-10-2019 11:37pm

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 · 06-12-2019 2:26pm

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

About time too.

Alternative headline - Rat Jumps Sinking Ship

Cute Hoor · 06-12-2019 3:27pm

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 · 07-12-2019 2:28pm

: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 · 09-12-2019 5:12pm

Tullow taking a hammering today

oneday2day · 18-12-2019 8:32pm

Is this company bust now? I assume they have no future?

neris · 15-01-2020 12:14am

You'd wanna be very cock sure about yourself and what your going to do to accept this offer as CEO

Irish oil and gas explorer Providence Resources has offered its new CEO, Alan Linn, the option of buying shares in the group at a price of four pence each, subject to shareholder approval.

https://m.independent.ie/business/irish/providence-offers-new-ceo-share-options-38859453.html

Kilboor · 20-07-2020 11:27am

Time to bump this thread. I'm a newcomer to Providence but been following the last few months. Finally jumped in last week and we have news today!

https://www.sharesmagazine.co.uk/news/market/7009482/Providence-Resources-progresses-talks-with-SpotOn-over-Barryroe-investment

ChuckieEgg · 20-07-2020 5:55pm

Rubbish company, share price has been bleeding for years.
Rubbish asset, Barryroe is a 100miles out to Sea and 2 miles down underneath the seabed. It'll cost a fortune to extract not like the middle east/venezuela/Russian oil which is ony a matter of punching a hole in the ground and up the Oil comes, you'd need Oil at $80+ which ain't going to happen in the next few years with mad over production from everyplace and consumption dropping.
Avoid

Kilboor · 31-07-2020 9:03am

Bump:

https://www.globenewswire.com/news-release/2020/07/31/2070880/0/en/Providence-Resources-P-l-c-Barryroe-Farmout-Update-Development-Consortium-Information-Market-Release.html

Cute Hoor · 31-07-2020 9:56am

A great opportunity first thing this morning to sell and take a profit if you were one of the very lucky ones who could take a profit or to cut your losses which would probably be the situation for most if there are any holders left. Never had an interest myself, just watching from the side. Good luck with it.

Kilboor · 31-07-2020 9:59am

Cute Hoor wrote: »

A great opportunity first thing this morning to sell and take a profit if you were one of the very lucky ones who could take a profit or to cut your losses which would probably be the situation for most if there are any holders left. Never had an interest myself, just watching from the side. Good luck with it.

Woke up too late to see that morning spike unfortunately! Still above my BEP

Kilboor · 21-08-2020 10:44am

Nicely moving now and quite a good consortium:

Schlumberger

Aker Solutions

AGR

Maersk

Keppel

Aibel

Ireland may finally be on track for oil. Of course though it's when we've started focusing on green policies!

Kilboor · 22-09-2020 4:58pm

Nice increase in share price today after a month or so of fluctuating in the low 5 pences.

Could be a leak of news with this kind of action.

Kilboor · 30-09-2020 11:11am

9 million loss for the year so far mainly due to financing

https://amp.rte.ie/amp/1168381/

Farmout progressing on time. Massively undervalued asset in my opinion, all that awaits is the ownership percentage after agreement.

Kilboor · 01-10-2020 9:49am

https://www.irishexaminer.com/business/companies/arid-40057451.html?type=amp&__twitter_impression=true

Media seem to be picking up on the progress of Barryroe a bit more.

Some very positive wording in that article. I know the company has been here before albeit partnered with Chinese companies and led by O'Reilly.

It's now or never for Oil in Ireland.

Kilboor · 07-10-2020 5:35pm

Providence Resources are to present for the first time at the proactive investors conference next Thursday.

We may have news before then.

14-10-2020 12:53pm

Hi guys, I'm looking to buy these and buy these shares only.

Is there an etrading platform I can do this on?

I'm not too bothered about the hassle of brokers etc.

I just want an easy way to buy these specific shares. Saw they weren't on Etoro.

Kilboor · 14-10-2020 1:01pm

gilberto_eire wrote: »

Hi guys, I'm looking to buy these and buy these shares only.

Is there an etrading platform I can do this on?

I'm not too bothered about the hassle of brokers etc.

I just want an easy way to buy these specific shares. Saw they weren't on Etoro.

Not sure Gilberto, I use Degiro personally but to set that up you may miss the farmout news if it is coming this week.

I'd set it up anyway as it might be your only option

Kilboor · 16-10-2020 11:41am

Kilboor · 26-10-2020 1:04pm

Farmout agreement to be finalised this week.

https://www.google.com/amp/s/amp.independent.ie/business/irish/providence-to-agree-barryroe-deal-this-week-39661669.html

littlevillage · 26-10-2020 1:22pm

Whats your feeling on how the market will react on news of an agreement?

Currently at 8c on ISEQ. After falling from 10c earlier last week.

Does that maybe tell us something?

For example, do you feel that maybe a successful agreement might already be priced in at 8c....and if there is a further delay....the SP will flop back to 5c or worse?

LawBoy2018 · 26-10-2020 3:31pm

Thoughts re the rumoured injunctions in the pipeline? I can't see this project going ahead tbh.

Kilboor · 27-10-2020 1:21pm

LawBoy2018 wrote: »

Thoughts re the rumoured injunctions in the pipeline? I can't see this project going ahead tbh.

Which rumoured injunctions? Are you talking about the Green Party? Today they've failed to block the LNG terminal in Cork.

I don't think they can block Ireland finally having an oil field and a new gas field especially when we need Gas for the next 30 years at least. The law is on Providence's side and it would be terrible for business to dictatorially block the oil field especially when there are plans in place from Providence to offshoot carbon emissions with carbon capture technology. Not to mention oil is a necessary component for many things going forward not least plastics, and wind turbine lubricant for green energy. There is a vilification of the word oil from the media. Alan Linn is an excellent man to have at the helm, there simply is no reason to not let this oil field go ahead, an environmental impact report will be created too in line with government policy.

The general populace is my concern, as I said above people will hear oil and immediately be out protesting with extinction rebellion etc etc It would be our (Ireland's) luck to finally go ahead with extracting our oil reserves as people get hyped up over climate emissions etc after decades of other countries benefitting financially from it :rolleyes:

Kilboor · 27-10-2020 1:24pm

littlevillage wrote: »

Whats your feeling on how the market will react on news of an agreement?

Currently at 8c on ISEQ. After falling from 10c earlier last week.

Does that maybe tell us something?

For example, do you feel that maybe a successful agreement might already be priced in at 8c....and if there is a further delay....the SP will flop back to 5c or worse?

I'm not one for speculating crazily on price to be honest, I don't want to get ahead of myself but I place a much higher value on the expected retention of 50% of barryroe post farmout then the current share price and market cap. I think the market will always be wary of providence given its history but also with the current change towards greener energy and indeed the lower oil prices.

If I had to give a figure, I'd say 15p but I'm by no means experienced in this sector. I think Oil is a promising investment in the medium term, it's not going away anytime soon.

LawBoy2018 · 27-10-2020 2:34pm

Kilboor wrote: »

Which rumoured injunctions? Are you talking about the Green Party? Today they've failed to block the LNG terminal in Cork.

I don't think they can block Ireland finally having an oil field and a new gas field especially when we need Gas for the next 30 years at least. The law is on Providence's side and it would be terrible for business to dictatorially block the oil field especially when there are plans in place from Providence to offshoot carbon emissions with carbon capture technology. Not to mention oil is a necessary component for many things going forward not least plastics, and wind turbine lubricant for green energy. There is a vilification of the word oil from the media. Alan Linn is an excellent man to have at the helm, there simply is no reason to not let this oil field go ahead, an environmental impact report will be created too in line with government policy.

The general populace is my concern, as I said above people will hear oil and immediately be out protesting with extinction rebellion etc etc It would be our (Ireland's) luck to finally go ahead with extracting our oil reserves as people get hyped up over climate emissions etc after decades of other countries benefitting financially from it :rolleyes:

No the Greens wouldn't bring the injunction, sher they'll be the ones giving the project approval. The FIE activists have said that they will be bringing an injunction if it goes ahead, which would likely succeed imo after the Supreme Court case they won a few months ago.

I don't disagree with the project, but how does Ireland benefit in any way? Oil prices have never been better + Ireland doesn't retain any of the oil extracted from Barryroe. The only benefit the State will actually see from the project is the corporation tax taking, which will be written down from the losses incurred by the company for the last few years + capital allowances.

I think you need to take a step back and look at the bigger picture. If this project is stalled for much longer, the share price will tank imo.

You also need to take into account the Paris Agreement. That would also be grounds to have the project scrapped. The optics are terrible and the Gov likely won't want to give the opposition parties more ammo than they currently have. Why would The Greens allow the project to progress without an environmental impact report? Sher it would need one of those before planning is granted afaik. Isn't that what killed Shannon LNG?

Thoughts?

Kilboor · 27-10-2020 3:38pm

LawBoy2018 wrote: »

No the Greens wouldn't bring the injunction, sher they'll be the ones giving the project approval. The FIE activists have said that they will be bringing an injunction if it goes ahead, which would likely succeed imo after the Supreme Court case they won a few months ago.

I don't disagree with the project, but how does Ireland benefit in any way? Oil prices have never been better + Ireland doesn't retain any of the oil extracted from Barryroe. The only benefit the State will actually see from the project is the corporation tax taking, which will be written down from the losses incurred by the company for the last few years + capital allowances.

I think you need to take a step back and look at the bigger picture. If this project is stalled for much longer, the share price will tank imo.

You also need to take into account the Paris Agreement. That would also be grounds to have the project scrapped. The optics are terrible and the Gov likely won't want to give the opposition parties more ammo than they currently have. Why would The Greens allow the project to progress without an environmental impact report? Sher it would need one of those before planning is granted afaik. Isn't that what killed Shannon LNG?

Thoughts?

I haven't seen FIE activists say they will take a case against Providence? Where are you seeing this? I don't doubt they might but has there any word on this.

I'm not a law expert, I don't know what case they would have in the supreme court against Providence so I can't comment on that.

I'm also well aware of the risk with this project and my investment was on the catalyst of a successful farmout really. I'm up a nice bit already, 65% + so for it to spike on farmout I'll happily reassess and jump out rather than burden the risk.

The project can't go ahead without the environmental report, I said that. It will take 2 years. Shannon LNG is a different proposition and not fully abandoned as far as I know.

littlevillage · 02-11-2020 5:03pm

Delay in signing the deal, SP back to 7c. Wonder is this an opportunity to snap up a few shares? or will they drift even lower?

chrisd2019 · 02-11-2020 10:45pm

littlevillage wrote: »

Delay in signing the deal, SP back to 7c. Wonder is this an opportunity to snap up a few shares? or will they drift even lower?

Before jumping into anything involving this company & this project you should study the history of both. Its share price has been an almost constant draining away of shareholders value. The shares have been diluted so many times, along with numerous false dawn and delays. Each delay results in further expenses in keeping a company with no production income running.

The risks in this company are very much on the downside for a shareholder.

Also the world still has many areas where exploration & extraction of oil is a much simpler & profitable experience.

Just my opinion following close to 20 years of watching a small investment dwindle away while this company went around in circles. Luckily at the same time I invested in another Irish oil stock (Dragon Oil) that gave a much more pleasant experience.

Kilboor · 03-11-2020 1:40am

littlevillage wrote: »

Delay in signing the deal, SP back to 7c. Wonder is this an opportunity to snap up a few shares? or will they drift even lower?

I'm happy with my current holding but if it falls a little more I'll happily jump in

Pkiernan · 03-11-2020 9:30am

chrisd2019 wrote: »

Before jumping into anything involving this company & this project you should study the history of both. Its share price has been an almost constant draining away of shareholders value. The shares have been diluted so many times, along with numerous false dawn and delays. Each delay results in further expenses in keeping a company with no production income running.

The risks in this company are very much on the downside for a shareholder.

Also the world still has many areas where exploration & extraction of oil is a much simpler & profitable experience.

Just my opinion following close to 20 years of watching a small investment dwindle away while this company went around in circles. Luckily at the same time I invested in another Irish oil stock (Dragon Oil) that gave a much more pleasant experience.

This is a very good post!

This stock is a real minefield. A real gamble.

chrisd2019 · 04-11-2020 1:23pm

Pkiernan wrote: »

This is a very good post!

This stock is a real minefield. A real gamble.

Thank you.

This stock shows the difference between oil exploration & oil extraction & the efficient development of a field or not.

Kilboor · 04-11-2020 4:36pm

chrisd2019 wrote: »

Before jumping into anything involving this company & this project you should study the history of both. Its share price has been an almost constant draining away of shareholders value. The shares have been diluted so many times, along with numerous false dawn and delays. Each delay results in further expenses in keeping a company with no production income running.

The risks in this company are very much on the downside for a shareholder.

Also the world still has many areas where exploration & extraction of oil is a much simpler & profitable experience.

Just my opinion following close to 20 years of watching a small investment dwindle away while this company went around in circles. Luckily at the same time I invested in another Irish oil stock (Dragon Oil) that gave a much more pleasant experience.

I think there are more factors to this stock currently than basing your valuation off past performances. Alan Linn, a vastly experienced oil industry player is the head of Providence now, it's no longer Tony O'Reilly JR, and management is key to any business. This alone is enough to completely ignore the historical failures. There are no dodgy dealings with Chinese here.

What's on the plate currently is a fully funded farmout programme with retention of up to 50% for Providence. Current known extractable barrels number 346 million and that's not even looking at the expansion of the field, further deep drilling, as well as the natural gas present (which is seeing a nice price increase over the last year or so ).

The consortium is headed by SpotOn Energy - granted this is an unknown entity for the most part and some will point to dormant company filings in the UK as a glaring danger - however further research shows that SpotOn is not nearly as dodgy as Apec. It's actually quite easy to research the current directors and realise that the key to their plan is the Norwegian Export Credit. They've assembled a consortium which includes Schlumberger which is somewhat important given that the current director of SpotOn is a former employee for 12 years.

There are some other factors here I could go into particularly around cashflow from initial activities but I won't. I wouldn't be surprised to see the farmout completed by next week and for a substantial increase in the current share price. It's up to oil prices as well as the green energy lobby groups to not mess this up from here on imo.

LawBoy2018 · 05-11-2020 5:28am

Kilboor wrote: »

I think there are more factors to this stock currently than basing your valuation off past performances. Alan Linn, a vastly experienced oil industry player is the head of Providence now, it's no longer Tony O'Reilly JR, and management is key to any business. This alone is enough to completely ignore the historical failures. There are no dodgy dealings with Chinese here.

What's on the plate currently is a fully funded farmout programme with retention of up to 50% for Providence. Current known extractable barrels number 346 million and that's not even looking at the expansion of the field, further deep drilling, as well as the natural gas present (which is seeing a nice price increase over the last year or so ).

The consortium is headed by SpotOn Energy - granted this is an unknown entity for the most part and some will point to dormant company filings in the UK as a glaring danger - however further research shows that SpotOn is not nearly as dodgy as Apec. It's actually quite easy to research the current directors and realise that the key to their plan is the Norwegian Export Credit. They've assembled a consortium which includes Schlumberger which is somewhat important given that the current director of SpotOn is a former employee for 12 years.

There are some other factors here I could go into particularly around cashflow from initial activities but I won't. I wouldn't be surprised to see the farmout completed by next week and for a substantial increase in the current share price. It's up to oil prices as well as the green energy lobby groups to not mess this up from here on imo.

What are you basing that on though? Pure optimism? I have been following this company for years now I have finally come to the conclusion that they're an absolute train wreck. This project is as dead as a dodo and anyone who thinks otherwise is naive, imo! One of the riskiest investments out there atm.

Kilboor · 05-11-2020 9:59am

LawBoy2018 wrote: »

What are you basing that on though? Pure optimism? I have been following this company for years now I have finally come to the conclusion that they're an absolute train wreck. This project is as dead as a dodo and anyone who thinks otherwise is naive, imo! One of the riskiest investments out there atm.

I'm not so sure about that. Tony O'Reilly was a massive negative factor for Providence, that's no longer the case.

Proper management, a different approach to the farmout, and the last chance to make a profit from oil before the world switches to carbon neutral by 2060 or whenever

littlevillage · 24-11-2020 12:09pm

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?

Kilboor · 24-11-2020 12:15pm

littlevillage wrote: »

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.

littlevillage · 24-11-2020 2:44pm

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?

Kilboor · 24-11-2020 2:58pm

littlevillage wrote: »

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.

LawBoy2018 · 25-11-2020 9:37am

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.

Kilboor · 25-11-2020 10:03am

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

littlevillage · 26-11-2020 1:56am

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

On Monday its 4c or 20c.

Rolling Stone · 26-11-2020 1:02pm

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?

Kilboor · 26-11-2020 1:09pm

Rolling Stone wrote: »

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.

Kilboor · 26-11-2020 7:54pm

Crazy amount of volume going into close today.

Providence Resources

Comments