Different Opinions: Disagree entiely with Mamms. Sometimes It feels like he and someothers on this Board would in fact be happy if Providence Went into Examinership. Believe such An outcome is not at all likely. Deals are being put together and suspension gives some space. It is true to say that Management has made mistakes, has Been frugal with the truth (at least to small shareholders) and has misled at times to our detriment. It is also true that a considerable amount of bad luck has been encountered in tándem with a price war started By the Saudis. But what is paramount Are the tremendo us Assets that Providence has and the Institutions are not going to let These escape. Jimmy and Company will be proved wrong I believe. Question is will they be happy or sad !!!
Oil Industry Ireland [link]
Hello Lerrab Iran Will require 200bn in investment just to maintain Its targetted production of 4.1m barrels. So at Present They Are at Nearly maximum production and urgently in need of a rise in oil price to encourage investment. Production is falling everywhere else so Ireland must be on the map now
Stake in Providence If a stake is sold in Providence it Will be in the 20 to 30 percent Range, I imagine. For lets say 40 million a drill could be done on Barryroe and debt repaid. The Share Price Would surge on this and inmediately the investor Would make a profit plus gain from results of Barryroe drill, SP, Druid, Drombeg, Newgrange farm outs. It could be Schlumberger, it could be Sequa, it could be someone else. It Will happen though I believe
We Are all frustrated: However I disagree with Mamms and am totally confused By Jimmy. Would find myself agreeing with Sobeit. This company Will not go into receivership. Someone Will take a stake in Providence eg Sequa or Schlumberger. Things Are changing in oil market and These moves Are in our favour. We shall see soon enough who is right. If it is Sobeit or I Than We will all be happy or perhaps some on this Board will not
To Jimmmy You Are not only an expert on the oil industry but also an amazing Political commentator and A business expert specialising in recieveship. And You provide all this wisdom free of charge to us unfortunate PVR shareholders not having one share of your own in this company. Maybe You can explain to us some day What your interest in PVR is !!!!
Also Disagree with Mamms Believe Jimmy, Mamms and NCMR Are all wrong. Deals Will be done in the near future !!!
Disagree with Jimmy and NMCR Think we Will Get a Deal and things Will turn around here. A stake in Providence may be sold to Schlumberger ir Sequa for example. We shall See soon enough in any case !!!!!
Think the Market is moving in our Favor Profuction in Canada down (fires), profuction in Venezuela down, production in Nigeria down, production in USA down, production in Libia down, not to mention under investment and problems elsewhere. Think We Are Going to See things improve !!!!!!!!!
TOR Presume he is in Heuston. Sully great spot By the way. He must be meeting US oil Company or Finance company or something
TOR in Huston - Barryroe mentioned Providence Resources has seen heightened interest in recent months from international oil companies in Ireland’s offshore sector, giving the Irish junior renewed hope of executing long-planned farm-outs. “There is a level of increased interest over the last three months ... with people trying to position themselves for future opportunities to get discovery resources,” chief executive Tony O’Reilly said. The company has been trying for some time to offload some of its 80% operated stake in the Barryroe gas discovery as it looks for a carry on appraisal drilling. “We have had so many false dawns – we have had deals with companies who couldn’t come up with the money...There seems to be a lot more movement, so we hope in the next few months we will be able to say more about it. “There is one major who is particularly interested but right now the constituent players are independents or private equity-backed companies, because all the big boys have just slashed (spending),” O’Reilly told Upstream on the sidelines of the Offshore Technology Conference in Houston. “The market seems to be taking a more positive view about the oil price and people are saying ‘where are we going to put our money to work?’ And Ireland is a pretty good place to do it.”
TOR in Huston Large players are showing increased interest in acreage offshore Ireland as they look to tap plays seen as analogous to large prospects and discoveries off eastern Canada. The first phase of licence awards for the country’s latest round, issued in February, saw majors such as ExxonMobil, BP, Statoil, Eni, Woodside Petroleum and Nexen win blocks, with the round seeing the highest level of interest ever for an Irish offshore auction. Tony O’Reilly, chief executive of Irish independent Providence Resources, said at the Offshore Technology Conference in Houston on Wednesday that much of the success is down to recent successes across the North Atlantic. “(Ireland was) always looked at as an adjunct to the North Sea – particularly in the 1970s, 1980s and early 1990s. That is all changing and part of the success of the Atlantic Margin licensing round is the linkage to eastern Canada ... and people joining up the geological concept of the North Atlantic Jurassic oil source super highway.” The Irish offshore has not had many commercial successes, and the ones there have been – the Petronas trio of Kinsale Head, Ballycotton and Seven Heads, as well as Shell’s Corrib field – were all gas, leaving an impression of Ireland’s offshore space as gas prone. Providence was a partner in the ExxonMobil-operated Dunquin North wildcat drilled off the west coast in 2013, which proved to be a commercial duster. But O’Reilly said the results of the well were instrumental in changing oil companies’ thinking on offshore Ireland prospectivity. “What this proved is that it was an oil-prone area, and that, in the context of what has happened in eastern Canada, has led to a whole change of focus on Ireland’s Atlantic margin.” International players now talk of Ireland and Canada as being on the same North Atlantic conjugate play, in much the same way as plays in Brazil have proven analogous with those in Angola, or Ghana with Guyana. ExxonMobil in particular is understood to be targeting the Irish offshore as one of its key deep-water plays going forward. “Most of the players in eastern Canada are in the Irish Atlantic margin,” O’Reilly said. The second phase of awards under the latest licensing round will see more companies awarded acreage before the end of this month. O’Reilly pointed to the stiff competition Providence faced in the round as evidence that the country is being targeted by larger players. “When we used to apply for these licences in 2004 and 2011, we were always a big player. We were not a big player this time. In fact we applied for some licences in the south but we didn’t get them. That was a sobering moment for us as a company as we had been so central, but actually it is great, as I would rather lose out to ExxonMobil and Statoil as it says something about our acreage position,” he said. “We kind of knew that all the big players were coming because they will come to Ireland and talk to the government about the terms, and then they will come and try to take my technical director out and get him drunk and try to find out as much information as they can.”
Oil shortage [link]
Sequa or Schlumberger One of These Will take a stake in Providence. 25% Would suit nicely !!!!
Better to look at the glass half full Still hopeful !!!!. We will find out soon enough I imagine.