Good to see Richard Jennings back again with another piece about Providence. He still would like to boot Tony out of the company, but is upbeat about Providence itself:[link]
Whatever the ins and outs of buying shares, at least he has brought them and that is a positive sign in the longer term at the ever least. [link]
Malcolm Graham Wood is very positive in his blog today about Providence. I hope he is right: Providence is another company where shareholders are probably considering themselves fortunate to be owning something that has actual value after the recent shenanigans, in particular the Transocean court case. The darkest hour was just before the raise and now, 70m bucks better off and the bluest of blue chip share registers to boast of, the management are pursuing Druid which may be the company’s soothsayer next year. Today, in a long and detailed conference call the strategy was outlined, suffice it to say that when you don’t actually need the money the buyers are apparently queuing up to have a gander at Barryroe, and others in the data room and drilling costs are falling like stones. Tendering for the Druid work continues, as mentioned before the well will now cost around $35m plus another$15 if they go deeper and TOR said in his speech that this may have cost as much as $225m in the old days. The well is scheduled for June 2017 so there is no hurry but I get the feeling that ‘New Providence’ as it should be called will have plenty to say in the meantime…
I am afraid not Haribo. I think with the lottery you are actually buying some small little bit of hope for a couple of days before the draw, so you are getting something for your money.
Two fairly big buys coming in at £130,000, and then more than £330,0000 coming in at the same share price of 9.75. I have no idea what that means.