That is true sobeit. Hopefully it is a sign that 10 pence is the bottom for this share.
You know Mamms, that is the worse of it, if I did win the lottery, I would spend some of it on buying shares in Providence. I think I am a just a addict when it comes to Providence! I am out of money now, so I cannot buy any more.
Well said Spuddy, and you are right; the fundamentals are in place for the share price to lift, but it is despairing to see the share price falling every day, but I will not despair too much, as long as I do not see ten or twenty million shares being sold in one day. As a backup plan in case things go wrong, I have decided to buy a lottery ticket every week!
It would be great if they could get a farmout on Barryroe, as it would put the company in a super position, and everyone from that point on, everyone would be saying what great assets Providence has. Of course they already have those great assets, but being in a strong financial position, would change the dialogue.
Hopefully we will have some news in the next while Spuddy and hopefully it will work out for us all.
Sounds like there are easier fields to drill than Barryroe, so why would anyone even bother. But of course there has being real interest in Barryroe; perhaps they had some spare time on their hands and were just playing around. The truth of the matter is that no oil field is straight forward, and there have being many wells drilled that have being a failure. Sure Providence had one themselves, but there is no getting away from the fact that offshore Ireland, could and I do say, could be the next North Sea. The oil is there, and someone will get it someday. If there was a farmout of Barryroe, the whole conversation would change over night, but the interesting thing would be that the assets and the drilling of them, would be exactly the same. I acknowledge that I am a half glass full type of person, but that is only because I am up to my neck in this share. Seemed like a good idea that the time to invest, and of course that underlying feeling is still there.
Everyone does have a slight underlying faith in the company at the moment, due to its great assets. The question seems to be will the board do some sort of farmout on the assets, even if not at the terms they really think the assets are worth, or will be play the long game, sacrifice the shareholders, and do another fund raiser or two, and put themselves in a position where they themselves will reap the full rewards of the various oil fields.
We have cleared all the debts, so hopefully what we need now is the drilling costs to come in at a low price and at the same time for crude oil to start to climb back up. [link]