Register
Login:
Share:
Email Facebook Twitter

EXCLUSIVE: Oil analyst Barney Gray discusses the latest from Tower, Coro, Colter, Reabold & United Watch Here

EXCLUSIVE: Oil analyst Barney Gray discusses the latest from Tower, Coro, Colter, Reabold & United
UPDATE: #COPL set timeline for Q2/Q3 Nigeria drilling programme


Providence Res. Share Chat (PVR)



Share Price: 14.925Bid: 14.60Ask: 15.25Change: 0.00 (0.00%)No Movement on Providence Res.
Spread: 0.65Spread as %: 4.45%Open: 14.925High: 14.925Low: 14.925Yesterday’s Close: 14.925


Share Discussion for Providence Res.


Thread View

Please login or register to post a message on Share Chat.

Posts per page:

dusterinmong
Posts: 508
Opinion:No Opinion
Price:14.925
RE: MANYANA FYI
Today 12:55
40 mill.lololololol
 
AJED
Posts: 64
Opinion:No Opinion
Price:14.925
RE: MANYANA FYI
Today 12:33
So, go on Duster, tell us who you talked to !!
sully100
Posts: 1
Opinion:No Opinion
Price:14.925
RE: MANYANA FYI
Today 12:01
Whats up your hole dusterinmong. Christ. Relax.
dusterinmong
Posts: 508
Opinion:No Opinion
Price:14.925
RE: MANYANA FYI
Today 11:49
Havent you got the balls to call and ask??
dusterinmong
Posts: 508
Opinion:No Opinion
Price:14.925
RE: MANYANA FYI
Today 11:48
Sobeit/ MANYANA lol

3 days who are you it's going in and when it's RNS il remind you could be this week next who cares it's going in.

Delboi posted the same that's whybi followed it up check the logp bb

Now back to your rocking chair with nobody to talk to Sobeit axe to grind and all.
Manyana
Posts: 99
Opinion:No Opinion
Price:14.925
RE: Todays San Leon RNS
Today 11:37
Looks like San Leon is finally turning the corner. But is this a good deal?

For myself, I will be holding on because, if Barryroe comes good, San Leon will be worth a lot more than this offer.

To answer your question regarding San Leon and Barryroe, San Leon swapped its 30% of Barryroe many years ago in exchange for 4.5%nett profit in any oil produced from Barryroe. At approximately 50$ a barrel, Oisin Fanning reckoned this would be worth about $700m to San Leon and that was based on the 345mbbls. It will be far more than this if they find 1billion when they drill the Wealden and Purbeckian.

In the deal with COSL, that 4.5%nett profit comes out of Providence's share as follows:

In spite of the improvements to the farm in terms from PVR’s perspective, the only other significant change to
the deal is the assignment of San Leon’s 4.5% net profits interest (NPI) in Barryroe. The NPI was originally
granted by Providence during its acquisition of San Leon’s 30% equity stake in Barryroe in 2011 (which increased
its own interest to 80%). When the APEC deal was announced in March, we had assumed that the Chinese
consortium would assume 50% of the NPI, however this is not the case, with Providence to retain the full
obligation. In practice this is not onerous, with the allocation of the interest reducing our risked Core NAV by just
c.9p to 101p/shr.

So San Leon is in for a free ride on Barryroe with a potential big pay out, which will probably be a big buy out if Barryroe becomes commercial.

On that basis, I will be hanging on to my San Leon shares as I am still happy looking for the bird in the bush rather than the sparrow Oisin Fanning is now throwing to his faithful.
Manyana
Posts: 99
Opinion:No Opinion
Price:14.925
RE: MANYANA FYI
Today 11:24
As far as my cake hole is concerned at least it is at the top of my body rather than yours which is at the other end.

I have been an investor here since the heady days of Atlantic so I am well invested here and have many of these at prices as low as 1.2p for Lansdowne and my best price for Providence is 8.25p so my cake hole has a nice piece of cake in it while yours, at the other end, is obviously spewing out chocolate fudge.

You have three days to prove you are right. If you are right you will be one step towards being a hero but if you are wrong you will have proven conclusively you are an a*******".
Eoin600
Posts: 68
Opinion:No Opinion
Price:14.925
Todays San Leon RNS
Today 11:09
Anybody any thoughts on San Leon's RNS of today?

Do they still hold an interest in Barryroe?
dusterinmong
Posts: 508
Opinion:No Opinion
Price:14.925
RE: MANYANA FYI
Today 11:01
Have told you in the post can't you read dude?

Did you post as Sobeit before??

put your money where your cake hole is then

Date survey app goes in

Date back

date survey begins

Date drilling starts.
Manyana
Posts: 99
Opinion:No Opinion
Price:14.925
RE: MANYANA FYI
Today 10:48
Unfortunately for years we have had monkies rather than organ grinders.

Perhaps you should pick up the phone and if you have tell us what they said.

I hope you are right and the goes in this week and we wait the 90 days. But given that Ireland is under the tow of the EU and not its own masters just wait until An Taisce picks another hole in the proposal. And having read it you could drive a coach and horses through it, it is that vague.

Good luck and I wait to hear you have picked up the phone and tell us what waffle you get back.
dusterinmong
Posts: 508
Opinion:No Opinion
Price:14.925
RE: MANYANA FYI
Today 10:13
Why not pick up the phone and call, waste of time speculating, my attitude is go straight to the organ grinder and ask, that's what investor relations are for
dusterinmong
Posts: 508
Opinion:No Opinion
Price:14.925
MANYANA FYI
Today 10:00
stop talking bolloxx

Nexen nothing to do with pvr

Pvr had approval last year minister forgot to tick some boxes.

Now why would you say May to put a further request in that is nonsence.

Now instead of looming into your crystal ball do some research pick up the phone and call PVR and ask when the new site survey is going in I did and here is your answer.

It's all been done and going in this week. THATS NOT MAY IS IT??

THE GUIDANCE IS FOR SPRING SURVEY WHICH IS ABOUT RIGHT ON THE TIMING WITH PUTTIBG A NEW ONE IN ABOUT NOW.

No idea what your playing at but try getting your facts correct before posting

August my backside!!!

There is no way pvr are waiting to may to resubmit.
Manyana
Posts: 99
Opinion:No Opinion
Price:14.925
Barryroe Permission
Today 08:28
Believe me, 1Cagney, I have far better things to do than read through hundreds of pages of gobbledygook but the fact that Nexen got their permission but the department went back on it and requested further information at such a late stage made me wonder if that was not the same issue as Providence and Barryroe so perhaps if Nexen can solve the problem it will not affect Barryroe.

To that extent, I have now gone through three levels of waffle, Nexen's, the EU directive from 2013 and the subsequent direct of 2014. It is like getting caught in a big pit of quicksand, you wallow around with little chance of making it out.

If it is the case that Nexen and Providence are in the same boat, then we have to wait and see when Nexen get their approval through. Given the 90 days from 15th Feb. that puts us down to May. If Providence do not put their request in until then we are now out to August for the survey so we might be lucky to have the drilling in Q4. That is why I call myself "Manyana" - tomorrow never seems to come even though I hope it does.

The directives, if you want to read them (why would you?) can be found at http://www.irishstatutebook.ie/eli/2013/si/134/made/en/print and this was followed up in 2014 with another one to clarify the 2013 one and that became effective in 2017 and it is that one which is probably kicking Nexen in the rear end.
1cagney
Posts: 211
Opinion:No Opinion
Price:14.925
RE: Avalon
Tue 23:05
Thanks Duster. Personally think you're a tad optimistic but of course hope you're right. There's a lot of decisions to be made and kit to put in place. Fingers crossed nonetheless.
dusterinmong
Posts: 508
Opinion:No Opinion
Price:14.925
RE: Avalon
Tue 22:24
At took there anger out on the Gov department not pvr or logp

The department will tick there boxes correctly this time the case has been settled quashed, so all should be good for survey in a month or two.am going for survey April and drill July Aug ATB
1cagney
Posts: 211
Opinion:No Opinion
Price:14.925
RE: Avalon
Tue 20:47
Manyana,
regardless of your detractors, you seen reasonably knowledgeable, dont seem to be in the 'hater' camp of the company, obviously a seasoned shareholder and clearly have enough time and patience on your hands to read through 90 pages of Govt. department speak.
So could you put the following in a consecutive order (as you would see it). Some of these items may overlap to a certain extent. I've also put my estimated timelines on them.
Submit survey application to DCCAE. - Imminent
Get adjudication / final response to said application - 90 days ish.
Contract survey ship
Time length of Survey
Decide actual drill sites - not sure whether that is already decided.
Position drill Rig (from wherever it may be)
Start turning the drill - I believe that the estimated drill programme is 200 days.
Cheers
Manyana
Posts: 99
Opinion:No Opinion
Price:14.925
RE: Avalon
Tue 20:10
The review of the IOLAR Nexen request dated 12th February is interesting because it would appear that the reason for that review is the same as the reason why the Judicial Review of Barryroe was requested. It would appear the Department got it wrong for Nexen but An Taisce did not appeal that - killing two birds with one stone.

I went through the 90 pages and was very worried about the otters, the birds and the bottle nosed dolphins but if they are going to go 250km out to sea it should surely be their fault and if they want to swim over Barryroe there is plenty of places along the south coast where they can beach instead.

Hopefully, now that the department have seen the light, dusterinmug might be right and they can start the process of giving Providence the green light for the survey even if it takes 90 days to get the documentation and the approval through.

Here's hoping.
LONGWAIT
Posts: 2,388
Opinion:No Opinion
Price:14.925
RE: Avalon
Tue 17:38
As far as I can recall, 20 p has been the high for the past 3 1/2 years or so.

That's the level traders will presumably be watching this year.
dusterinmong
Posts: 508
Opinion:No Opinion
Price:14.925
RE: Avalon
Tue 17:04
Did you not understand me?

There going to 're submit the application this week as planned to the relevant department. that was my point. A couple of months from application to approve would be end April may as you say.

Then let the drill begin Aug is my guess ATB
Mamms
Posts: 51
Opinion:No Opinion
Price:14.775
RE: Avalon
Tue 16:04
It seems to me that it's a long way from getting a call. PVR withdrew its application to prepare for drilling so it has to restart the process (which takes a few months from the date of application). THere is no sign of that application process even starting so I'd day the lads on COSL INNOVATOR should head to town and horse into a few beers 'cos if BROE is their next gig, then end May is theoretically possible but not before. Nexen made their application first on 14 November, then they redid it on 21 December (having seen the An Taisce feckup) and as of 12 February the department went back looking for further information. I'd say expect ongoing and continuing delays..... https://www.dccae.gov.ie/en-ie/natural-resources/topics/Oil-Gas-Exploration-Production/environment/statutory-consents/Pages/Current-Applications-for-Statutory-Consents.aspx
dusterinmong
Posts: 508
Opinion:No Opinion
Price:14.775
Manyana
Tue 15:37
The survey is going in anytime now feel free to call pvr and speak to them direct. or keep an eye out on the relevant website for submitted survey requests ATB
Manyana
Posts: 99
Opinion:No Opinion
Price:14.775
RE: Avalon
Tue 15:10
I agree.

And given the usual "mushroom" information (cover in xxx and kept in the dark) from Providence which talks about the survey of Avalon it does not say if Total are driving it since they hold 50% so then surely they should be the prime mover with the most resources.

As for Barryroe, well that looks to be at the behest of the DCCAE and the revised approval for the survey. As I mentioned previously the COSL INNOVATOR is tied up in Norway, I presume, just waiting for the word. I note from its reference that it is "ready stacked" which means "A ready stacked rig typically retains most of its crew and can deploy quickly if an operator requires its services." That is interesting because that means it is idle but ready, crewed, waiting go. If it was just swinging the lead and out of service it would be referenced as "cold stacked".

So, we would hope once the DCCAE gives the go ahead it can get underway with the survey and the drilling. Hopefully then we will see the share price get some life rather than it too looking like it is "ready stacked".
1cagney
Posts: 211
Opinion:No Opinion
Price:14.775
RE: Avalon
Tue 12:34
Personally Manyana I would like PVR's total focus to be on Barryroe this year, the lack of success for the last few years has a lot of shareholders needing a win PDQ
Manyana
Posts: 99
Opinion:No Opinion
Price:14.775
RE: Avalon
Tue 12:12
If the reference was to myself as "naughty boy", thank you for the term "boy" and I preferred the term "psuedo".

As for the survey, a number of license holders in the Atlantic got together and arranged for all of their areas to be surveyed in one fell swoop rather than piecemeal. This was obviously far more financially beneficial. It was then up to each to analyse their own share of that survey.

You will see from the following that the survey was "multi-client".

https://subseaworldnews.com/2017/04/24/tgs-plans-crean-3d-survey-off-ireland/

Furthermore, it was a 3D survey with the latest technology which must have given them a far more detailed analysis of what was there. We don't want another Druid/Drombeg billions of barrels of water.

Furthermore, it is interesting that Total have had an excellent 2018 year and they have started a number of large projects with Aramco. The fact that they are now keen to advance Avalon is a good sign as for years they have been a very cautious player among the oil majors.

Still a pity, though, that we are talking about a drill in 2021 when what we want is a survey and a drilling in the next six months in Barryroe. Hopefully news of that soon with An Taisce hiding under a rock somewhere out of harms way.
TirnaNog
Posts: 946
Opinion:No Opinion
Price:14.70
RE: Barryroe
Mon 20:46
Was wondering the same thing myself 1Cag. Took it as they are after acquiring exist survey data for a fee. RNS doesn't clarify this apart from the mention of "2017". A bit vague! As usual we join the dots. Onwards and onwards:)! A swallow might just make a summer says you:)!




Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk









Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.