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Tower CEO gives give operational update on Njonji development well Watch Here

Exclusive: InfraStrata CEO confirms 6 parties interested in offtake agreements
Tower CEO gives give operational update on Njonji development well


Providence Res. Share Chat (PVR)



Share Price: 15.65Bid: 15.30Ask: 16.00Change: 0.00 (0.00%)No Movement on Providence Res.
Spread: 0.70Spread as %: 4.58%Open: 15.125High: 15.65Low: 15.125Yesterday’s Close: 15.65


Share Discussion for Providence Res.


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chef136
Posts: 391
Opinion:No Opinion
Price:15.65
RE: Chef
Sat 21:52
With Bronx on this one guys,Barryroe is big enough with huge exploration target upside in the underlying upper jurassic.
 
Bronxville
Posts: 621
Opinion:No Opinion
Price:15.65
RE: Chef
Sat 08:45
God I hope not..
I don't want to lose Pat Plunkett either..
I think he's a steady hand.
and yes I still have reservations about APEC(:
Why couldnt it be Nexan or CNOOC.
JH77
Posts: 1,829
Opinion:No Opinion
Price:15.65
RE: Chef
Sat 07:21
Thanks to Battle and Chef for posting recent press coverage of Barryroe and PVR and partners.
TirnaNog
Posts: 928
Opinion:No Opinion
Price:15.65
Chef
Fri 22:59
Are you suggesting that maybe it is a tie up with T5 Junior is referring to when he suggest that PVR are looking to dip their toes further afield once again?
chef136
Posts: 391
Opinion:No Opinion
Price:15.65
Of interest,Irish Times 15/11/18
Fri 22:11
T5 Oil & Gas, an Africa-focused exploration company founded by a group of Tullow Oil veterans, has postponed plans for a Dublin and London stock market flotation and is considering a back-up option of selling a stake in itself to a strategic investor in the wake of a slump in oil prices in recent weeks.

The Irish Times has learned that the company, led by executive chairman Pat Plunkett, who chaired Tullow Oil between 2000 and 2011, has been holding talks in recent months with firms that could privately take a stake in T5. Another alternative could see T5 merge with another business.

These discussions had been going on even as the company advanced plans to raise $45 million (€39.7 million) through an initial public offering (IPO), which was originally earmarked for August but had been pushed out. Davy and London-based financial firms Shore Capital and Hannam & Partners have been advising T5.

Representatives for the firm declined to comment.

The price of Brent crude oil – which had surged more than 40 per cent over the first nine months of 2018 to four-year highs – has fallen back by 22 per cent since early October to trade at about $67.30 on Wednesday.

Mounting concerns
While some analysts were speculating as recently as a month ago about the return of $100 oil, the commodity’s price has since been hit by record supply from Saudi Arabia, Russia and mounting concerns over the global economy.

The Paris-based International Energy Agency, which advises governments and companies on energy trends, said in its latest monthly market report, published on Wednesday, that the level of crude output from the world’s three biggest oil producers was causing global supply to significantly outstrip demand.

The Organization of the Petroleum Exporting Countries (OPEC) and its partners were reported by Reuters on Wednesday to be discussing a proposal to cut oil output to shore up prices.

T5 is looking to raise funds for a drilling programme in Gabon in west Africa, where it agreed last year to acquire a 45 per cent interest in a producing asset in a potentially transformational deal.

Potential investors
The so-called Owali Asset, made up of seven shallow-water oil fields, is producing 400 barrels of oil a day, the company told potential investors earlier this year.

Industry sources said that T5 would be expected to participate in an offshore oil and glass exploration licensing round launched by Gabon last week. Oil companies exploring offshore of the African country include Petronas, Noble Energy, ENI, Total and Shell.
LONGWAIT
Posts: 2,076
Opinion:No Opinion
Price:15.65
RE: The Phoenix Annual
Fri 19:13
Yes - thanks, Battle.

As I've said before, PVR is seriously undervalued based on Barryroe alone, but if South Dunquin/ Newgrange/ Avalon are successful, it could rocket.
wraith
Posts: 5,484
Opinion:No Opinion
Price:15.65
RE: Stocks and Shares: The Phoenix
Fri 18:26
Thanks for posting, that interesting read, Battle,.....hitting the jackpot, sounds good to me,.....PVR still largest shareholding (Funds Invested), in my portfolio.

BW
TirnaNog
Posts: 928
Opinion:No Opinion
Price:15.65
RE: Stocks and Shares: The Phoenix
Fri 17:45
Thanks for posting that Battle!
Battle
Posts: 149
Opinion:No Opinion
Price:15.50
Stocks and Shares: The Phoenix
Fri 16:56
Exploration Companies: The most controversial company in this sector is Tony O' Reilly jnr's Providence Resources. The original (Atlantic Resources) shareholders have been wiped out many times over the years, but after 37 years, the company looks to be on the cusp of hitting the jackpot. The 200 million farm-out deal it did regarding its 80% stake in the Barryroe oilfield looks set to deliver big rewards for Providence. Chinese partner Apec is satisfied that the five wells already drilled into Barryroe - all of which flowed oil- suggest that there is one billion barrels of oil in place in the whole field. While this project is more complicated than at first thought, Apec plans to drill five developments wells to turn this into a producing oilfield and will carry all the cost of doing this. In fact, the Chinese have already paid Providence back expenses of 16 million euros. The numbers are huge and the current expectation is that the Chinese will be able to recover 400 million barrels from Barryroe, which is worth $32bn at the current oil price. Providence has a right to 40% but may have to further reduce this down to 20%. The current expectation is that it will cost $40 a barrel in total operating costs to extract this oil, which would still leave Providence entitled to a net $3bn. Even after jumping 80% this year to the current share price of 18 cent, Providence is still only capitalised at 98 million euros. If you deduct its current cash holdings of 28 million euros, this leaves it with an enterprise value of just 70 million euros. Once the Chinese start drilling seriously from the beginning of next year, real excitement will be generated around these shares.
Battle
Posts: 149
Opinion:No Opinion
Price:15.65
The Phoenix Annual
Fri 16:38
The Phoenix Annual has two mentions of Providence. The first is under the heading: Winners and Losers in 2018: Winners: The key was the farm-out deal with off-shoots of the giant Chinese state company, China Investment Corp, and its Apec Energy Enterprise offshoot. Apec has committed to fund and drill three wells and three sidetracks into the Barryroe oilfield, which already has had five successful wells drilled into it, the latest of these, five years ago. Under the Apec deal, Providence also gets funding for its residual 40% interest in the prospect on a non-recourse basis. With the 40% recovery rate, this field could produce 400 million barrels which, at today's oil price of over $80 a barrel, is worth $32 billion gross. Given that Barryroe is only 50 miles offshore, and in depths of only 300 feet, this should be a low-cost deal and $2bn should more than cover expenses here. With likely operating costs of around $40 a barrel, this leaves a potential $15bn profit on the whole field, even after repaying capital. The second mention is under the heading Stocks and Shares. I will post that above.
KUMS
Posts: 19,610
Premium Chat Member
Opinion:Strong Buy
Price:15.475
Moving up!
Fri 12:59
Nice!
1cagney
Posts: 185
Opinion:No Opinion
Price:15.40
RE: Dunquin south
Wed 15:17
Sweet f### all
LONGWAIT
Posts: 2,076
Opinion:No Opinion
Price:15.40
RE: Dunquin south
Wed 14:10
Sorry, Carney, but I don't recognize the abbreviation 'sfa'.

Any one of Barryroe, South Dunquin, Newgrange or Avalon could be worth 100 p per share.

If two are successful, that could mean 200 p.

Where is the downside?
1cagney
Posts: 185
Opinion:No Opinion
Price:15.55
RE: Dunquin south
Wed 01:14
Longwait, thats IF they hit the motherload Otherwise it's worth sfa having spent a bundle to drill. However on the basis of the partners they have and the work already done let them roll the dice.
LONGWAIT
Posts: 2,076
Opinion:No Opinion
Price:15.55
RE: Dunquin south
Wed 00:20
I calculated a few months ago that, if successful, Dunquin South could be worth 100 p per share.
LONGWAIT
Posts: 2,076
Opinion:No Opinion
Price:15.55
RE: Dunquin south
Wed 00:18
Italian group Eni (36.9%) is the operator, with Repsol (33.5%), Providence (26.8%) and Sosina (2.7%).

The decision to explore follows the company's interpretation of the newly acquired 3D seismic data.

As well as Dunquin South, FEL 3/04 also contains the "Dunquin North" carbonate build-up, which hosts a residual oil column.

In a note to clients, analysts at Mirabaud Securities said: “With barrels in the ground worth c.US$4.5/bbl on our numbers, even applying pessimistic chances of success values the asset, risked, at multiples of the current share price (c.US$125m market cap).”

https://www.proactiveinvestors.co.uk/companies/news/209071/dunquin-south-exploration-to-move-forward-after-budget-approved-says-providence-resources-209071.html
1cagney
Posts: 185
Opinion:No Opinion
Price:15.55
RE: Dunquin south
Tue 21:19
Longwait, at the moment all the partners on a pro rata basis. Unless PVR wants to sell part of its stake to another party to reduce its exposure.
LONGWAIT
Posts: 2,076
Opinion:No Opinion
Price:15.55
RE: Dunquin south
Tue 20:53
Who will be paying for the Dunquin South drill?
Battle
Posts: 149
Opinion:No Opinion
Price:15.55
Oil Price
Tue 18:32
We are holding up well considering the oil price is falling like a stone, and the general market is spilling some blood on the streets: https://www.bloomberg.com/energy
ranger4
Posts: 8,122
Opinion:No Opinion
Price:15.925
Dunquin south
Tue 08:43
Sounds like a job for the silver swallows Mk 2 no problem.
rc30
Posts: 801
Opinion:No Opinion
Price:16.05
dunquin south
Tue 08:04
et wants a piece of the action lol
https://www.bbc.co.uk/news/world-europe-46181662
Bronxville
Posts: 621
Opinion:No Opinion
Price:16.05
RE: Apec Energy Enterprise
Mon 21:16
Exola is a 100% subsidiary of Providence that files annual reports.
Providence has left an excruciating trail of shareholder destruction over the years but the gory details are all there on record at least.

I would like to know APEC's successes or failures.They were incorporated in 2014.There first project is a 250 million project on the other side of the world.
REALLY???
anovas
Posts: 96
Opinion:No Opinion
Price:16.05
RE: Apec Energy Enterprise
Mon 20:20
Bronx, what previous projects has Exola worked on, acting as an operator or acting as anything else??? If I am not mistaken Apec is going to spend some $250m with Exola acting as an operator!!! Who is risking anything here PVR/Exola or Apec?

Farm-out to APEC

In March 2018, the Company announced that it had signed a Farm-out Agreement with APEC Energy Enterprise Limited in relation to SEL 1/11. APEC is a privately owned Chinese company which has a strategic partnership with China Oilfield Services Co., Ltd and JIC Capital Management Ltd for the investment and development of offshore oil and gas opportunities worldwide utilising Chinese drilling units, services and equipment.
Under the terms of the Farm-out Agreement, in consideration for APEC being assigned a 50% working interest in SEL 1/11, the following terms apply:
Commercial Terms

APEC will be directly responsible for paying 50% of all the cost obligations associated with the drilling of 3 vertical wells, plus associated side-tracks and well testing (hereinafter referred to as the “Drilling Programme”);
APEC will provide a drilling unit and related operational services for the Drilling Programme;
APEC will finance, by way of a non-recourse loan facility (the “Loan”), the remaining 50% of all costs of the Barryroe Partners in respect of the Drilling Programme;
The Loan, drawable against the budget for the Drilling Programme, will incur an annual interest rate of LIBOR +5% and will be repayable from production cashflow from SEL 1/11 with APEC being entitled to 80% of production cashflow from SEL 1/11 until the Loan is repaid in full;
Following repayment of the Loan, APEC will be entitled to 50% of production cashflow from SEL 1/11 with Exola and Lansdowne being entitled to 40% and 10% of production cashflow, respectively.
Operational Terms

Exola will act as operator for the Drilling Programme with technical assistance being provided by the APEC Consortium; and, After the completion of the Drilling Programme, APEC will have the right to become operator for the development/production phase.
Bronxville
Posts: 621
Opinion:No Opinion
Price:16.05
RE: Apec Energy Enterprise
Mon 19:44
I just want to know what previous projects APEC has worked on.

On a different note I just saw Chanel 4 news on fracking in Holland..Pretty scary!
anovas
Posts: 96
Opinion:No Opinion
Price:16.05
RE: Apec Energy Enterprise
Mon 19:33
Bronx, it would help Older's friend if you put here a copy of your email to Apec, in order to give him an idea of what information you are looking for.




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