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EXCLUSIVE: Alastair Smith, Avacta Group CEO gives an Operational Update


Providence Res. Share Chat (PVR)



Share Price: 12.00Bid: 11.75Ask: 12.25Change: 1.25 (+11.63%)Riser - Providence Res.
Spread: 0.50Spread as %: 4.26%Open: 11.375High: 12.25Low: 11.25Yesterday’s Close: 10.75


Share Discussion for Providence Res.


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LONGWAIT
Posts: 1,987
Opinion:No Opinion
Price:12.00
RE: Wake up everyone!!!! RNS!!
Today 16:45
I meant to buy more on Friday for 10.5 p, which I believe will later seem to have been a bargain.

I lost a lot four years ago and I am not saying TOR deserves his past remuneration, but he has been the target of spiteful remarks.

I have never believed that he is a crook.

The share price months ago of less than 5 p did not reflect the company's potential.

If all goes well, it will reach £s in due course.
 
wraith
Posts: 5,381
Opinion:No Opinion
Price:11.60
RE: Wake up everyone!!!! RNS!!
Today 12:13
Been waiting around 2 Years myself (bought back into PVR 2016) Bronxville,...very happy with this news, not long to wait now, for Barryroe,...... DRILLING PROGRAMME OF 5 FIRM WELLS AND 2 OPTION WELLS SET TO COMMENCE IN 2019.
Source : https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PVR/13797485.html

BW
Corsoloran
Posts: 50
Opinion:No Opinion
Price:11.60
RE: Wake up everyone!!!! RNS!!
Today 12:06
We did indeed, I don't get why the reaction is so muted. 9 million cash on top of the original deal now, 10 million later, more wells, ministerial consents and a drilling programme in a couple of months. What's not to like?
Loz786
Posts: 2,806
Opinion:No Opinion
Price:11.60
RE: Slow burner
Today 11:27
Expecting May 2019.
This is not a share to trade but invest in for a 9 months and you will be rewarded.
Bronxville
Posts: 448
Opinion:No Opinion
Price:11.575
RE: Wake up everyone!!!! RNS!!
Today 11:08
If it wasn't sad it would be funny..
My break even is under 9 pence but I do feel sorry for long term shareholders who finally got their Barryroe farmout after 7 years.
Suzy2
Posts: 6,767
Opinion:No Opinion
Price:11.60
RE: Wake up everyone!!!! RNS!!
Today 11:03
Zzzzzzzzzzz What???? Lol
ranger4
Posts: 8,108
Opinion:Strong Buy
Price:11.575
Undervalued
Today 10:19
Easily see 50 percent increase with sp in a few months
Can see alot of intrest from Investors/Traders from here on run upto Q2 2019.
wraith
Posts: 5,381
Opinion:No Opinion
Price:11.575
RE: Wake up everyone!!!! RNS!!
Today 10:18
Bronxville
Posts: 448
Opinion:No Opinion
Price:11.65
RE: San Leon 4.5% sweetheart deal..
Today 10:05
I see the split in 2011 was
50% PVR
30% San Leon
20% LOGP
Phoebus
Posts: 5,152
Premium Chat Member
Opinion:No Opinion
Price:11.65
RE: Slow burner
Today 09:55
August? 2019 Q2 starts April. You are right about an improved deal. LOGP header made it much clearer:

'Binding Farm-out Agreement signed with APEC
Enhanced Multi-well Drilling Programme of 5 firm Wells and 2 Option wells
Increased Loan and Carry Agreement
Preparation work to commence immediately, with first drilling anticipated in Q2 2019'

RNS of a no deal is now gone. A truly excellent RNS.
Phoebus
Posts: 5,152
Premium Chat Member
Opinion:No Opinion
Price:11.65
RE: Management should load up now!
Today 09:50
Typical so called financial journalists. Utterly clueless.

https://itellsya.files.wordpress.com/2010/11/daily-star-231110.jpg
Mamms
Posts: 19
Opinion:No Opinion
Price:11.65
Slow burner
Today 09:48
This looks like an improvement over the original deal. I think it will take time but I expect the management team have a strong focus on August 2019 and getting the sp up to something that makes their share options worthwhile. I'd love to see ToR pocket €6m or €12m given what it would mean for me and everyone else. I hope to see the SP drift north over the next 6 months and react to the flow of drilling news.... It won't be quick, many people will get out (remember it was half this price 12 months ago) and the big fund raise happened at this level so expect a fair amount of resistance. My average is around fifty cents now - the problem is I have an awful lot of them. Here's to hoping.....
Phoebus
Posts: 5,152
Premium Chat Member
Opinion:No Opinion
Price:11.65
RE: Clearer picture now
Today 09:47
And if we divide your £341m figure by 4 to get the corresponding figure for LOGP we get £85.25M. Current LOGP market cap only £11, which gives 7.75 times upside! Moreover, drilling is targetting significant upisde in additional intervals. Epic undervaluation.
Bronxville
Posts: 448
Opinion:No Opinion
Price:11.80
San Leon 4.5% sweetheart deal..
Today 09:42
How did it come about?
DelBoi
Posts: 491
Opinion:No Opinion
Price:11.80
Clearer picture now
Today 09:38
Confirmed multi well appraisal programme de-risking upwards of a possible billion + barrels. Looks like the Chinese will be developing Barryroa in a serious way. My 50p target by 2020 stands.

Post appraisal assuming a success case PVR BR share approximately 280 MMBOE net audited 2P reserves This means reserves, net to BR is 280 million barrels of oil equivalent.

40% of 280 mmboe = 112 mmboe.

For the sake of round figures, lets say $10 profit on each barrel.

112 mmboe x $10 = $112b (£853m)

Conservative £853m x 60% (risk discount) = £341m

Given the warrants at 12p rep 10% Co,( I wouldn't be surprised to see PVRs share of BR taken out by the Chinese in some capacity in around the £300m mark) giving APEC a healthy return on each angle.., and setting TOR and the gang well on there way to an incentive bonus.

Based on a £300 MC Back of a fag pack approx 50p + range, 2 years.* IMO

As a comparison

Hurricane energy made the North Sea Lancaster discovery back in 2016- 650M shares in issue.
Couldn’t secure a farm out deal, decide to do a dilutive raise of 350 million shares at 10p each, MC £65 million at the time.
4-6 months later after success with the drill bit the market cap jumps to £400 million. Further raise of 200m shares, more drilling success and the market Cap is £650 million. 1.2 billion shares in issue. Own 100% of the asset, with a projected production of 17k-20k bblspd, now bring the field into full production, FPSO purchase and 1.8 billion shares in issue. 50p share price range.

Now the deal is confirmed, I estimate that PVR 40% share of BR will account for 14k bblspd* should follow a similar path to HUR
Manyana
Posts: 7
Opinion:No Opinion
Price:11.80
RE: Management should load up now!
Today 09:25
As expected, announcement made after Dail return. Now the ministers can get some kudos from it.

Share price not percolated into the general public yet. Online papers have announced it but it has not yet made the general public which will be in tomorrow's papers so that should draw in more investors.

All the papers seem to be concentrating on is that the losses have narrowed and not the announcement of Barryroe. Even RTE are in on that act without an explanation whereas the real news is Barryroe.

https://www.rte.ie/news/business/2018/0920/994913-providence-resources/

The cash in hand which fell from €36.398m in June 2017 to stand at €12.355m now looks pretty rought but it must be remembered that the money spent was on the Druid/Drombeg drill.

As it says in the FY2017 Accounts "Financially, the Company recorded a loss for the financial year of €20.419 million, which includes a full impairment of the costs for the drilling of the 53/6-1 Druid/Drombeg exploration well. Cash on the balance sheet
at year end was €19.603 million and the Company had no debt.

That gives a far rosier picture rather than the bland statement that there was a huge loss.

Before Druid/Drombeg, Providence was trading at about 19p. I would expect in the next period it will get back to somewhere close to that. At least, I hope it does, and perhaps even higher.
Bronxville
Posts: 448
Opinion:No Opinion
Price:11.80
Management should load up now!
Today 08:43
I'm amazed we're trading at 11.80 on todays news.
Bronxville
Posts: 448
Opinion:No Opinion
Price:12.25
RE: Should have jumped to .16
Today 08:31
Daytraders should not be allowed to get this cheap..They should have to pay a premium.
wellwell
Posts: 4,933
Premium Chat Member
Opinion:No Opinion
Price:12.25
RE: Should have jumped to .16
Today 08:25
Likewise just tried to get a quote.
hydrogen
Posts: 203
Opinion:No Opinion
Price:12.05
RE: Should have jumped to .16
Today 08:23
I can't even get a quote to sell 26,000 shares at .12. Very odd.
wellwell
Posts: 4,933
Premium Chat Member
Opinion:No Opinion
Price:12.05
RE: Should have jumped to .16
Today 08:19
I see no trades since 08:10.45 after an initial flurry. That's simply impossible so something's happening in the background in my opinion and there could be a tranch of trades come through in one go. The question is at what price?
Bronxville
Posts: 448
Opinion:No Opinion
Price:11.50
Should have jumped to .16
Today 08:15
Why are we trading at .12 cents?
If this were the Nasdaq on this news PVR would have opened over .20 pence.
Loz786
Posts: 2,806
Opinion:No Opinion
Price:10.50
RE: Wake up everyone!!!! RNS!!
Today 07:45
Long time coming.
Finally O Reilly delivered.
Drilling in 6 months or so 👍
JH77
Posts: 1,731
Opinion:No Opinion
Price:10.75
RE: Wake up everyone!!!! RNS!!
Today 07:27
This is a very serious and well funded programme of work. I anticipate a huge demand for shares in both PVR and LOGP.
I'm gonna be hittin the buy button first thing.
TirnaNog
Posts: 914
Opinion:No Opinion
Price:10.75
PVR
Today 07:25
Actually not expecting this to jump too much on this RNS. Hope I'm wrong. Feel the big gains will start as before over the Christmas period and early January when investors try to get in early and hold for the drilling campaign. All the best!




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