Can see this bouncing again after briefly breaching placement price. Admittedly its disappointing that no farm out done yet but I am seeing this as an opp for a decent entry. Followed this share for years and its hard to believe not so long back this was £7 a pop and every broker under the sun was ramping this... Buy in and tuck away...
As I have remarked before here the tale of this share is getting increasingly like that of Afren. Unfortunately!
BARRYROE FARM OUT UPDATE In February, in response to media speculation, Providence confirmed that it had reached agreement on commercial terms with a proposed farminee on its Barryroe asset, offshore Ireland, with such farm in being subject to closing conditions, most specifically financing. The Company advises that the closing conditions referred to have yet to be satisfied and that it is seeking to clarify the status of those conditions and the proposed farminee's position. Shareholders are reminded that there is no certainty that a farm in will be concluded with the proposed farminee and that further announcements will be issued in due course, as appropriate. In the interim, as this was not an exclusive arrangement, Providence has continued commercial discussions in respect of its Barryroe asset with various counterparties, a number of whom are currently active in the data room process.
Even I'm not impressed by that one. Everyone's waiting for the Barryroe FO to be be finalized and yet no real concrete progress yet again. This will struggle to stay above 25p placement price now IMO.
Sorry, wrong thread.
Desire Petroleum had Malvern Springs we have Mosman Springs. Perfect for making tea. Just don't get caught holding the bag.
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