Just gone over to phone-only dealing on IG, picked some up myself just in time without all the hassle of trying to get through to them! Still kicking myself for getting too greedy around the 170s and not buying then, but still think it is good value at this level. I know broker reports are generally a load of rubbish, but some of the targets here are pretty high and based on all the data they have so far.
by the look of it - doubt you'd have got that price to sell that quantity anyway (202.5p) and probably been worked since yesterday.
So many questions
Hopefully PVRs stockbrokers will give us a better idea tomorrow...
If the independent is right and USD300m farm out is to be agreed then as undervalued as we are we will suffer some severe equity dilution even if we have an RBL agreed as well. I am taking a very cautious stancehere. Long term value remains but funding massive capital intensive projects like this when the share price is on its knees is difficult and its not easy to stop shareholder value leaking. they will need from what I hear at least 800m USD to get even a phased deelopment up an running.
RNS game on
Tuesday 15 April, 2014PROVIDENCE RES. Providence Resources P.l.c : BARRYROE FARM OUT ... April 15th 2014 For Immediate Release BARRYROE FARM OUT UPDATE Providence Resources P.l.c. ("Providence" or the "Company"), the Irish oil and gas exploration and appraisal company whose shares are quoted in London (AIM) and Dublin (ESM), notes recent press speculation concerning farm-out discussions on its Barryroe oil field ("Barryroe"), located in the North Celtic Sea Basin, offshore Ireland. Providence can confirm that it is in commercial discussions with a number of interested third parties in relation to the Barryroe asset. The nature of these discussions involve the evaluation of the field on a phased development basis, with plans to establish an early production phase, to be followed by further phases of field appraisal and development, designed to steadily increase production rates to maximise the returns from the field. The ultimate development programme would be conditional, inter alia, on the receipt of all necessary regulatory approvals. There can be no certainty that a mutually acceptable agreement will be reached. A further update in relation to the Barryroe farm-out will be provided via Providence RNS, as and when appropriate.
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