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'Sorry LONGWAIT,
That article dates back to 2014 which is in the dim and distant past when Daddy owned about 45% of the company.'
It's not as dim and distant as your article from the previous year, Manyana.
Manyana >>> "Here is a question. Why did Providence sign a deal with blah blah blah"
How boringly predictable. What does Manyana do when called out on the stupidity of his idea to use existing wells (unsuitable for oil) to access Barryroe's potential which is 97.5% oil? He resorts to personal insults, demands answers to unrelated questions, and generally throws the toys out of the pram. What a thoroughly nasty piece of work.
In fact, back in 2013, Daddy owned about 15.5% of the company having sold down from his previous 45%.
Based on the mooted price of €1.1b, th at would have given daddy about €160m which would have cleared his debts when combined with his Irish estates and art collection.
In fact, when AIB went after him, Mammy O'Reilly, very wealthy in her own right, offered to pay off AIB on the basis of some much in the pound but AIB refused to deal so Daddy went into bankruptcy.
Oh how the mighty have fallen. First daddy, then Gavin and now Tony Jr.
To finish,
So the supposed Indian deal that actually O'Reilly referred to happened in 2013 and according to what we know the Indians then went off and did something with a different company.
Shame. We would have taken anybody.
Sorry LONGWAIT,
That article dates back to 2014 which is in the dim and distant past when Daddy owned about 45% of the company.
He was forced by AIB to liquidate his holding to pay down some of his debt and then he went into liquidation choosing the Bahamas where he had moved with the lovely Chrissie to avail of their one year bankruptcy period. If he had stayed in Ireland, he would have been bankrupt for 12 years which was reduced to 3 years and has again been reduced to bring it into line with Northern Ireland.
However, a UK judge has precluded him from coming out of hs Bahama's bankruptcy on the basis that he now lives in France and the US does not recognise the Bahamas one and he has still the ongoing problems with his nurse who has been fighting him in court.
Indian State-owned energy company Oil and Natural Gas Corporation (ONGC) last year eyed a full takeover of Providence Resources at a value of up to $1.5bn (€1.1bn). A deal at that level would have valued biggest shareholder Tony O'Reilly's 15pc stake at €165m – almost enough to clear his personal debts to AIB and a group of eight other banks.
https://www.independent.ie/business/irish/providence-1bn-sale-would-have-saved-oreilly-30391508.html
Exactly Olderandwiser,
Looking back on old news it would seem that APEC got there ahead of Petronas. The following article from ShelltoSea who were the bellwether for all the cranks opposing Corrib had this article from 2013 which puts a bit more meat on the issue.
You will note from this article that back then in 2013 "Tony O'Reilly owns Providence Resources. Lost it all when he went bankrupt and still owes buckets to his nurse so a deal then would have saved his bacon.
http://www.shelltosea.com/content/giant-petronas-eyes-%E2%82%AC600m-bid-providence-resources
PS200306,
If you people did some reading instead of putting your heads between your legs you might see the light instead of all you get is a nasty smell.
Here is a question. Why did Providence sign a deal with Kinsale Energy in December 2015 for three years on condition that Provicence drill a well in OPL 1. Due to its lack of finance caused by the Druid/iDrombeg fiasco the deal lapsed because Providence ran out of money. And what was the deal to look for given that Kinsale Energy is a gas company and the deal would have been split 60/40 in favour of Providence?
I will tell you; gas of course.
Do you think Kinsale were looking for oil with this agreement or were they looking for more gas? If oil, what was Kinsale going to do with it as they had no direct facilities for oil. But they still have the infrastructure to handle gas and survive because, now, when they exhaust the remaining gas next year, they will spend a fortune decommissioning their gas kit as approved by DCCAE, fold, or go back to Malaysia where Petronas has been sucking the Irish population of cash from the gas for or just die.
And if Petronas, one of the biggest oil and gas companies in the world, made a bid for Providence it would not be the first time such a deal was mooted. In 2013 we read that "Giant Malaysian oil firm Petronas is thought to be mulling over a bid for €600m Providence Resources". Would we accept that? You bet we would. And they could buy it with their small change given that their nett income was US$26.5 billion (2018).
I reckon a deal in 2013 would not have happened because they did not like O'Reilly and he was probably asking too much but I am sure the new management are more realistic that our "beloved" narcissistic ex-CEO.
So, do some decent research and you might find a bit of enlightenment rather than scratching your rear ends and answer the question why did Providence sign a deal in 2015 to be completed by December 2018 to drill a well on OPL 1, the license area next to Barryroe, which contains the Kinsale gas field? Gas or Oil or both?
Surely the positive to take out off the recent RNS is that the likelihood of a genuine and well funded farm in partner has increased at Barryroe now. Simply that. The detail will come out in the wash.
Yes Manyana, let's just poke around in the existing Seven Heads wells, drill a bit deeper and take whatever comes up. Such commendable optimism. I guess you're old enough to have been around for the heyday of Peale's Power of Positive Thinking. Maybe as well as the miracle of transmutation of a big chunk of the oil to gas, you could arrange for the waxiness to go away too. You know ... so we don't need that special liner to stop the oil from solidifying on the way up.
ps200306,
Have you been on the sauce today? Your post makes absolutely no sense.
Have you compared the position of the site survey they want to carry out against the proposed list defined by APEC and the two carried out by O'Reilly last September which cost $500k from the accounts? All of those were from the periphery where the new one, proposed by McCoss I suspect, is right in the middle.
And I would like to point out to JH77 who claims a Barryroe gas field would be too small to be commercial the following from the original development of Seven Heads.
"Classified as an exploration well, this is scheduled to test a sand formation which produces gas at Kinsale and which Mr Griffith said has the potential to contain reserves of about 160 billion cubic feet of gas. In the current climate, anything above 60 billion is economic, he said. Any discovery here could be developed using the facilities on the Kinsale field. "
And why cannot Providence just drill the current Seven Heads well heads, of which there are 6, on Barryroe down below the 4,000 ft level? The only reason KEL cannot do that is because they are limited to the top 4,000 feet whereas Barryroe has the rights below that. In fact, it is probably because Seven Heads is exhausted that they can do that because they could never do that if Seven Heads was still producing gas.
In fact, in 2004, the level of gas in Seven Heads was a total disappointment producing only the equivalent of 7,000 barrels of oil a day whereas the original estimate was for far higher than that. But they knew then that there was oil lower down but they were not entitled to drill for it because it was not part of the license.
And why have the gas? Because it looks like the new government in this God forsaken country could end up with a pack of Greens holding the balance of power and you can be sure they will not be in love with oil but they cannot gainsay gas. Politics is everything here now because this country is in such a mess. So something is better than nothing.
Good post as always ps! Sure the poor lad has a vivid imagination as well as a dose of verbal diarrhea
and a rather insulting tongue on him. I'm not bothering to engage with him anymore.
Manyana >>> So the new team at Providence are telling us "porkies" according to you when they say "proposed appraisal programme is expected to confirm the presence of either a large oil field with a gas cap or a large gas field surrounded by an oil rim."
Here's Barryroe: https://www.lansdowneoilandgas.com/wp-content/uploads/2018/11/Image4-1030x707.png
Do you see any gas discovery there? (That big orange blob in the middle of it is the overlying Seven Heads field). Logic dictates that the gas migrated up from below. Is there remaining gas in Barryroe? Of course there is. Is it "a large oil field with a gas cap or a large gas field surrounded by an oil rim"? Well, duh, yeah. One or the other. You can't really be telling porkies when you enumerate the two most likely possibilities. But the local village idiot could work out which one you're going after when the oil is worth forty times more.
If you had any credibility JH77 you lost it with your outlandish statement of Monday that "It is encouraging that Tim Torrington has put a decent slug of his own money behind this and has also taken on board the options".
How many shares did he buy and at what price? If you think he paid a "decent slug of his own money" you must be on the dole to think that he spent a "decent slug of money".
Get real and when there is a move on the development of the gas in Barryroe I am going to take it and stick straight up your jacksie where it belongs.
From the internet, I can point out numerous smaller gas fields that have been developed from scratch whereas the Barryroe one is nearly a free carry as the infrastructure is already in place and most of it has to remain in place so not to upset those nice EU environmental directives which says you cannot upset the prawns.
So the new team at Providence are telling us "porkies" according to you when they say " proposed appraisal programme is expectedto confirm thepresence of either a large oil field with a gas cap or a large gas field surrounded by an oil rim."
And who are the yobos who are wasting their time when it says "severaladditional companiesnot included within the initial processhave expressed interest in the gas potential andhave been invited into the data room."?
I know you cannot read too well as you obviously missed these points in the RNS but give us your reasons why these statements are incorrect?
Furthermore, there is nothing in the RNS that says the dataroom process will take six months. It says "within" six months. That could be tomorrow but not later than six months.
Can't you people read? Surely that is part of your training on the dole.