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news here soon
In the PVR Chairman's & Chief Executive's Statement, regarding the "Barryroe Farm Out Process",.... sounds encouraging. http://www.providenceresources.com/ (2016 ANNUAL REPORT, page 7). "The collapse in M&A activity, combined with the Company’s balance sheet constraints in the first half of 2016 made progress in completing a Barryroe farm in very challenging. However, following the recapitalisation of Providence in July 2016 and with some recovery in the oil price, farm in activity has increased. This has facilitated the Company in pursuing new commercial opportunities which are ongoing. It is an important objective of Providence to advance the appraisal and development of this important asset. With this in mind, the Company is commencing various pre-permitting activities in anticipation of future drilling". BW
Makes sense but why are we not closing up shop & keep funds we have, Will probably run out of cash again and more dilution so unless company closes up and waits and does a deal at the right time shareholders will continue to suffer. Just my opinion but seems to make sense to me & hard to know if worth buying if continues to burn cash & has to issue more shares to stay going.
You have hit the nail on the head Bear....Investing in AIM oil exploration companies is a form of gambling in a way: betting on the success of drills and the ability of the company to bring the oil or gas to market, either alone or in partnership with a major. Even the petroleum geologists can get things wrong and a highly prospective drill can turn up to be a duster ! At least in this case the oil has been found (6 successful drills down the years)....so it's all down to being patient and waiting for a development partner to step up to the plate.
A "cheeky top up" is commendable but, to be honest, we are all betting on Black or Red. If Barryroe ever gets developed and I'm 90% sure it will we're all laughing. I think future Irish Energy Security is what will make Barryroe attractive whatever previously interested farm-in partners thought. And, of course, we are assured by PVR there is current interest.
I've got a bit of wonga coming my way tomorrow. Looking at a cheeky top up in my isa at present bargain price.
I too have been stocking up here. Nothings a sure thing but at this price Im happy to chuck a lot more at it than usual
Well spotted. Research suggests this will go to 10.5p once Barry roe farm out is sorted. The Helvick marginal field is a handy little asset as well. Just a bit more patience required for it all to gell.
This share seems to be flying under the radar reseach show the value of celltic well value inthr region of 30m. interesting.
I'm getting quoted 1.2 to sell (500,000) and 1.24 to buy. Wonder whats going on here?
Indeed, the market also appear very hungry for shares, a bit of stake building being undertaken on the QT,.....GL S
Two decent trades gone through.... One for 1.5m Above the bid so presume they are buys....
As the dust has settled I think things are looking good for Barryroe and LOGP.
JH77,.. where he says,.. " In the North Celtic Sea Basin, the further appraisal and potential development of Barryroe remains another key objective for Providence. With this in mind, we are commencing various pre-permitting activities in anticipation of future drilling",.. also,.. " Whilst we are not in a position to confirm any further details at this time, we are working diligently to successfully conclude matters". Not quite there with Barryroe Farm Out yet, but close to concluding a deal, is how I read it. BW
Cheers Wraith....thought the PVR rns was a bit underwhelming...although I wasn't expecting any fireworks. I was pleased to see that there are plans afoot to do some pre-drilling work on Barry roe and also that they have increased the gas in place estimate.
JH77,,, yes, I am already a LOGP shareholder,...my post would have been clearer had I phrased it thus,.. "I joined you today swizz, also Buying, taking a market size top up myself (sub s/p@1.25p), topping up my current LOGP shareholding",.. I can see how my wording may have been misunderstand. BW
Barryroe Oil Project, North Celtic Sea Basin (SEL 1/11) 2 year extension to Phase 1 of SEL 1/11 to July 2017 and an extension to the 2nd phase term to July 2019 Area of SEL 1/11 increased by c.118 km2 to accommodate mapped potential extensions of Barryroe, formerly located within LO 12/4, which has now expired Conclusion of all litigation with Transocean Upper C-Sand GIIP within SEL 1/11 & OPL1 Option area now estimated at c. 400 BSCF Farm-out discussions continued to be progressed Offshore Petroleum Lease 1 (OPL 1) South Option, North Celtic Sea Basin Option with PSE Kinsale Energy Limited (KEL) for a right to earn a 60% working interest in southern portion of OPL1 (subject to Ministerial consent) exercisable for a 3-year period Option is earned through the 100% financing and drilling of exploration well to the Base Wealden Based on Providence mapping, this area has the potential to host significant incremental resources Spanish Point Gas Condensate Project, Northern Porcupine Basin (FEL 2/04 and 4/08) Adjacent third party Licensing Options awarded in 2016 from 2015 Atlantic Margin Licensing Round Helvick/Dunmore Oil Discoveries, North Celtic Sea Basin Award of Lease Undertakings 50% staged farm in by Marginal Field Development Company Limited
"Our farm-in transaction with Cairn, combined with our ongoing commercial discussions and the other extensive work programmes currently being carried out offshore Ireland by the majors including ExxonMobil, Statoil, Eni, Nexen CNOOC, Woodside and Cairn clearly demonstrate the industry's renewed focus on the Irish offshore. In the North Celtic Sea Basin, the further appraisal and potential development of Barryroe remains another key objective for Providence. With this in mind, we are commencing various pre-permitting activities in anticipation of future drilling."
Welcome on board....thought you were already a holder?
I agree with the11 July 2016 Brandon Hill report, where they express the view (on page 2);- Investment case (Significant upside potential) "With Lansdowne trading at just 0.12x total NAV, it is clear that the market is taking a far more pessimistic view, providing a very significant upside potential if an agreement is reached. Failure to secure a suitable partner would most likely see the JV funding an appraisal well, which, while dilutive, would at least progress the project to the development phase and address any technical concerns that have prevented a deal to date. In either scenario, we believe, Lansdowne would be well placed to add shareholder value and offers an attractive investment proposition at the current share price." Market Cap £5.5m stated in the11 July 2016 Brandon Hill report, was not much lower than today's Market Cap £6.38m. After giving the above further consideration, I joined you today, taking a market size top up myself (sub s/p@1.25p). Source: http://www.lansdowneoilandgas.com/wp-content/uploads/2016/07/160711-Brandon-Hill-Lansdowne-report.pdf BW
Tempted to add a few me self on back of renewed confidence rallying. Will keep an eye on here during afternoon session!
Appear the last of the Sea Energy holding is making its way through the market, with buyers happy to take them at around 1.25, myself included,....GL S
Suggest you phone AJ Bell. Sounds like a c##k-up to me. They probably meant to send you an end of financial year statement.
..... in my AJ Bell account today. I received an advice of a Corporate Action regarding LOGP. All the notice said was that it related to the end of a Notice For Sale, and there was a link "for more information" to a June 2016 RNS . The only info in the RNS related to Update on Strategic Review and Termination of Formal Sale Process The Company announced on 8 April 2015 that it was launching a review of the strategic options open to the Company to maximise shareholder value and the commencement of a formal sale process (FSP) under the City Code on Takeovers and Mergers (City Code). The Company has conducted a review of various strategic options and has engaged with numerous counterparties and received a number of indicative proposals. However, to date the FSP has resulted in no proposals being received which the Board believes would recognise the value inherent in the Company's assets. As a result, the Board has decided to terminate the FSP with immediate effect. The Board will continue to examine alternative means of enhancing shareholder value in the normal course of business. The Panel on Takeovers and Mergers has confirmed the Company is no longer in an offer period under the City Code and, accordingly, the requirement to make disclosures under Rule 8 of the City Code has now ceased. Does anyone know why this might have come through now??? It just seems odd !!
Just listened to that again, look forward to seeing the annual report in the coming weeks