Member Info for Itsriskythat

I've just checked out the cash position, cashflow and G&A for Providence in H1 2018 ...

€12.4m cash

€1.7m cash outflow

€1.5m G&A

Now on completion of the APEC deal EXOLA received $9.0m.

Also all of EXOLA costs in 2019 will be covered by a future payment. It's difficult to see how Providence's wholly owned subsidiary EXOLA would call on its parent for any cash.

Providence's G&A will go down in the absence of EXOLA costs. All in all, in the absence of drilling any other prospects in 2019, Providence can't burn through anything more than €2.0m over the whole of 2019.

That would leave Providence with a minimum €10.0m at end of 2019, even if it is assumed that EXOLA holds onto all the cash from APEC.

And even if EXOLA hires a hundred new staff, all the costs are covered.

Heaven forbid that Drill Or Drop have a dark agenda, which is to discredit Rathlin.

In fact Rathlin's owner Connaught intends to extinguish the debt, otherwise Reabold wouldn't be interested in a 37% stake.

I remember that you wrote negatively about APEC and so decided to sell LOGP.

I had strong doubts myself, not like you about APEC, instead about People Before Profit derailing the farm-out. But the Chinese have committed now and are moving to spend their $250m next year.

Confirmed commencement for Ensco72 rig-move:

https://offshore.clarksons.com

Scroll down to 'Requirements'

Change from 'Spot' to 'Term'

FRASER OFFSHORE 1 x PSV - 1 WELL + 2 WELL OPTS SUPP.
ENSCO 72 (25 + 35 + 35-40 DAYS)
20 Nov - 05 Dec 18

Most interesting that 10.0m shares direct holding has been replaced by a spread bet. I don't know if the spread bet company has approached Parvizi for shares to cover their clients long positions?

As was said, no relevance at all today to Baron Oil's prospects.

Googled this:

"Gold Oil, the Aim-quoted company expects proposals for an alternative board to be backed by Iraj Parvizi, who had been Gold Oil’s second-biggest shareholder. He built a 15.7 per cent stake in Gold Oil, a fraction less than Mr Bell, but recently transferred it to his ex-wife."

"Mr Parvizi, a prominent investor in small-cap stocks, and Mr Anderson, a private stock broker, hit the headlines in 2010 when they were among several arrested as part of the largest operation against alleged insider trading conducted by the Financial Services Authority. However, no one connected with the probe has been charged with any offence, and all are believed to deny any wrongdoing.

Christopher McClatchey
Finance & Investment Management Student at Ulster University
Great post, any idea when yous hope to start the campaign ?

John O'Sullivan
Technical Director at Providence Resources plc
2019 subject to consents/approvals etc....

Charlie Henderson
FeedStock - Automatic Engagement Analytics
Exciting times ahead.

Andrew Rawlinson
Senior Production Geologist at Petroleum Development Oman
Great to see Barryroe development moving ahead. 

Terry Charleton
Global Account Manager at Expro International Group
Great to see activity in the Irish oil and gas business

Donal Meehan
Providence Resources
It was a great visit. Cork offers our Chinese partners great opportunities for servicing offshore operations.

In recent days there have been two large long positions of 1.1m shares and 3.1m shares rolled over .... so a couple of people expecting good news sooner rather than later this quarter.

LOGP 30p at $5 per barrel and no need for further funding for the appraisal campaign and cash covered two years of G&A. Sounds pretty amazing to me!

Repeating that message of undervaluation:

LOGP £8m

CLNR £10m

UPL £16m

CHAR £16m

ECO £37m

MATD £65m

88E £83m

BPC £89m

FOG £170m

SOU £420m

One thing in common:

All have no income from production, some have have no assets, but only one of them LOGP has 70MMbo 2C resources close to existing infrastructure, and fully-carried appraisal campaign, to achieve a potential sale of the business.

Download the Providence AGM presentation from 14th June and there on slides 25 and 26 are very reassuring pictures of the signing ceremony in China for the farmout agreement. APEC and COSL are looking extremely happy.

Incorrect to say they have nothing, because there are still the 70 MMbo 2C resources at Barryroe, without a farmout.

The APEC agreement has got this far, now July, so the group of Chinese partners are still onboard, and any obstacles to the deal can only come from governments.

If you are de-risking, then that's what makes the LOGP share market, because others might see an opportunity. Whilst you've been selling, and maybe thinking of selling the remainder, I've bought the 1 million at 1.18p today.

It's because the upside outweighs the downside.

Don't ignore that Steven Lampe is interested in 140.5m shares and Brandon Hill have 53m shares. Clever or stupid, but Steven Lampe might be nervously waiting for the deal to complete.

Lansdowne FY results answer the question of funding:

G&A now reduced to just £200k per annum, whilst the costs associated with the Barryroe farmout are small and will disappear entirely on completion of the agreement.

What was the justification for raising £900k gross at 1.3p in April?

Digging deeper into the results there were £367k current liabilities at year end so the current cash position would be about £490k after the placing.

Sufficient cash now to maintain Lansdowne as a going concern for another 2 years. So no need to raise another penny through Brandon Hill.

Steven Lampe and Brandon Hill converted their loans into shares at 1.3p. So happy with the 1.3p base price.

gumbo007, I can't find the presentation video, do you have the link please

Just suppose he went because Fortuna funding negotiations are a mess and he can't get them over the line.

Did anyone pickup shares at 4.38p in the last placing? Did you get the direct benefit of the 10% commission for certain placees, brokers and introducers? If not, where who did your 10% commission go to for the placing shares?

Council object to 3 years for appraisal, and propose 12 months only.

Who’s going to trust Vonk with more of their money? It was 6p last time.

Soothing investor concerns?