Member Info for LONGWAIT

Estimates for the project envisage Barryroe is worth US$560mln (net present value) to Providence based on the recovery of some 48mln barrels of crude and assuming an oil price of around US$60 per barrel. For context, though, the 48mln barrels represents only 16% of the whole Barryroe oil resource.https://www.proactiveinvestors.co.uk/companies/news/947344/providence-resources-shares-fall-as-latest-farm-out-falls-by-wayside-947344.htmlEven Alan Linn, in an interview, couldn't get the figure right.It's 311m barrels plus gas equivalent to 35m.Ps has pointed out that the gas is worth less.It seems Ashcroft is assuming there are only 300 m barrels and the gas is not extracted.It doesn't really matter; what matters is that Alan Linn's Plan B - the existence of which had been doubted by some posters - doesn't run into problems, such as a member of the consortium withdrawing due to other commitments. Once the project is producing, the finance to develop the rest of the oil might appear, especially if oil prices are higher by then, and possibly also to drill deeper and find more oil.Even with further dilution, the potential rewards are staggering.We can only hope that the project goes ahead.In spite of SpotOn's failure, they appear to have produced a usable model to achieve that.I agree with comments questioning why this could not have been done years ago - when Petronas was considering bidding 600 million euros, and ONGC 1.1 billion euros, for PVR.At the time Petronas were reported to be considering making a bid, PVR shares were about £6 each and Brent about $98.Imagine how much easier it would have been at that time for PVR to have have attempted something along the lines of what they are trying to do now.

Can't you be serious for once and use the kind of language one is expected to use on a public forum?

According to my calculations, the P/E ratio is less than two.

I know that oil companies are not conventionaly valued in that way, but the statistic is important because it means that in the space of two years, the company could earn the equivalent of its current market capitalisation.

My recollection is that SOU in its entirety was valued at 19p per share before the cash raise even under the previous management and before this latest dilution.

'As the creditors sell, the SP will wind its way down to less than a penny. In my view. My opinion only.'

(Sauerkraut)

I agree with your last sentence.

'IMO, if it goes doon to 15 or 12p, the company will be byebye.'

What kind of opinion is that?

You carry on a running commentary on the rising oil price, which you must realise means rising profits for this company, and yet you say that if the share price falls to a certain level, the company is finished.

'surely heading for 1p+ this coming week'

(danpoe353)

The share price was below .11p nearly four weeks ago.

You're predicting that it will have risen by 800 percent in five weeks?

We had a member called Tymers, who was predicting 50p or 100p - and that was based on UKOG's UK prospects, of which not much is heard any more - but the price instead fell to about 0.1p and he cleared off.

I'm hoping the Turkish campaign is successful, so that I can recover my losses, but we don't need a replacement for the late Tymers, thanks very much.

Even though it is in a different sector, it underlines my case - which I've made on LSE before - that it is simply impossible to predict when a share price going to take off.

As a matter of interest: how long did it take for the other distressed asset's share price to take off?

'On production ShinFalls you may have missread the rate of production.'

Please enlighten us!

'whether i get my money back or heaven forbid a holiday out of it remains to be seen over the next couple of years....... never expected to be on AIM for 7yrs +'

I was watching GL's latest interview and he is confident that SOU will be able to repay its loan, which means whatever calculations he has done have arrived at a different conclusion from that reached by my old friend ps.

We'll have to wait and see who turns out to be right, but much may depend on energy prices.

If the pandemic ends - and isn't replaced by another - then the scarcity of oil and gas should become a major concern once again, and long-term projections are that the price will rise steadily.

I think something to bear in mind is that as SOU's survival appears no longer to be in doubt, when trying to farm out its prospects it will no longe be over a barrel.

That means it can afford to wait for the right partner to come along - a company that thinks the prospects are good and is prepared to strike a reasonable deal.

It took more than eight years for that to happen with PVR - although the deal has not been finalised yet.

The jury is still out, Sound.

Reports of PVR's demise are as premature as were those of SOU's a short while ago.

In the event that the project finally goes ahead, the price could eventually reach 100p.

Petronas was reported to be considering making a bid for it at 600 million euros in 2013, and ONGC 1.1 billion euros in the same year, equivalent to 107p per share, based on the total number of shares in issue now.

As I noted before, I have seen the same thing happen with other companies, where the company's silence is interpreted as a sign that nothing good is happening.

Since no-one here can possibly know what is going on behind the scenes, one should really wait for news before passing judgment.

Perhaps now is a good juncture at which to remind ourselves that a very large number of comments posted here in recent months, and even years, have been along the lines that it is absolutely certain that the company is going to go bust, and that the CEO is the same as JP, incompetent, uncommunicative, incapable, and doing nothing.

What exactly was the purpose of all those comments?

The price seems to be rising gently every day.

I have just realised that when you wrote that you are 'not sure why that is', you meant why JOG in particular is targeted.

As I said, PVR has been targeted even more mercilessly, but the individuals we are talking about are on the lookout - like a predator - for companies with an uncertain future, apprehensive investors, and a lack of anticipated news.

Once they sink their teeth into it, they will not let go without a fight.

I have just realised that when you wrote that you are 'not sure why that is', you meant why JOG in particular is targeted.

As I said, PVR has been targeted even more mercilessly, but the individuals we are talking about are on the lookout - like a predator - for companies with an uncertain future, apprehensive investors, and a lack of anticipated news.

Once they sink their teeth into it, they will not let go without a fight.

Yes, PC, by all means let us move on, but I suggest that without my intervention that would have been impossible.

I was no more 'squabbling', as you put it, than when I sent TriggersaysDave packing - he who was - from what I have heard - successful in getting several JOG shareholders to sell near the bottom by spreading panic on this very page.

'It seems the bears of whom there are plenty take vicarious delight in any sign the SP might slip - more than i have seen in any other share traded on Aim. Not sure why that is - ...'

Well, I gave plenty of details during my 'squabble' of a company targeted more mercilessly than JOG, i.e. PVR.

When you say you're not sure why the 'bears' do it, you have answered your own question: ' take delight in any sign the SP might slip'.

It is quite simply a form of Schadenfreude - or baiting - and sometimes, as has been happening to PVR, a number of members will join the fray.

Unfortunately, the result is that genuine investors are staying away from that forum.

When the share price rallies, such people tend to quieten down, only to return with a vengeance when the share price slumps again.

In the end, the only thing that might finally silence them is the incontrovertible success of the company - for which we wait in hope.

This member has to be removed or this forum may as well close down.
He has multiple accounts, some of which have conversations with one another (occupying, in one case, 21 out of 23 consecutive posts on a company) and has spent most of his energy on rubbishing companies and insulting their investors, and doing his utmost to scare investors into selling their holdings.
He was allowed by the administrators to compare me with Hitler.
They removed my post complaining about it, but allowed his post to remain.
Now, he is comparing me with Goebbels and 'his kind.'
That is not something I am prepared to accept.
Many relatives of mine were persecuted by and murdered by the Nazis, and freedom of speech should not extend to insulting me in the way this member has.
I renew my call for him to be removed, so that this forum can be returned to the genuine investors in this company - and by the way, I have been an investor in JOG continuously for the past three and a half years. and been commenting here regularly during that entire period.