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The Gulf Steam is known to be slowing down and I read that you need a wind speed of 7mph to 9mphto spin a wind turbine so if you look at the following forecasts for Ireland you see that the wind rarely reaches that and if you check the waves they are only a fraction of a metre, hardly enough to rock a boat never mind a wave turbine.

quote:

"The Gulf Stream is slowing to a 'tipping point' and could disappear."

Check the Gulf Stream status that has kept Ireland, windy and warm for thousands of years in the following.

https://windy.app/forecast2/spot/3328215/Gulf+Stream

Many years ago I went to Spanish Point on the West Coast and realised why those poor Spaniards came to grief when they tried to invade England with their Armada in 1588 and got blown around the top of England and sank on that beach. The wind was so high and the waves were beating so strongly on the shore that it looked like 10ft high bath suds it was beating so hard.

Now that is all gone with the Gulf Stream. Little wind and weak waves.

Check above and you see both of those factors are not now there so where are the "experts" who claim we have "all" those renewables of wind and wave to generate electricity. It's gone as the Gulf Stream slows down but you can be sure they won't admit it.

What I said was issuing shares could be an option. the +50% shareholders have enough money to easily fund the development of Barryroe if the consortium has other ideas.

My point is that the group of shareholders have plenty of money and they could do that through loans or they could do that through equity.

As I have said before, these are options. There is more than one way to skin a cat.

We don't know what the other members of the consortium will bring to the table. Will Schlumberger do the heavy lifting and drilling now or will one of the others? That they are in that business or what skills will the others bring and how many of them are still involved?

"The consortium was made up of Spoton Energy, Schlumberger, Aker Solutions, AGR, Maersk Drilling, Keppel FELS, and Aibel."

Forget Spoton from that lot and you have more than enough fire power to do the development without Providence putting its hands in its pockets other than for "survival" expenses.

But who knows if they are all still in and what they want to get out of Barryroe.

That is why we have to wait until the review and given the high powered team Providence has put in place I expect we will be pleasantly surprised at what they come up with.

The only question is will Barryroe be delayed by these "greens" who think Ireland is riding on the pig's back when I reckon we are in for real trouble not less because of the 12.5% bonanza on tax that we have been living on for the last 25 years (phased in from 1996 to 2003) and reduced from 40% to 12.5%.

We would be mad to think that American companies are not going to retreat back to the US now that all of us are on 15%. They brought back to the US €1trillion under Trump's amnesty and now Biden is looking to bring back the companies as well so that US employment will also benefit.

So we have to get real. Gas now trading at the equivalence of oil at $200 a barrel. Why pay "foreigners" when you can have your own along with the revenue.

Providence might only need peanuts to develop Barryroe if the previous deal, along the lines of SpotOn was to come good. All they would need is capital to remain solvent during the developing on a "pay with oil and gas".

That is for the "team" to tell us and they have enough experience to come up with a good solution.

Schlumberger cost O'Reilly and O'Sullivan their jobs.

It is a wonder Schlumberger's reputation is still in tact when they charged Providence for six months, I believe, with 24 personnel who "proved" that both Druid and Drombeg had billions of barrels of oil. How much money would Providence have if it hadn't swallowed that red herring?

As for raising capital, why have you chosen 3p? The only reason for the 3.4p now is because no deal is in place. A previous major share allocation was at 25p so why not take that as a base cost and then work out how much an equity raise would take. Or take the latest which was at 12p.

The consolidation was as follows:

"It is proposed that with effect from the Record Date every 1,000 Existing Ordinary
Shares of nominal value €0.001 each will be consolidated into 1 Consolidated Share
of nominal value €1.00 each"

https://www.providenceresources.com/sites/default/files/placingandopenofferannouncement-25february2015-final.pdf

And that money was used to pay off the court costs in the Transocean debacle which O'Reilly kept under his hat for two years.

Also, Sequa and Sapinda wanted to raise $300m in bonds to cover the development o. Raising capital through bonds is also a possibility.

And you are wrong about banks not lending to speculative opportunities. I mentioned being offered €1m by an Irish bank. The justification from the CEO was that they lent 3% of gross profits for "wildcat" projects so it was a speculative no-brainer.

And in its hay day Providence had 6billion shares so what is another billion to add to the nearly 1billion it currently has. After all, it has gone from 60m to the current number since 2012 selling and diluting along the way as it raised capital.

So any deal is going to raise the current share price from 3.4p. If a deal is in the offing you can be sure these will go to at least their highest in the last year which was 8.4p so even if they "sold" a billion at that price, which would be bargain, do you not think they could develop Barryroe for £84m?

And I see nobody has told me how Lansdowne would raise the money as they are obviously depending on Providence so what input is Boldy having?

And do you not think that this group would not cough up that money when they hold the following equity in Providence and which they have not sold?

Pageant Holdings Limited 10.42%
M&G Investment Management Limited 9.94%
Kite Lake Capital Management (UK) LLP 9.75%
Merseyside Pension Fund 8.46%
Vevan Unlimited Company 4.66%
R. O'Riordan and S O'Driscoll 4.12%
Nick Furlong 3.22%

And, of course, both Pat Plunkett and Larry Goodman is in there and Plunkett is there at a price of 12p. I am Plunkett would like to break even or make a profit and Larry has plenty of money.

So it all depends on the story.

As Frank Carson used to say "It's the way I tell 'em" so the "story" is the key.

You and TheS*t do not know company law regarding "insider trading" as you think Linn has to tell you if he has raised the money.

Disclosure is necessary if a "fact" is withheld. But Linn has told you about the finance when he said:

"The results of this strategic review, encompassing both Providence’s Technical Strategy and it’s
related Financial Strategy, will be completed in Q4 2021 and will determine the strategic plan for the development of the Barryroe Field."

As he points out you will hear about the "Financial Strategy". Why not tell us now?

Well, have you ever asked the bank for a loan? In the past, before the Celtic Tiger days, I asked an Irish bank to lend me €1m to set up a business opportunity and they agreed. But in the meantime, before taking it up I came across another business opportunity where I did not need the loan so I went with that instead of takaing a loan at say 5% above Libor, but if I had wanted the money I could have had it.

Like Linn, it is called "A fall back position". There are so many ways to skin this Barryroe cat that he has a number of financial irons in the fire but with a certain backstop.

So, get real. For example, how much will it take to develop Barryroe over a phased development, $60m, $80M, $100m,$200m?

How much will Providence have to put up if they bring in a partners? Look at the partners in the past, Esso, Shell, etc. who have put up $m on defunct developments.

What about Schlumberger taking a share? They owe Providence $m for the fiasco they created in Druid/Drombeg which lost Providence a fortune. Note:

"The provisional location for a vertical well to test the two stacked prospects lies in c. 2,250 m water depth. The latest internal cost estimate for a dual objective Druid/Drombeg well is c. $85 million compared with the nearby c. $200 million Dunquin North exploration well, which was drilled to a similar depth in 2013."

So, in Dunquin North, they previously spent $200m and In Druid/Drombeg they spent another $42.5m as they brought in a partner who also lost another $42.5m.

That fiasco, created by Schlumberger, cost $85m. Would that have developed Barryroe? You bet.

And what about the financing of Lansdowne's 20%? How is that going to be funded? Do Lansdowne sell out? It is clear that you gob****es haven't considered that. If the cost of developing Barryroe is say $200m over the next, say three years, where is Lansdowne getting its money which will run to $40m? Will they be able to pay for it out the oil and gas revenues?

Has Lansdowne said how it is going to finance its share? NO! So how is it going to do it?

So, stop talking rubbish and wait for the "Financial Strategy" which is far more complex than either you two duffers realise.

That, surely, why they have declared a Financial Strategy which will be revealed in Q4 and which you clods have clearly either misunderstood or are just too stupid to realise it is a major issue made up

What a load of rubbish ps200306.

Did Linn know if an LNG terminus would be built in the Shannon? Did he know that Barryroe would be allowed? Linn did not slow it down. Ryan and his cronies did and that is clear as he has still "things" under consideration for Providence that should have been agreed long ago.

I am sure Linn would be happy to wait until the change of government next year and, hopefully, that this pack of gob****es will get kicked out even sooner. The TDs in control are predominantly "City" TD's but just wait until the farmers wake up the country ones who will run scared of a potential Sinn Fein government and hopefully vote these gob****es out.

Of course, if SpotOn had come up with the money he would have progressed further but when they did not he had to change tack. Wouldn't you?

And, by the way, even if the funding was not forthcoming what is there to stop Providence raising the money through a share placement? After all, in its hay day Providence had 6b shares at 8p that they consolidated down to 60m. They currently have nearly 1b so what is stopping them taking that back up to say 3b and using the 2b to raise the paltry £60m it would take to develop Barryroe? Get real.

Share issues occur all the time and with the heavyweight shareholders we have at present they would easily raise the money from such a deal. So money is no object.

The real issue is how long can that nerd, "Ryan", keep playing the game. Just look at the fiasco he created in Corrib when he was previously Minister for Communications etc. He had to finally concede but for a long time he supported the Corrib naysayers.

So, get real. Yes the survey had to be done before the 1st of November but that was given a two year grace to do it. So why was it not done last year when SpotOn were flavour of the month if the issue is money?

And now the Irish farmers are up in arms so look out all those city TDs from Dublin, Cork etc. You might find that the Healy-Rae brothers are running the country sooner than you think and you can be sure they will have no reason to stop Barryroe.

ps200306,

The reason why Barryroe is delayed because Ireland is run politically by a band of Greens lead my that moron Ryan and that harridan "Brid Smith".

Have you listened to them standing up in the Dail and pontificating on such things as how to reduce the Irish cattle herd because the cows are producing too much methane.

Well they are in for a beating on that count because the Irish farmers are now up in arms. Latest notice "Furious Farmers To Take To the Streets". Game over "Greens". Every time the farmers rise up, they win because they have a majority of the TDs who will be forced to vote this government out if it continues with this crazy "green" agenda.

And if you read the approval for the survey it specifically gave two time approval time periods over a period of two years the second of which actually terminates on 31st October 2021 so Providence had until now to do it under the terms of the approval. So why rush?

So, while the Greens have been bleating like TheSh*t for the last year or so would you have progressed Barryroe? Linn has played "softly, softly, monkey" and now with the energy crisis, and potential blackouts this winter, he is in the perfect position to stuff it to the "greens" once and for all and hasten the development of Barryroe.

Would have liked another judicial review which would take at least two years? How long did it take O'Reilly to replace the first one and how long did it take to complete the Transocean court case which cost Providence $18m when Transocean supplied faulty equipment for the first Barryroe drill? About 4 years in my estimate and that kiboshed the first development of Barryroe which O'Reilly could have done with the money he got from the $100m he raised from the sale of the 13.1m shares when he had to use a good lump of it on the court case and paying off Transocean.

I bet you forgot the Transocean court case arising from the drilling of Barryroe in 2012 and which took years to get to court an cost a bundle. Look it up and it might improve your education of the history of Barryroe.

So Linn has proceeded with caution and that will pay off as he has switched the emphasis from oil to gas. As they say "don't push a stick in a lion's ear unless he is biting your rear end" . It doesn't pay off.

Well done, Alan Linn, I say. We have waited nine years for Barryroe so what is another two or three years? Nothing in the greater scheme of things.

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