Member Info for Manyana

A few "inanities" about the gas in Barryroe.

Interesting. You scratch the dog and a dose of fleas jump off his back such as Scharnhorstt who never posts more than about ten words and a real big flea in JH77 who utters absolute claptrap and makes a number of mistakes. All probably ******ed with some syndrome such as "big mouth".

By the way, ps200306, I hope LSE checks my posts as they can read how you have been trolling some poor devils in your other one and only share and review your posts such as your comments to "Jez". Whether you like him or not you are not entitled to make the comments about him which you did on numerous occasions. Would you like me to refresh your memory again?

Since when was Barryroe only an "oil project"? Why did Providence buy 40% of Kinsale in 2009 using its subsidiary EIRGAS primarlily as a gas storage system when Kinsale runs dry as it will do next year, 2021. Read and learn:

https://www.breakingnews.ie/business/providence-acquires-40-stake-in-kinsale-head-gas-field-426382.html

As for being small, Barryroe is about 25% of Corrib and not 20% and it is about 10,000 times bigger than Kinsale which is now exhausted. Furthermore, the 200 billion cu.ft. of gas in Barryroe is based on current estimates so what happens if they drill the other strata for oil as stated? Will they find more gas there? If they estimate Barryroe could hold 1billion barrels of oil, on a pro rata basis that would mean there is as much gas in Barryroe as there was in Corrib.

And when you consider that they can develop the gas for probably as little as $25m as the infrastructure is already there that compares to the $3.6billion it cost to develop Corrib. And that without any NIMBY(s) getting in the way.

And look how cheap it would be to develop using th Kinsale infrastructure not only for drilling it but also for storing it.

Also what has happened since 2013 is that Kinsale now has a full plan of decommissioning approved by DCCAE for its four gas fields approved in April 2019 which means Barryroe, if they were interested in using the Kinsale infrastructure for the ga,s would need to know plan before tried to acquire it or to share it with Petronas, hence the comment in the last RNS regarding using the Kinsale infrastructure. Why reinvent the wheel?

And since we have a load of experts here then please answer this (which I am sure you won't), if you develop Barryroe as an oil field what happens to the gas that comes out with it? Environmentalists are now campaigning to stop all gas flaring by 2030 but you can be sure it will apply to Ireland immediately. Brid Smith will see to that. And, by the way, flaring 200 billion cubic feet of gas would be smelt all the way to Cork.

So what is your solution to the gas which is intermixed with the oil? I await your responses.

I note a number of zombies have suddenly appeared on here. Which graveyard did they come out of?

Now now we know that's up ps200306's jacksie is because I said Providence would be better concentrating on the gas in the short term and not the oil which is absolutely true now that APEC have demised.

His problem is that he was fired or made redundant in 2018, came on here with his few bob, blew it and now has the gripe but obviously does not have the ability to read which is why he was probably fired in the first place and hasn't been here long enough to know that Providence has a long history with gas even to the point where they had gas fields in Mexico, a gas company in Ireland , EIrgas, and years ago bought a stake in KEL (which they did not keep) to make use of the Seven Heads and Kinsale Heads gas fields.

The heading of the accounts for 2018, the last annual accounts states "a well-established background in the Irish oil and gas business" and strange, as it states EXOLA's activities "Oil and Gas Exploration" and the 2018 accounts are headed "Oil and Gas Exploration and Appraisal".

Where Dumbo made his mistake was not to differentiate between the demise of APEC and the new opportunities. APEC were only interested in oil because they could transport that back to China. But they were never going to build an LNG plant, foating or otherwise, in Barryroe to cater for the gas because they did not want that.

So T'OR who tied his proverbials to the APEC deal was only interested in the oil and not the gas. That has now all changed with APEC biting the dust.

Perhaps with his Dyslexia he did not read the latest RNS from six days ago which stated:

"Providence Resources is assessing the potential fora carbon neutral gas development as an option for the
Barryroe field." Following the Company’s review of the field’sresource potential, which confirms that there is a considerable gas resource within the Barryroe structure in addition to the recognised oil resource,which was the original focus of the farm-out process several additional companies not included within the initial process have expressed interest in the gas potential and have been invited into the data room."

So, dumbhead, just admit you were wrong and the chances of a partner for the gas is just as viable as a partner for the oil. In fact, the gas is a safer political bet as the likes of Brid Smith could not dream of trying to stop the development whereas she will still have the oil embargo up her jacksie and will probably continue her attempts to get it embargoed especially if she gets into power with the other communists who are attempting to take over the running of Ireland, God help us.

Admit it Scharnhorstt. You got it wrong. As SirNigelW as aptly pointed out, cretinism, is definitely not Down Syndrome.

Get the impression from your post you are squirming like an eel at the end of a fishing line trying to get off but only sinking the hook in deeper. Keep squirming. I love it.

My command of English is excellent having studied it at University and given that I am probably twice as old as many on this board I can tell you my facilities are not diminished with age.

So, up yours and get back in your box.

This morning only the tip of your iceberg.

I have a list of your abusive comments on your other penny share site.

I will post them on Monday in case there is not a full quote of people to read them.

Scharnhorstt.

Johnny come lately. Member for over a year and posted nearly nothing until he comes on here and then we know why he is so thick and has not posted because he made a major gaff in the post when he asked me if I suffered from Down Syndrome.

And do you know what mistake this thick made? He failed to realise that Down Syndrome and Cretinism are actually two totally distinct medical syndromes.

Get back in your box before you make any more stupid mistakes.

Interesting analysis of your posts, ps200306.

Obviously suffer from insomnia posting in the early hours and then I find out the following:

Has only posted on two shares, PVR and SOU, both of which are penny shares then he tells us the following. "I retired in my forties".

Now, let us just put to be this prime inanity of his.

He was either fired or he was made redundant and has been living on the dole for some time.

I was giving him some leeway as I thought when he was on this and the SOU site so often every day that he might be retired at "retirement age" but "in his forties". That is not retirement. That is lazyness or indolence. Get a decent job and then you would not need to suffer from insomnia.

Which is it ps200306?

in

JH77,

You did not answer my question. Are you retired, unemployed or in jail?

If you attack me I have every right to defend myself. If people don't like what I write - stop reading. Nobody is making you do it. But "curiosity killed the cat" normally comes into play and people think "I wonder what he has written" and then get upset when they don't like to hear what is said.

As for reporting me. Go ahead. We will then check the laws of "free speech" if you think I have said something wrong instead of something you don't like.

As the great Irish man Terry Wogan said one morning on his radio program as he blessed the faithful like I do to all of you ""Póg Mo Thón".

Since it only takes me minutes to write this crap I have plenty of things to keep me interested.

How old do you think I am when I say I can remember the Irish 1948 election as a child and even at my venerable age I still play table tennis, golf and an odd game of badminton. I also write software having been in the computer business for about 45 years so I have done my time. After all, if you are here at 4.00pm in the afternoon with the time to read this you are either like me, retired, on the dole or in jail. Which is it?

So I suggest you stick your head between your legs and breathe deeply as "no hopers" like you keep crying in your milk over your losses in these shares. What theory of mine did you not like? You would not know what a "theory" was if it jumped up and bit your rear end.

And why am I quite happy with this share? Because I have bought them for peanuts, some as low as 2.9p so I don't even need them to get to 5p but anything above that would be nice.

So take out your hankie, give your nose a good blow, dry your eyes and stop crying into your milk.

Do you think they care "what would be nice". It would be nice if they signed a deal and the shares went to £1 but "nice" is not where they are at.

The money was to be used to support the surveys and the drilling and since APEC were 50% of the deal that money was also to cover their share of the costs of both activities as they were in to pay for both of those ancillary activities . Not much point in giving APEC a free ride if they did not pay up what was technically small potatoes in the bigger picture. If they could not come up with that what were the chances they would land bank the deal and just sit on it. We could be here in 2030 waiting for them.

And if HSBC were correct and APEC paid the money where did it end up? Perhaps O'Reilly pocketed it and vanished off to Malta waving us goodbye as he left. Or was it "hot" as a lot of Chinese money is and some shady Chinese group lost it. There is a woman in London who is currently scheduled to lose her £11.5m house unless she can tell the courts where she got the money. Laundering money is now a very difficult task compared to years ago as the law can now even see what you had for your breakfast.

I note, which nobody has mentioned, that there has been no news about the EGM which was to be held to instigate the options deal which was given to Linn. He has been offered 15m options at 4p a share but he is not entitled to them until the shareholders' have approved the scheme.

Perhaps they are going to publish the 2019 End of Year Results followed by the AGM and hold the share options vote at that time.

Alternatively, is it because of this that he left? He did say he would go if he did not get the money.

As for future funding, at the point it is needed there will be two opportunities, equity or debt. Pat Plunkett's forte is raising capital. His role in Tullow was just that, raising money. So if the share price is still rubbish, like O'Reilly's 5p last September, when the money is needed surely debt is the way to go especially now while interest rates are so low.

After all, Providence has no debt so, say a €20m debt would be manageable with an equity conversion at some point in the future if needed.

I have invested in and bought a number of companies with equity and I have made sure I always own at least 25.1% as that is the minimum level at which you can stop a company going into liquidation without your permission.

In this case, APEC did not buy any equity in EXOLA, therefore the owner can sell that company without APEC's permission.

Remember, APEC were Chinese where the government technically "owns" everything. Who knows what they thought. Given some of the crazy business decisions I have seen in my life it is a jungle.

Back in the 1990s, One Fortune 500 company I did some consultancy for bought another one major company for $500m (a lot of money back then) on the back of due diligence only to find that all the assets were computer equipment past its sell by date with a book value multiples of its true value and ended up selling off the lot for scrap within a year or two but never breathed a word to its shareholders. That company itself had been through Chapter 11 about ten years prior to that but had come out of it.

There is one law for the man in the street and another for those subject to company law and never the twain shall meet. Just ask HM Revenue if you don't believe me where companies rip off the system and get away with huge fraud while the small man in the street can expect to get hounded even if he only owes a few hundred pounds. HM looks for quick fixes and not long drawn out expensive court cases.

SirNigelW,

You raise a very interesting point.

It is clear from the RNS that APEC did not own 50% of Exola but owned 50% of the Barryroe license that Exola owned. Now, if you look at that situation in the light of company law APEC are in no-man's land for a number of reasons since APEC did not own 50% of EXOLA but had only 50% of the license.

Even though they hold 50% of the license they cannot prevent Providence shutting down Exola because they would need 25.1% of the equity of EXOLA to do that. And because Providence owns 100%% of EXOLA, they could have let EXOLA, as operator allow APEC to do the development of Barryroe on a cash-free basis or even before that as a potential development and then sold the whole of the Barryroe development to a third party without APEC having a say just by selling EXOLA, the company, which as a wholly owned subsidiary they would be quite entitled to do.

It should be remembered that this was the very reason why Providence moved Barryoe license into EXOLA in the first place so that it could be sold separately without impacting the rest of Providence since, as the most valuable element in Providence the chances are companies would want to buy Barryroe alone without the Daddy baggage hanging over Providence as well as the hodgepodge of licenses O'Reilly was so proud of.

How could APEC be that stupid or was O'Reilly too clever for them until it backfired?

Ps200306,

If you think I have a "thick Irish skull" why do you keep reading my posts so assiduously, remembering things I might have said weeks ago?

Is it because you are an apostle or just a sycophant and have to hang on to every word I sy?

Please keep it up as it makes me feel very important in your eyes whatever thick s*** you may be.

Well, Scharnhorstt,

If you are familiar with a transposition error why did you need an explanation? Are you thick?

The site survey is located right in the middle of the discoveries over the years. The whole think has been looked at with a fresh eye, which I presume is Angus McCoss who has a long history of major oil discoveries with such as Tullow and when you consider that Providence never thought before now of putting an exploration well where the lines crossed between the original discoveries it makes you realise what a "Wallie" O'Sullivan was.

If the analysis is right and they identify that the "sweet spot" is in the middle then the costs of development will come tumbling down. Original estimate said 24 wells would be needed which would be expensive but if there is one great big pool of gas or oil in the middle connected to all the discoveries to date, far fewer wells will be required and hence development costs would be far less, especially if you include sidetrack drilling.

Interesting times ahead, I think.

ps200306,

What I might do with my butt is nothing compared to the licking you seem to end up constantly doing to your own.

Not only are you at least semi-illiterate but you have also misquoted me. I stated "Hopefully, we now have two months before cash is needed. In that time, if the survey can be done and the technology proven". Where did it say "the end of March?" What month are you living in? Perhaps in your institution time passes so quickly you cannot adjust to it.

First of all, the decision on the site survey for Barryroe is due on or after 21st February. Since Providence went through all the layers last year for the two location site surveys, which DCCAE put them through to ensure the survey complied with EU rules, will surely have been met this time as "lessons were learnt " with the aborted version in 2018 being the catalyst as to the rigours of last year's process. As long as they follow the procedures they learnt last year what is going to stop the site survey approval?

So, let us look at last year's approval. From the approval statement to the start of the survey last year, how long did it take? It took less than four weeks and was completed within a further two weeks. Now, you are obviously not too good with the maths when you made such a major error as defined above but I am sure even you can easily work that out that time scale for yourself.

So stick that up your jacksie and stop rubbing your fingers in it and, by the way, I hope you have lost a fortune on these shares. But then, if you have, just put it down to your greed and take your punishment like a man.

Scharnhorstt,

I note this is your first contribution to this website and I am amazed at your erudition. Have you never heard of a transposition error?

However, as we all know, once a pedant always a pedant so we will wait with bated breath for your next contribution?

Please make it more interesting.

Two distinct groups; the first looking at the overall Barryroe containing the oil and gas and a second group who are "only" looking at the gas.

Given the change in attitude towards gas as distinct from oil it is possible that Petronas, who own KEL are certainly big enough and rich enough to buy Providence but are certainly also rich enough to continue the development of Barryroe as a partner when they have got shot of APEC.

Now we know why they have positioned the latest site survey right in the middle of the oil finds. It is to prove the continuity of the oil and/or to prove that there is a gas cap sitting right in the middle of the field.

The statement that it would seem that Barryroe is " a large oil field with a gas cap or a large gas field surrounded by an oil rim." is very interesting as it would appear you can treat the gas and the oil as two independent entities thus allowing you to take off each as separates. The previous notion was that the oil and the gas were intermixed.

And the focus now on gas is important because the Brid Smiths can complain about the oil but they will surely have no case with the gas because that is needed as an adjunct to Corrib which has a limited life expectancy, it already has an infrastructure with Kinsale which already has the platforms and the sub-sea structures in place and it has the exhausted gas fields in which carbon can be stored.

As for a cash raise. Hopefully, we now have two months before cash is needed. In that time, if the survey can be done and the technology proven the share price will be at a reasonable level. The 12p raise some years ago would be far better than the abysmal 5p raise last time.

This new development, in my opinion, has the hand print of Andy McCoss all over it and that is good because Providence always depended on "the boy" O'Sullivan who was a total disaster. McCoss had an excellent pedigree with Tullow as Development Manager. It looks like he has brought the same skills now to Providence.

I am afraid for the no-hopers that the "dead duck" is starting to quack a little as I predicted.

"The dead have arisen and spoken to many". Read the RNS.

Finally the gas is being considered as an asset and the Kinsale infrastructure of depleted gas wells and pipelines regarded as opportunities.

For months I have been asking about the gas. Finally somebody has woken up to the financial and political benefits and are doing something about it.

Not me saying this but "Broadband is largely available in Irish cities, but the countryside is not yet very well covered."

And do you not read but just mouth off without thinking? I suggest you read the Labour manifesto where it does not paint your rosy picture of Ireland's broadband. https://www.labour.ie/manifesto/connecting-rural-ireland/

What you have forgotten is that the econuttery has only emerged in the lifetime of the current Fine Fail/Fine Gael government which is a " Confidence and Supply Arrangement" which is a sort of gentleman's agreement. A fully formed government where Fine Fail lead with Fine Gael and Independents will have a much stronger backbone and having seen the econuttery they will be forearmed to deal with it putting in their box the likes of Brid Smith and her ilk.

In that context, and with their big plans to invest up to €12 billion of yet unspecified money they will need every tax break they can get and some of that, in the long term, could easily come from Barryroe oil that is sourced in the country and not bought abroad and from taxes that might accrue at some point in the future.

But then, you people seem to enjoy the misery of crying into your own spilt milk over Barryroe and Providence so continue contemplating your navels as you keep up the keening and moaning.