Member Info for Manyana

Murph,

You are thinking Ireland with retirement age 67. Since Providence is a UK company he will actually retire sometime in 2024 at age 66 and obviously at his age he could retire early but it looks like you think he needs his OAP badly. But it is still common for people in the UK to retire at 65 and live off their ill gotten gains until they are 66 without a pension.

I did not say his life was over but I did say he was long in the tooth. What has he actually achieved in his 35 years in the oil industry - nothing. So why do you think he is going to do it in the next three years. I have retired many years but I don't regard my life is over. As a matter of act, as a hobby, I still develop computer software in modern languages which did not exist in my youth such as Java, Javascript, Scala and "R" as well as Visual Basic.

But you do not put out a dog and bring in a cat. If you put out a dog get something with teeth - like a tiger.

In my opinion, this was a last chance saloon of somebody ditching one dead-end job for something slightly better but without funding so this is still going nowhere and that is my disappointment.

Simple - where's the money?

If he has not got access to the money to develop Barryroe and there is only two month's money left in the pot and he is tainted by Afren, no matter what anybody says - what have we gained - absolutely nothing.

Can you see any financial institution lending to him?

This looks like a last Hurrah and not a make or break move for a go-getter.

This fellow is 62 years old. He will be due his old age pension in less than three years. And have you checked the number of companies he has been involved with over the last five years? He has been involved with nearly as many companies as Imelda Marcos had pairs of shoes.

Check to the bottom of the announcement where this looks like a "needs must" move to me unless they go the whole hog and bring in the other two ex-Tullow directors, Heavey and pal, along with some of that nice Carlyle money which Boru has access to.

https://www.lse.co.uk/rns/PVR/appointment-of-chief-executive-officer-jlk47t2sz1a2lb9.html

Already in the newspapers.

https://www.irishtimes.com/business/energy-and-resources/providence-resources-appoints-new-chief-executive-1.4134726

According to the press, he joined AFREN in 2015 and was there when the proverbial hit the fan.
https://www.cityam.com/heres-everything-we-know-about-alan-linn-who-being-touted-embattled-afrens-new-chief/

Cat on a hot tin roof seems to be his modus operandi.

What funds does he bring to the table to develop Barryroe and what credibility does he have other than he joins two other ex-Tullow - and given Pat Plunkett's failure on T5 we might as well have kept Tony O'Reilly as I do not see this as being any better than what we had.

Bottom of the barrel, in my opinion, but I suppose we have to wait and see.

Afren had a huge fraud case where two directors ripped it off and went to jail in 2017.

https://www.telegraph.co.uk/business/2017/09/26/afren-bosses-charged-400m-fraud-triggered-collapse-oil-explorer/

What does he bring that baby did not have other than he worked for Tullow?

https://drillordrop.com/2019/12/11/alan-linn-quits-third-energy/

https://www.irishtimes.com/business/energy-and-resources/irish-oil-groups-enter-new-year-with-their-work-cut-out-1.4132006

It says that Tullow was the worst performing stock in the FTSE 350 last year and Providence was the worst performing ISEQ stock when the "would-be Chinese backing for the project proved to be a mirage".

Not music to our ears, I fear.

The funds were not coming from APEC but from the Chinese consortium at the back of APEC who were funding the whole dea and, it was claimed at one stage, the formation of which had changed.

Remember, Providence were supposed to get $10m and then give $1m back to APEC but the debt would be with Providence who would pay the interest at 5%+Libor. So APEC would have had $1m that was part of Providence's debt all of which would be repaid out of oil revenues. Note: " Of this amount, US$ 9 million was to cover EXOLA front-end and pre-drill costs with US$ 1 million to cover APEC costs". So APEC was not responsible for the $10m.

The outstanding $15m is only to be paid when the first well is spudded so that does not come into the equation until well down the way, if ever.

So, it is not APEC that is amiss but the consortium putting up the funds and it was they who would have put the money into HSBC to be passed to Providence so technically APEC have not committed anything contrary to the contract as it was not their responsibility to supply the $10m so the question is, have they been in breech of contract? It would seem to me that they have not as they were not liable for the money.

I was rather disappointed with the Pat Plunkett statement in the Irish Times. He seems to have gotten T5 Oil and Gas into a mess about as big as the Providence APEC one. Does not give you much confidence that he can sort Providence out when he has that at his door. I thought T5 was nothing but a dormant shell but it seems they have been trying to put apretty useless deals together in the background which obviously they cannot get the funds to buy. And 400 to 500 barrels a day would not get your heart pounding when you consider that Providence was talking of about 70,000 barrels a day from Barryroe. And obviously T5 does not have the readies when it has its staff on half measures last year.

The bronze would not be legally entitled to give an end-of-year statement. The first line in all previous end-of-year missives was the statement "THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION". The bronze is nothing more than a temporary "consultant" to Providence 'til the end of this month so he cannot issue a statement containing "Insider Information" whether he knows it or not.

Pat Plunkett, on the other hand is the current baby-sitter for Providence until we have a changing of the guards and the last statement we had from him on 6th December 2019 when "the bronze" abandoned us, for whatever reason, was: "A major milestone during his tenure at Providence was the successful drilling and testing of Barryroe located in the North Celtic Sea Basin which has provided the Company with a world class development asset which is capable of providing significant shareholder value in the coming years."

You will note that the announcement on 6th December started with the statement that "This announcement contains inside information within the meaning of the EU Market Abuse Regulation 596/2014". So previous statement by Plunkett has to be interpreted as "insider information" and as such he cannot legally be telling us porkies.

Some people on here do not realise it but there are very strict rules as to how you issue information to the market. But, as they say, "A wink is as good as a nod to a blind horse". One of the saving graces for me in this whole Providence "debacle" is the fact that the institutional investors are still hanging on at their prices between 5p and 12p. If they thought this was a dead duck and we are now in a new financial fiscal year, they would have been jumping out of Providence at any price like fleas off a dog's back as "carried losses" in last 2018-19 Accounts. It is a good sign that, at least to date, they haven't.

And I expect we will hear something next week as I am sure all these "fat cats" are sunning themselves in some warmer climes until then. I am pretty sure "the bronze" will be sunning himself in balmy Malta where he officially lives and where today the weather forecast is 15 degrees. If the share price had been kinder to us we might all have joined him.

https://www.bing.com/search?q=Malta+weather&form=QBLH&sp=-1&pq=ma&sc=8-2&qs=n&sk=&cvid=8AE032315A2446549771F37F10970690

To date, they have not done that, so it would appear something is on the way to give Providence a good kick up the rear end.

It is clear that the funds being paid to Providence's EXOLA by APEC to cover the costs of the surveys and other expenses had nothing to do with the actual deal with APEC because the transfer of the 50% equity in EXOLA to APEC was carried out long before the funds were due to arrive.

Surely, if the funds were part of the actual deal you would not do the transfer of the equity before you received the funds but Providence went ahead and did ths.

Was this a fuax pas (short of calling it something less salubrious) by Providence and is this one of the reasons why they have not explained what happened to the money because if it was c-up and a mistake by Providence it would explain why APEC have not yet returned the 50% equity in EXOLA and it might take a messy court case to clear it up?

Hopefully things will come clear in the New Year and we can all sleep a little better in our beds knowing that we, the shareholders, have not been shafted by a rip-off.

The issue with this world is not global warming but too many people. Instead of worrying about CO2 levels the governments would be better off figuring how they are going to feed 9 billion people by 2040. There is not enough food for everybody now so what are they going to do?

And as for global warming. Well I, for one, would be happy with a bit more heat. We go to the Canaries and Spain for holidays. Why? Because they are hotter than here. If I go, it is normally just in the New Year when Spain is like a very nice Spring day in Ireland and it breaks up the year so I am not adverse to a little more heat.

And as for pollution, well there are about 5 billion people pumping it out daily in Africa, India, China and America so what effect can a miserable 4.7m people of Ireland have on that other than we have not lost our "missionary" spirit of being "goodie goodies" like those poor idiots of years ago who went off to try and convert the world.

We should listen to Judge Judy, American TV judge, who tells it as it is. She has a perfect description of government and its attitud to its citizens when she says "Ordinary people are very intelligent. They know you are peeing on their legs when you tell them it is raining."

She would make a great CEO for Providence. At least we would know where we stand. And she would take no s**t.

End of Irish tax and end of Providence's financial year today.

So, new page, starting tomorrow. Good time for a new CEO (or team) to start.

Hopefully not too long now for "manyana" news.

What a disappointment. No end-of-year "good news" report. Breaking the habit of a life time.

God news for Lansdowne. RNS says loan has been extended.

What a load of cobblers.
Facts; currently The plan aims to have a charging network capable of catering for 800,000 EVs in place by 2030. There are currently about 2.85m cars in Ireland. So what happens to the drivers of the 2m cars which will need to be exchanged for EVs after that date or will we all be driving "vintage" cars as they do in Cuba and India? Back t the "pony and trap", I say. Did us all right in th 1950s when an Irish Morris Minor was the bee's knees.

ps200306,

Are you an insomniac that you had to get up at 5.00am to answer my item?

Yes the stated objective is Sub-Saharan Africa but you have obviously never played poker or you would know that you never reveal your hand until you have won.

What are 4 ex-Tullow men, based in Ireland, who f*****d up Tullow loading it with debt. “Debt is down to $3 billion and the target is to get it to $2.5 billion,” that will take years to clear, if ever, doing when there is a perfect opportunity sitting on their doorstep, as they all reside in Ireland, and they have access to the funds to do it and it is currently being baby-sat by to ex-colleagues? And Heavey, when he left Tullow said he was finished with oil industry, so why is he back?

And why set up a shell company and name it "Boru" when that would mean something in Ireland but "f/a" in darkest Africa? They would probably think of it as a tea company selling a "brew".

If I was interested in a deal with Providence and Barryroe would I tell you before I did the deal?

And look at how badly Tullow is doing relative to the potential of Barryroe. Tullow will produce about 75,000bbls a day from its multitude of fields - licenses across 25 countries with 67 producing fields - where Providence, from a single field, is expected to produce 70,000bbls a day when fully up and running - the max capacity for Whitegate.

And yes, the backer is Carlyle and according to the press item they say "Boru Energy will benefit from the strong experience and industry expertise Carlyle has in this region and globally". What do they mean by "globally"?

My only reservation in all of this rests on the fact that O'Reilly was a consummate liar and that there is something fundamentally wrong with Barryroe and they refuse to tell us what it is. If that were so, then at some point in the future O'Reilly et al. would go to jail because they claim even now is a world-class asset "Barryroe located in the North Celtic Sea Basin which has provided the Company with a world class development asset which is capable of providing significant shareholder value in the coming years." Are they lying?

So as they say "It is not over until the fat lady sings". Hopefully she will be in tune.



8

At it again ps200306. Talking out of your rear end.

The "random" company, run by two former senior directors of Tullow Oil you talk about has been assigned $1billion by Carlile Investments to invest in oil projects.

Read the papers before you make crazy comments like you have. Stupidity has no virtue.

https://www.private-equitynews.com/news/the-carlyle-group-launches-boru-energy-with-oil-industry-veterans-aidan-heavey-and-tom-hickey/

Check out Carlyle Investments in Energy here:

https://www.carlyle.com/our-business/real-assets/carlyle-international-energy-partners

Next time I suggest you think and put your brain in gear before making such stupid comments.

The chances of it getting funded increased dramatically when O'Reilly resigned.

What people who have not lived in Ireland for the last thirty years do not know is how divided people have been over the O'Reilly family. Taking the three major players, daddy, Tony Jnr and Gavin; all three have been disasters. Daddy lost (supposedly) €2billion playing god with Waterford Wedgewood, Fitzwilton, Eircomm,INM. Gavin O'Reilly put in charge of INM until he got booted out by Denis O'Brien who had a big battle over the years with Senior as they hated each other. Denis O'Brien only bought into INM to upset daddy O'Reilly. INM has subsequently been sold to a Belgian company. And finally you have baby who was put in charge of Providence by daddy years ago but has now packed up and left that too; for what reason we do not know but it is very significant. A horrible family history of business.

So you see, nobody is coming into Providence while an O'Reilly has anything to do with it. Remember, at one stage Daddy held 45% of the equity which he had to sell to pay off some of his debts and he is still fighting his nurse to whom he promised bucket loads of Providence shares when they were worth something but now she wants the value.

Now I expect anybody who comes in is not just going to be CEO but must come bearing gifts. Other wise why bother. All you would have is a lorry load of headaches. I have suggested Aidan Heavey who had many axes to grind with the O'Reillys and while his new venture states they are looking for oil assets in Africa I have to ask myself why did they name their company Boru Energy?

Now Boru will not mean much to Africans but it is very much a name in Irish history.

"Brian Boru (Old Irish: Brian Bóruma mac Cennétig; Middle Irish: Brian Bóruma; modern Irish: Brian Bóramha; c. 941 – 23 April 1014), was an Irish king who ended the domination of the High Kingship of Ireland by the Uí Néill."

In fact, Boru Energy was incorporated in 2009 but has lain pretty dormant ever since until September of this year when it was re-energised, changed its name and has a business address of 1 Castlewood Avenue, Rathmines, Dublin 6 and its website is http://www.boruenergy.com/

Pretty apposite there if he were to take over Providence; New king ousting the old king as any good Irish student would know.

http://www.boruenergy.com/

Watch this space as we have to know pretty soon what is going on.

It is interesting that Langbrook spoke at all as they are the brokers and we are just about at the financial year end. Obviously he could not be too gung-ho since we are still in nowhere - or is it Never Never - land.

There is one item that raises an issue regarding APEC. It would appear that Providence granted them the 50% equity in EXOLA well over a year ago. On that basis, they should have paid 50% of the license fees for Barryroe which is a Standard License. Phase 1 which finished in mid 2019 cost €182 per km2 and since we are now in Phase 2 that has gone up to $365 per km2.

First phase Barryroe that APEC have 50% of covers an area of 500km2. On that basis, the license fees for last year were €91,000 and for the coming year they are €182,500 On that basis APEC should have paid €45,500 last year and will be due to pay €91,250 this year. I wonder have they, or will they stump up?-

If not, then surely due cause to revoke license agreement if it has not been done already.