Member Info for Manyana

There is actually a big difference.

The two Tullow men are actually working more as facilitators for Carlyle rather than being responsible for the money. If Carlyle had handed it to them then Boru would have been legally liable for the $1billion as a loan and a debt which would have been a big burden for the new company starting out with no equity and a big debt.

This way, the company is clean in terms of debt as the risk is all in Carlyle's book and I am sure the money comes out profits which means it is just an investment for Carlyle rather than being a debt on its books too.

Financial accounting is a strange world where debt is a "dirty" word. Just look at Tullow, producing lots of oil but up to its neck in debt to the tune of about $5billion in 2018 which they are spending much of their oil revenue in reducing but it is still a heavy load that is stifling the share price and reducing dividends to the shareholders.

Providence might be on its hunkers financially but at least it has no debt and if Barryroe was in Boru's sights it would be a great way to go to develop it with Carlyle carrying the financial can.

The ex-Tullow men have not borrowed a billion. They are partnering Carlyle investment to invest up to $1billion in oil projects. But they have been in existence now for a number of months.

https://www.rigzone.com/news/wire/extullow_ceo_joins_forces_with_carlyle-01-oct-2019-159940-article/

It is interesting that they say they are looking for opportunities in Africa so why give the company a very Irish name, Boru Energy, named surely after the great Irish legendary hero Brian Boru.

Furthermore, if they got involved with Providence, Aidan Heavey, founder of Tullow would never work with Tony O'Reilly Jnr or any O'Reilly after all the grief they gave him back in the 1980s when he set up Tullow and nothing would please him more than to succeed with Barryroe where the O'Reilly's failed.

Interesting times and I expect we will know pretty soon how the mop flops.

Even worse than that. In 2017 O'Reilly earned €644k euro and O'Sullivan, a non-entity earned €549k euro. O'Reilly's $644k was made up of €397k salary and €247k bonus (for what?) while O'Sullivan got €384 salary and €165k bonus.

I presume the bonuses were for signing the APEC deal or possibly the work done on Druid/Drombeg which ended up in a pool of water.

You can find it all in the 2017 Annual Accounts on page 39 in the following:

http://www.providenceresources.com/sites/default/files/2017.pdf

There must be more to this than meets the eye. Why would O'Reilly up and leave when he is on a two year contract at €450k a year with a one year notice starting at the next AGM next Summer?

The speed at which this is being done has to point to a solution already in place. After all, you do not walk away from a company in less than two months unless a serious candidate or alternative business plan is in the offing given that most contracts involve a three month or more notice period and then you have to be in a non-competition state.

One potential move could be the return of Aidian Heavey, former boss of Tullow, who, if he came on board would certainly not want O'Reilly in the way as Heavey and the O'Reillly families have been at war for years. Providence, and daddy O'Reilly hated Heavey for his success in oil when Daddy thought of himself as "J R Ewing" of Irish oil and a "nobody" from Aer Lingus accounts department made millions in oil in Africa and walked all over them. Heavey would love to stuff it to the O'Reillys by making Barryroe a success which the O'Reillys failed to do.

Heavey along with Hickey, both previous Tullow, have raised $1billion to invest in oil and gas ventures. They say it is for Africa, which could be a blind, as surely Barryroe would fit the bill for what is a far better bet and $1billion would cover Barryroe development with ease and with two Tullow ex-members in Providence another two would not go amiss. It is amazing that these two individuals could raise $1billion from Carlyle when O'Reilly could not raise the clippings of tin. And the Irish government would love to see an "Irish" solution to the Barryroe development.

https://www.irishtimes.com/business/energy-and-resources/tullow-founder-aidan-heavey-secures-1bn-for-new-oil-and-gas-venture

Further to the last re daddy and the nurse you should remember he was forced to sell his Providence shares to pay off his debts in AIB so if she has to get Providence shares who is going to by and pay for them?

And further to the last regarding the "demise" of Providence what has happened to Hook Head, Dunmore and Helvick all of which Providence owns and which hold oil?

Dunmore and Helvick have been farmed out to MFDevCo who claim they have a system to recover the oil using specialised technology. http://mfdevco.com/.

And what of Hook Head which O'Reilly said ""We are very pleased to have confirmed Hook Head as a significant oil accumulation with hydrocarbon bearing reservoirs over a large area." So what is happening to it?

So there are more proven reserves other than Barryroe even though they are relatively small in comparison but reserves nevertheless.

So, speaking of the demise of Providence is premature and foolhardy and even on the basis of these finds the current price is a farce.

So what value is put on those?

And as for the gas in Barryroe, Kinsale have been approved for the decommissioning of Seven Heads by the DCCAE so it would not make sense for Providence to do anything unless Kinsale pays them to keep the structures in place or until Kinsale removes the gear.

And people think Providence is a dead duck. Get real.

Yes Bronxville,

Jimmy was very knowledgeable as he was from the oil industry and I was always willing to follow his worries about the compartmentalisation of Barryroe. It is something that is still not yet been totally put to bed and is one of the reasons why the proposed development of Barryroe could involve 25 wells because, in oil terms, the oil column is only 25m thick and was one of the reasons why APEC wanted to drill five wells and a sidetrack.

There was also the question about the Seven Heads gas field, which lies above and did not have as much gas as was anticipated and ran out years before it was expected even though it was suspected the gas from Seven Heads had seeped up from the gas in Barryroe.

It was also a fact that Transocean did not do a good job when they drilled Barryroe in 2012 because their equipment broke, hence the court case, and they failed to drill a sideways well which would have proven whether compartmentalisation was a big issue.

Not being stupid, and accepting Jimmy's doubts, especially when O'Reilly did not tell us about Transocean for nearly two years, I made sure I capitalised a great deal of my holdings in Providence and when you consider that I was in Atlantic before I was even in Providence before it became Providence and I was also in the consolidation do you think I did not get plenty of money out of Providence as I was in from the start.

Then you add in Daddy. Do you know that his nurse is still fighting him for the millions of Providence shares he promised her? If she wins her case he will have to cough up. If the shares stay at 3p he will be able to pay up relatively peanuts but what happens if the shares go to 50p. According to the court records he promised her $40m in Waterford Wedgewood and Providence shares. That court case is still going on in the States as he sues for bankruptcy which has been withheld because of her claim for her millions.

Do the sums. I was in Providence long before they found oil in Barryroe. What do you think I paid for my shares then and what do you think I did when they went up to £6p from peanuts? You probably have forgotten, but I mentioned years ago that I cashed in and bought a very expensive house out of Providence, thank you.

So they owed me nothing.

And then when they started hitting the buffers in 2015 I started buying again with my most expensive price being 18p down to the recent .0295p and buying Lansdowne from between 5p to the current .7p and yes, I am holding plenty of both.

As far as I was concerned the asset had not and has not gone away. It was just that the O'Reillys had screwed it up numerous times because, believe me, Daddy is still a shadow at the back.

The trouble with you nerd is that you are incapable of understanding the question and it is so easy to nail your rear end to the wall with your stupid answers that it is becoming a bore.

You obviously haven't a clue how to value anything and that is why you have been burnt badly with your Providence shares. What price did you pay for them? I presume you are down about 95% which means you paid at least 50p.

What do you actually know about San Leon and what are they doing with the money they are being paid for their investment in OML18 in Nigeria? I also have San Leon shares and they are doing very nicely at the prices I bought them and when Providence comes good they will rocket as will the other partner San Leon which I also hold at less than 1p. But then you are so up your proverbial that you don't believe that.

As they say "live horse, eat grass".

Fiction and myths.

Did anybody listen yesterday to the comments re this Conference? And did you notice that a few of our DCCAE staff were present?

Conference president says the real danger to the climate is "coal" and "coal fired power stations". Some proverbial idiot yesterday was banging on about Ireland and the UK saying the problem is "belching and farting cows" so we should all stop eating meat.

As an expert pointed out to counter that, Ireland and England are covered in trees and grass. And whereas trees are credited with reducing CO2 it is forgotten that grass removes nearly as much CO2 as trees and as there is far more of it than trees it is doing a very good job cleaning up in our "green and pleasant land".

And as for cows "belching and farting" methane, it seems methane breaks down over ten years, gets converted to CO2, absorbed by the grass which the cows eat to produce dairy products whereas CO2 takes 1,000 years to break down.

So, God bless the "belching and farting" cows as there is nothing nicer than a good, juicy steak.

As for those who are being hit hardest, just look at Delhi and the smog it is producing. A friend of mine returned recently from a trip to India and he says you would not believe the pollution there. As for myself, as a child I lived in London for some time, (my father and mother were part of the diaspora after the "Emergency") and I experienced the famous "smog". It was so bad, you could not see your hand in front of your face and all of that was due to coal. Have a look at what it was like, horrible but sorted by use of smokeless coal and reduction in open fires.

https://en.wikipedia.org/wiki/Great_Smog_of_London

First of all a**h**e, I thought you were going to put me on the naughty step but obviously, brain dead as you are, you cannot live up to the promises you make.

I did not say the share price should be "similarly unchanged". Where did I say that? Oil in the ground has a value so there should have been a point where the underlying asset even if it were not developed has a value because Providence could just sell it at a "fire sale" to somebody. So up yours for that mistake.

If San Leon could value their 4.5% nett asset in Barryroe, today, for $33.2m without developing it what value do you put on it for Providence who hold 80%?

Note from San Leon 30th September 2019 " Carrying value of Barryroe has been impaired by US$17.9 million to US$33.2 million to reflect delays in the operator completing the farm out".

Given that Providence's current market value is $25m so with either 40% (or 80%) it is less than the residual value San Leon puts on its 4.5% nett.

So a**h**le, Q.E.D. Providence is way undervalued at 3p even on a par with San Leon and is at least 10x undervalued relative to San Leon.

So, brain dead, how do you explain that or are San Leon telling porkies because their accounts have to be approved by Companies House.

And given your attitude, I am totally delighted you have been well and truly burnt, in fact, scorched is how I would describe it.

Well a**h**e, tell me why the price has fallen to that when the asset underlying that price is still there and with new technology has been proven to be even bigger than the original? And as I pointed out previously when Providence had 6 billion shares the price was 8p and nothing worthwhile to talk about.

Do you think there is a little man in a room buying and selling a few Providence shares? If something does not grow it dies and that is also how the market works.

I too suggest you run to your rabbit hole and hide for as you think I might have said something sensible at odds times I can categorically state that you have never had one sensible idea in your head in all the times you have spouted off here.

Irish Attendees but no Brid Smith

Ireland
H.E. Mr. Richard Bruton
Minister for Communications, Climate Action and the Environment
Department of Communications, Climate Action and the Environment
Government of Ireland
Mr. Brian Timothy Carroll
Assistant Secretary Climate Action and Environment
Climate Action and Environment
Department of Communications Climate Action and Environment
Ms. Emer Griffin
Deputy Director - Climate Policy
Department of Communications, Climate Action and Environment
Government of Ireland
Ms. Mary Caffrey
Administrative Officer International Climate Policy
Climate Policy International
Department of Communications Climate Action and Environment
Mr. Patrick Cluskey
Special Advisor
Department of Communications, Climate Action and Environment
Government of Ireland
Mr. Martin Timothy Collins
Legal Adviser
Legal Unit
Department of Communications Climate Action and Environment
Ms. Lucy Corcoran
Programme Executive
Research and Innovation
Sustainable Energy Authority of Ireland
Mr. Mounir El Yemlahi El Guaissi
Driver
Embassy Madrid
Mr. Rory Geraghty
Conserjero, Embassy of Ireland to Spain
Embassy of Ireland to Spain
Government of Ireland
Ms. Olga Grant
Assistant Principal - Climate Adaptation
Department of Communications, Climate Action and Environment
Government of Ireland

Mr. Keith Lambkin
Senior Climatologist
Met Éireann - Department of Houseing, Planning and Local Government
Government of Ireland
Ms. Síle Maguire
Ambassador of Ireland to Spain
Embassy of Ireland in Spain
Government of Ireland
Mr. Frank McGovern
Environmental Protection Agency
Ms. Niamh McGuire
Assistant Principal - International Finance Unit
Department of Finance
Government of Ireland
Ms. Maeve McLynn
Policy Officer
Department of Foreign Affairs and Trade
Government of Ireland
Mr. John Muldowney
Agricultural Inspector
Climate Change and Bioenergy
Department of Agriculture, Forestry and the Marine
Mr. Sean Arthur O'Leary
Scientific Officer
Environmental Protection Agency
Government of Ireland
Mr. Des O'Leary
Principle Officer - International Finance Institutions
Department of Finance
Government of Ireland
Ms. Michaela Sullivan
Private Secretary
Department of Communications, Climate Action and Environment
Government of Ireland
Mr. Séamus Walsh
Senior Meteorologist
Met Éireann - Department of Housing, Planning and Local Government
Government of Ireland

Who on here is following the COP25 conference? https://unfccc.int/cop25

Further to my statement recently that the real issue in the world, other than car pollution, is "coal".

Here, in the address by the Secretary General today at the UN Climate Change Conference COP25, he confirms this when he said:

"In several regions of the world, coal power plants continue to be planned and built in large numbers.
Either we stop this addiction to coal or all our efforts to tackle climate change will be doomed."

So forget those "Irish greens". Ireland does not produce coal anymore and other than using it in Moneypoint which will continue to use coal until 2025 and hopefully stop long before then, coal is not used to generate electricity.

So what does the future hold for Ireland? Mass immigration will be the order of the day as people leave poor world countries. In 1990 there were approximately 3.5m people living in Ireland. By 2020 it will be 4.9m people in Ireland - that is a 40% increase. The UK had 59m people in 1990 and is expected to have 67m people by 2020 which is an increase of 13%. If they had the same percentage increase as Ireland there would now be 80m people living in the UK and they would be moaning like hell.

Now, I am not be homophobic but these figures are frightening because they put strains on all parts of society and it can be seen today, for example, in health care and the hospitals. And if people think this mass migration is going to tail off, think again.

So what is the solution to that problem and how are our politicians handling it other than to hide it under the carpet. There were 8.2m people living in Ireland in 1841 before the famine. So how long before the population of Ireland is once more 8.2m and what is being done to cater for that situation?

I give it 30 years, which is as long as the current population growth has taken, but in the meantime, the politicians will bury their heads in the sand and hope that a "miracle" happens but by 2030, Ireland will probably have a government run by immigrants. After all, our current PM, The Taoiseach, is the son of an Indian immigrant.

What are their chances when you have the Brid Smiths of this world figuring out how to starve them for the sake of a "principle" and has her sights set on banning gas and oil when the real culprit is coal.

It will be interesting to see what solution UN Climate Change Conference COP25 comes up with this week. Plenty of hot air, I presume.

ps200306,

It is a waste of time talking to an a**h*le who hasn't got a clue how the market works.

Let's see what happens to the price when Providence makes an announcement. If it is good, the price will rise and if it is bad the share price will probably hit 1p and you will have nothing to do with it other than to cry into your milk as you lose more money.

Quote: "Most of the hedge fund managers today have the biased opinion that algos have rigged the market." "Rigged the market" means we are just patsies waiting to be ripped off. and algos have been responsible for Providence's share price falling from £5 down to 3p over the years.

Read and weep, sucker.

Why is the share price 3p?

Because robots are buying and selling this share.

They "read" the papers and based on volume plus good or bad news they buy and sell. It is called "algo" trading.

Some years ago I was invested in a great company but with a lorry load of debt. So much so that the share price fell to 3c because of financial pressure and being in for the hard road I bought a vast number on the basis there was nothing wrong with the company other than its debts were a huge risk. Lo and behold the very next day the company was bought for 17c share and I came out smelling of roses.

That could easily happen to Providence. At present, nothing, but what would happen if they announced a deal on Barryroe? The "algo" traders will be there before you as they are on 24/7. work in milliseconds, will push the price up and the fish will bite and the owners will make a killing.

Algo trading should be banned because it is not fair to the general public but think of it as a "bookie" as it works in exactly the same way and, as they say, "Have you ever seen a poor bookie?"

For example, if you backed the favourite in every horse race you will win 45% of the time which means, in the end , you will end up losing and the bookies will have won. To you and me, it is a game; to them it is a business for making money.

Back in 2013 the Indian Oil company approached Providence with a bid of $1.5 billion for the company when the only real asset was Barryroe.

https://www.independent.ie/business/irish/providence-1bn-sale-would-have-saved-oreilly-30391508.html

The reason why Barryroe is rolled into EXOLA as a separate company is so that you can sell off Barryroe without having to take on all the other assets which now seem to be regarded as millstones thus making it a standalone asset rather than the whole company with all its shortcomings.

Back when the offer was made there were about 60m shares in Providence now there are 600m so if EXOLA was to be sold for say €1billion each share would be worth about €1.60.

Is EXOLA worth €1billion? Since they say there could be 1billion barrels of oil in there valuing each barrel at €1 which is dirt cheap it would not be a bad price but, I for one, would be happy with €500m which would be a bargain and a share price of say 75c.

We would all even like a 10x banger at the current price and there is nothing to say such a deal is not still on the table.

As usual ps200306 you have your brains up your rear end. The only thing you "got" was a sever dose of either constipation or the runs.

I didn't take that comment as a chip on my shoulder because I thought that person was a walking idiot. And showed a clear indication of the morbidly stupid inbuilt attitude of Irish people who refuse to go abroad when they had the chance but decided to live in poverty instead. Up to the 1950s America was crying out for Irish people to emigrate. Did they do it? Many did but more cowards stayed at home and thought they were the "real Irish".

So sorry not a Eureka moment but a flash of stupidity on your part. You are probably one of the idiots who would make such a stupid remark.

I don't rail against those who are going to die in the next twenty-five years but little Ireland will have nothing to do with it. Just get your head out of your rear end and look at the facts.
How much pollution do you think you are going to save from 5m people in Ireland when you have 5 billion of them spewing it out in the rest of the world. Get Real. And nobody is talking about the 650 million cars which are killing people wholesale and think they can convert them to electric cars in 10 years. What a load of rubbish. Only 3m cars are made each year so how do you convert or replace 650m in ten years.
So pull your finger out of your rear end and start looking at this practically rather than being flannelled by politicians. They will never tell you the truth but if something drastic does not happen in the next ten years then billions are going to die from pollution. And, by the way, the majority who will die are those who live in the most polluted areas. Have you seen the air quality in Delhi and then wonder how many of those are going to die in the not too distant future or have you got a better solution?

https://www.bing.com/images/search?q=delhi+pollution+2019&qpvt=delhi+pollution+2019&FORM=IGRE

Or have you a better suggestion rather than always criticising others?

ps200306,

Which tree did you fall out of quote "when the new interconnector opens next year". The interconnector is not scheduled to be ready before 2025 if it ever gets development because it is based on cheap French nuclear electricity even though their nuclear is now about as bad as the UK's Hinkley Point and is falling apart which is proven when you read headlines such as "France could close 'up to 17' nuclear reactors by 2025".

Why do I think most Irish people are up their own rear ends? Many years ago after university I left Ireland to work in England because there was nothing in Ireland. I got excellent training in England and after a few years I decided to return to Ireland to a very good job. Back in Dublin I met an acquaintance and told him of my luck at getting back. He was disgusted and railed at me for my as he said "Why are you coming here to take one of our jobs we need them for our own" to which I replied "F. off, I am as Irish as you, I just had the b***s to do something with my life to better myself".

Now the majority of Irish people think the same as that bonehead and that is why they are so insular. Most of them have not got the b**ls to better themselves and hate anybody who does so they spend their time contemplating their navels. Just look at Brid Smith's attitude and you will see it in spades.

As for climate change in Ireland, the rest of the world will kill us all long before a few puffs of smoke from an Irish farm and unless there is mass extinction in Asia, India and Africa the world will be overrun with too many people by about 25 years. It is getting that way now with, as an example, 200 million Nigerians trying to get out of an overrun country. In 1950 it had about 36 million people. Today it has about 200 million so where are they going to go, how are they going to feed themselves and where are they going to get jobs? Do you think they worry about pollution and do you think they are going to stay put?

In my youth, there was about 2.5 billion people on this planet. Now there are about 7 billion and in another 25 years there will be about 10 billion. Today there are over 1 billion people starving and about half are living in poverty so what do you think the numbers will be in 25 years?

It is about time the politicians and the people of Ireland got real and started telling us the truth. So, eat, drink and be merry because I am pretty sure we are all going to die in the next twenty years.

At least I will be gone I presume well before then but poor old little Ireland worrying about a bit of smoke drifting up from a few farm chimneys in this world is like the statue in Brussels, "Manneken Pis" trying to put out a forest fire.

https://www.bing.com/videos/search?q=manniquin+pis&&view=detail&mid=41E1731D57332836098441E1731D573328360984&&FORM=VDRVRV

I was watching Michael Portillo's program tonight "Great Australian Railway Journeys" starting in Newcastle, New South Wales.

Newcastle, New South Wales, one town on its own exports 160 million tons of coal a year to Japan for the production of electricity. China, traditionally Australia’s largest coal export market, also saw record Australian coal imports for the year with a full year rise of 5 per cent to 1.075 billion tonnes. Then you have America using about another billion tons of coal to produce electricity. All of them producing billions of tons of carbon destroying the planet as they use coal to produce energy.

Now, lets get real. Here is little old Ireland running around like a headless chicken trying to be the epitome of goodness when it comes to saving the planet with renewable energy when the Far East and America are killing it at a great rate of knots. And, by the way, Japan is the biggest importer of LNG in the world so that throws "fracking" out of the window.

So why is Ireland so paranoid about producing oil, gas and the little bit of high quality coal they used to produce in Castlecomer, Kilkenny, until it closed in 1969? Because Irish people think the world starts and ends between Galway and Dublin and a bit to the South to take in Cork.

Will the people feel great when we are poisoned by the pollution produced by those named above but we don't develop any fossil fuels of our own which might make a contribution to the economy? Feel good and starve seems to be the motto Ireland has adopted and when the others look at us they can all doff their caps and say "wasn't Ireland wonderful to ban the exploration of oil and gas. What a model they were for us as we kept on producing billions of tons of our own pollution and we gave "two fingers" to them".

It is a bit like the American tourist who stopped a local farmer in a donkey and cart. "Gee, sir, you have a beautiful country", she said, to which the reply came back "Aye Mam, but you cannot eat it".

How do you know what has happened? If you are so sure of your facts tell us where they have come from.

Until Providence makes an announcement you have absolutely nothing to go on other than the bile which appears to be coursing through you and similarly Bronxville because you have been burnt.

Unlike you, I haven't got the faintest what is going on in Providence but I do know at some point they will have to make an announcement. I will keep my powder dry until I hear what they have to say but if things are as bad as you claim then they should have informed us well before now.

As for Bronxville, you make an absolutely lovely pair. Its a pity you don't have a third and then the three of you could play the three witches in Macbeth. "double, double, toil and trouble". Seems like a good description of you.

ps200306,

Thank you for proving you are one of the moaners.

Since the whole purpose of developing Barryroe is "to get it out of the ground" and that is now the be all and end all of Providence what is a man with a £1.5m salary doing here if it is not to get it out of the ground.

When you consider the level of debt Tullow has and how much it had and you look at its history it is clear that Pat Plunkett was involved in raising the funds which were over $3billion at one stage so don't you think he has the credibility to do the same for Barryroe?

Until you hear to the contrary surly you should give them the benefit of the doubt?