Member Info for Manyana

Providence will never go it alone on developing Barryroe. That surely was the gist of O'Reilly's statement when he got rid of O'Sullivan and his claque.

If you have not read the restructuring you can find it at:

http://www.providenceresources.com/sites/default/files/Placing%20RNS%20-%20September%2012%2C%202019_0.pdf

And regarding funding after February next year this is what they said:

"Board is currently undertaking a strategic review of the options available to the Company on future financing alternatives to finance future working capital obligations beyond that date. Further information regarding the outcome of this strategic review will be made available at the appropriate time."

So we just have to wait.

How come we are all the victims of spin while you are sacrosanct?

I can just as well say your statement "0.21% of the country's power came from coal over the past MONTH." is a load of spin and does not stand up. So prove it.

And why is your information up to date when the Department of Communications has a totally different story. After all, its website which links to the ESB says "At full output, the station consumes approximately 7,000 tonnes of coal per day – around two million tonnes a year." So not only are the DCCAE lying but ESB are putting out spin.

I suggest you check https://www.dccae.gov.ie and realise your statements about coal are wrong and are coming out of your rear end along with a big burst of steam.

You haven't got the first idea what "spin" is.

So you have an "insider" in Moneypoint who tells you the place will not last another two years and you will believe a non-entity instead of the ESB management who tell you differently? I have a few contacts in ESB and I will pass on your comments to them as I am sure they would be interested.

Given that you are on the West coast I presume you were one of those NIMBYS who objected to Corrib and cost the Irish economy billions with overruns, change of plans and delays. Through all of that one website continuously reported on it and kept up pressure to have it stopped. That website was Shell to Sea who were supporting the anti-brigade. You agree I am sure.

Well, I got my information from there as well as the Irish Times. Was Shell to Sea suffering from "spin" or do you trust them? So, friend, hoisted by your own petard. You have let too much of those Atlantic gales, as you warm yourself at your AGA, get into your brain.

http://www.shelltosea.com/content/canadian-pension-group-has-taken-%E2%82%AC414m-corrib-gas

Is this a load of "spin"?

And do you actually work out on the West of Ireland as I see you posting during normal working hours? Are you another skiver living off the country or do you actually do something positive?

Joebop, what is your point?

Of course they multiplied the potential number of barrels by the price of oil to get a valuation but did I put a value of $100billion on it?

As for the Irish government and its "green" credentials. What about the Corrib farce?

The Irish government could have stepped in and bought Shell's share of Corrib before it was sold to Vermillion a Canadian pension company for $1.08billion in July 2017. Corrib is expected to last for 25years so Vermillion will expect to get a payment every year during its lifetime.

Well, last week Vermillion got its dividend for last year and how much did it get? Well about $500m for one year. On that basis it will get about $12billion over Corrib's lifetime all for the paltry payment of $1.8billion. Good deal if you can get it.

That is how stupid the Irish government is. Look at the revenue stream Vermillion is going to get out of Corrib and listen to good honourable Irish politicians who do the "right" thing and let assets run out of the country while poor Irish people freeze to death as the money which could have been used to reduce the cost of energy flies out of the country.

Have you ever been on the West Coast of Ireland in the middle of the winter and hope to keep yourself warm with electricity? Only if you are a millionaire with limitless cash? Electricity is the most expensive form of heating.

And people want a Green Agenda? Pull the other one.

Well done for being able to do that maths. I am sure The Journal.ie did not ring up Providence to ask them to do the sum. I am sure, like intelligent you, they were able to do it themselves.

The question is how much oil is in Barryroe? The last analysis by Davy in December 2018 estimated there could be 3C 1.4billion barrels of oil down there. That is because the upper layers are reckoned to hold about 320mbbls but the lower layers where 3D says there is oil (who knows) have not been drilled but were due to be drilled by APEC when it did its 5 wells including the side track.

One reason why APEC could now be stalling is because COSL has signed a major drilling incentive in the North Sea with Ludin "COSL in line for long-term drilling rig contract offshore Norway". Obviously no rig no drill Barryroe.

Finally, "Do I support the Green Agenda"? Let me put it this way, I believe we are now on the down slope to extinction and since we are past the tipping point there is nothing stopping it other than mass extinctions in China, India and Africa. The alternative, as shown last week, with the bodies in the container is that Europe will be overrun.

We in Ireland, a midget country of 5m people are trying to tell countries like India with 1.4billion people, China with 1.5billion and Africa with 1.3billion how to reduce greenhouse gasses. Get real.

Have you ever been to those countries and seen how they live? And you want them to be "green". Catch yourselves on. India burns on average about 70 trees every time it has a funeral pyre and there are millions of them a year. India has now nearly denuded itself of wood. And we worry about CO2 here? The same with Africa, it too is running out of wood as it is burnt for heating and cooking.

There are 650million cars in the world. About 3m electric cars a year are produced. How long before all cars are electric? Never. So we will have tons of carbon from petrol and diesel cars ad infinitum. Will people give up their cars? Not a chance. That genii is out of the bottle and you will never put it back. God be with the days of the horse and cart, the pony and trap or even the good old fashioned bicycle.

In my student days back "then" I spent all my time travelling around Dublin on a good old trusty bicycle. Would I do it now if I could? Only if I had a death wish. Where are all the 9 million bicycles in Beijing that Katie Melua used to sing about? replaced by cars probably.

As for the "expert" employee who thinks Moneypoint will close within two years perhaps he should ask the ESB who own it what they think? Things are not that good there but the ESB do not intend to close it. Read:

https://www.rte.ie/news/munster/2019/0708/1060908-esb-moneypoint/

So all this tokenism is a farce. So my advice is the old one "Eat, drink and be merry for in a few years, unless there is mass extinction in China, India and Africa, we are all going to die".

Is that green enough for

If you can do the sums why did you not do them instead of asking me? Are you like the baby and needs to be spoon fed?

As for Providence being defunct can you tell me when the last notification of interest was published showing that one of the institutions invested in Providence had lowered its interest in Providence? If the institutions are as worried as you surely they would be running for the door and there would be a flood of "Notifications of Interest" under the RNS heading. Can you find them and let me know as I must have missed them.

The main list:
M&G Investment Management Limited 14.67%
Pageant Holdings Limited 14.02%
Goldman Sachs Group, Inc .9.88%
Merseyside Pension Fund 7.20%
Kite Lake Capital Management (UK) LLC 5.05%
Marlborough Fund Managers Limited 4.86%
BlackRock Inc .3.51%

As for the statement that Providence does not now have a geologist, what do they need one for as the only thing on the boil is Barryroe. Angus McCoss who sits on the board of Providence is also Exploration Manager for Tullow and is a far better qualified geologist than John O'Sullivan ever was.

And as for John O'Sullivan , he was paid nearly as much as Tony O'Reilly in 2018 - and for what? Do you people never read the financial accounts or is it that you can mouth off about O'Reilly's salary (which I agree is exorbitant) but cannot read them? If you did you would know that in 2018, O'Reilly received in total the sum of €470,000 (the previous year he earned €644 which included a bonus of €247,000 for what? The APEC deal perhaps? Now that was bad enough but at the same time in 2018 John O'Sullivan, a lackey, earned €384,000, nearly as much as O'Reilly and like O'Reilly in 2017 he earned a total of €549,000 which included a bonus of €165,000. For what? Good riddance I say.

So by getting rid of O'Sullivan, Providence has saved itself about €400,000 a year for somebody who actually achieved nothing. When you add in his hangers on you will find that a total of nearly €1m has been saved by getting rid of that mob.

Finally for all of you experts, can you tell me where Providence found the money to pay for the two-site survey that took place earlier this year? It must have cost a reasonable amount so where did the money come from?

How many barrels of oil is in Barryroe? And and each worth $50 a barrel if not even more. Do the sums.

Here's what they thought back in 2012 so you see $20 billion was thought of as small potatoes back then when oil was over $100 a barrel.

https://www.thejournal.ie/how-much-is-the-barryroe-oil-find-actually-worth-to-us-394108-Mar2012/

Another disgruntled employee.

Here is the latest on Moneypoint from 20th October.

https://www.businesspost.ie/news/esb-will-use-moneypoint-beyond-2025-455206

And again recently:

"Asked if this meant the ESB would have significant generation capacity at Moneypoint post-2025, the spokeswoman replied that the company recognises the role it plays “in supporting the local economy and, at a national level, delivering secure, reliable and affordable power”.

She said Moneypoint occupies a prime location on the electricity system “and we are confident that it will continue to play a key role in Ireland’s future low carbon energy system”. The ESB is examining technology options beyond 2025 to deliver large-scale electricity generation, fuel diversity and security of supply."

Those two items seem to disagree totally with your assessment. Both seem to indicate that Moneypoint will continue to use coal until 2025 at which time it will turn to alternatives such as gas or oil.

So I think I believe the ESB who "own" Moneypoint and not your friend.

Let me dissuade you from the idea that Providence's lights will go out next February. You are basing that on the recent $3.7m placement. Providence can easily raise more capital by selling shares if things have not changed by then as the institutions will be more than happy to support them as long as the price is right.

Probably being a "Jonnie come lately" to here you do not realise that at one stage Providence had 6 billion shares at 8p before they discovered Barryroe. They did a 100:1 consolidation which brought the equity down to 60m shares in 2008 and then with the two sales to the institutions the number of shares has now gone up to 657m including the last tranche.

So do you not think if they are still short of money they could not dilute 3 billion shares and sell them for 1p each? Now how much would that make? About £30m and they could use that to develop Barryroe or fund Providence's existence for years now that they have got rid of John O'Sullivan and his claque.

Even then with 3.67 billion shares they would still be well away from the 6 billion they held back in 2008 before the consolidation.

So they have plenty of equity to consolidate if they need to and with the offloading of the dead weights including John O'Sullivan and his team they could happily survive on that for about another five or six years.

So stop bad mouthing off when you obviously do not realise how these companies work when they use equity to fund their development. Providence will be here long after next February next even if nothing happens with Barryroe in the meantime. And remember, Providence has no debt so all the money can be used to run the company.

Yes, there was a question of compartmentalisation and I believe it still lingers. One of the proposed drills was a sideways track to prove that it was not the case.

The issue with Barryroe is that it is not one big lump of oil but is a layer about 25m thick that covers a vast area of 400sqkm. It was anticipated that it would need 24 wells which obviously at low oil prices makes it pretty expensive. The idea of drilling into the lower layers was to ascertain if there was more oil down there in more contained quantities.

But the issue with O'Reilly was that he said he was going to use the money to develop Barryroe and then he did not. He did that a number of times. Remember back on 2012 who was the biggest shareholder in Providence? Daddy O'Reilly who at one stage owned 45% of the equity but who was heading for the scrap heap with his abortive Waterford Wedgewood gamble that bankrupt him even though mammy, Crissie Goulandris offered to buy his debt out of AIB at a reduced rate which was refused. After all, she is said to be worth about $400m in her own right, money inherited from her family shipping business so you can be sure they are not living on fish and chips.

If O'Reilly had developed Barryroe and flowed oil it would have been used to pay off Daddy's debts and stop him going bankrupt? Who knows? Remember the Indians were said to have offered $1.2billion to buy Providence but that came to nought when the Indian's went off and did something different.

It is possible that O'Reilly is just too hard to please. It is very hard to pull a silver spoon out of a spoilt man's lips when he has them clamped on it.

There is no doubt the fiasco with Corrib soured many from Barryroe. And the interference of An Taisce last year, who were also the bullie boys in Corrib, could easily have frightened off APEC from Barryroe.

But my main point is that O'Reilly did not keep his word when he said he was going to develop Barryroe so can you trust him?

Better to do cheap deals as Tullow does in Africa but then they recently got their fingers burnt when they did a sale only for the Ugandan government hit them for a big tax bill so they abandoned the deal.

Let's put the Green Agenda to Bed.

The Irish government have no intention of going "green" no matter how loud they shout it. It is all smoke and mirrors.

What is the biggest "non-green" animal in the Irish government's hat? Moneypoint power station of course. Here is its history where you will note it was built specifically to run on coal because the price of coal was stable and cheap. And it is intended to continue running on coal up to 2025 when it will run on oil or gas.

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

When you hear the Irish government are closing down Moneypoint, full stop, you will know then they have gone "green" but not before as it supplies about 25% of Ireland's electricity.

It was to supply gas to Moneypoint that the LNG plant was to be built down the estuary of the Shannon and then piped up to Moneypoint but when that will happen is in the lap of the gods. I reckon there is no more than ten miles between them so a pipe from the LNG to Moneypoint would be cheap as chips.

I am not sure where you are coming from joebop but Providence has been good to me over the years by my being in at the beginning well before 2012 then not holding on to them when they went to the heady heights and then buying squids loads of them in the last few years as they drifted to negligible. They owe me nothing other than opportunity cost but that day will come.

What am I blindly believing? That a $20billion asset is worthless? Are you real?

What I was pointing out with Sequa, who were gung ho in 2015 to buy in but could not raise the money and who have subsequently ducked and dived with numerous oil opportunities without completing any one and still done dolly squat are still on the look out and now have the readies.

Other than the money they have absolutely nothing in the company other than a wish to get involved in a "discovered" oil field that they can fund to development. Such a company sounds just like Providence to me.

If Barryroe was good enough for them in 2015 what has changed other than the oil price and the fact that they now have the money to invest. The money was the reason for the demise of the deal in 2015 together with the horrible price of oil. Now they have nothing on their plate other than they have a big dollop of money to invest in oil what is now wrong with Barryroe?

The reason why I believe Barryroe was not bought into by other developers was because O'Reilly never developed the field when he had the money. How many times did he say he was going to spend the money on Barryroe only to go off on a wild card chase after something else? He could easily have done it from the $100m he raised when he issued 13m shares note:

"Providence Resources has raised $100m with a placing of 13.1 million shares with a series of institutional investors. Some of the money will be used to pay down debt and save Providence €6.5m a year in interest payments. The rest will be used to fund the development of the Barryroe field off the coast of Cork."

But greed got in his way, his narcissism took over and he thought along with his daddy that they were Ireland's god's gift to oil so they went glory seeking instead of spending wisely.

You therefore have to ask yourself why did he do that when he had, as he kept telling us, a pot of gold under his feet? Pure greed that went wrong.

So how about Providence going back to one of his previous deals with Sequa? Now there is a company that has been like a flea on a dog's back when it comes to deals. It has been in and out of more deals since Providence. Its latest is that it has finally junked Kazakhstan where it has spent a mint as its lease ran out and they did not find oil and at the same time they have brokered and dumped more deals in the North Sea than most of us have probably had hot breakfasts.

But what is now of interest is that Sequa has come into the money. In the deal with Providence it tried to raise $300m through the placement of bonds. There was not enough take up at the time and they raised peanuts but I now see, having issued the bonds over they years which were taken up, that they have now converted them into shares raising about $200 on the residue of the bonds.

They state that "The cancellation of the Bonds completes the restructuring of the Company’s debt and liabilities. The Company’s cash balances (on 1 July 2019 over $22m), possibly together with new equity and/or debt funding, will enable the Company to progress current high quality acquisition targets of production and development assets. If the targeted investment opportunities are secured, then the realisation of these opportunities is expected to be value-accretive to the Company’s shareholders."

This was the financial statement as of 30th June and the bond/share swap would not take place until August after the accounting period so it was not included in the balance sheet.

It will be interesting to see what they do with the money which they now intend investing in oil opportunities but given their interest in Providence and Barryroe the first time but did not have the money so why would they not still be interested now that they have the funds to hand?

You might not think too much of Tony but for Providence Davy Stockbrokers is their ESM adviser. As such, they would never have entered into the deal with APEC without getting it analysed and approved by Davy first.

Davy is one of the most respected stockbrokers in Ireland so I would fail to see how there would be any loopholes in the contract.

Job Langbroek, analyst with Dublin stockbroker Davy is Providence's main adviser. https://www.davyuk.co.uk/about-us/press-media

I believe Providence would have been well advised about the deal. Davy's are among the best.

Could transfer them, of course, with Permission from Providence and the Minister, to say, CNOOC Ireland which is Nexen in disguise and togethere with COSL the proposed Barryroe well driller, both are owned by CNOOC China.

Normally with shares of this kind, if you sell them on, you have to offer them to the issuer first so could you see them charging Providence for them?

CNOOC Petroleum Europe Limited have a number of licenses but given the negative result in Iolar and the time it took to get the license to drill Iolar plus the "beautiful" Brid Smith I wonder how many of them they will develop, if ever.

Proof that APEC has the 40% Exola shares and was approved by the Minister can be found at page 4 of the following license list and participants.

https://www.dccae.gov.ie/documents/Acreage%20Report%20at%2030%20June%202019.pdf

So is no news good news or has Tony just vanished off to Malta?

As for Total and FLNG here is an article from a year ago where Total states its LNG involvement showing how it is an expert in that field at all points along the process. So what is all this talk about "fracking"? In fact, An Taisce's intervention in this issue could well be a major bonus for Providence and Barryroe.

https://www.total.com/en/dossiers/lng-total-investing-energy-tomorrow

The loans to Providence for $9m and $15m were supposed to be used to support the surveying and the drilling of the wells in Barryroe.

There was obviously no need for the loans until the survey was approved and the $15m is not needed until the drilling starts. An Taisce's intervention last year put paid to the $9m. After all, who would want a dead loan sitting on their account at an interest rate of LIBOR+5%?.

As for the ultimatum by Providence on 5th October and the statement they were going to get the shares back what is the obvious way to get them back? Ask for them, of course. If they have not got them back after three weeks you have to ask yourself what is going on. Is APEC still in the game or is it playing "silly b*****rs"?. Otherwise why have the shares not come back?

The last thing Providence wants to do is to go to court to get them back. That could take years as it would be fought on the basis of a "breach of contract".

So who really knows what is going on. So only Providence and they have not told us but if anything material has changed they are legally bound to inform us which to date they have not.

As for LNG off the coast of Ireland being an invitation to get "fracked" gas from America. Which company o is one of the biggest if not the biggest developer of LNG technology? Total of course. So why could it not put floating LNG plants on Barryroe where there about 50mbbls of gas equivalent and then tank it around to Shannon where it could be used to support Moneypoint, Ireland's largest electrical generation station still running on coal and expected to continue generating after 2025 but switching to gas or renewables. which is a disaster waiting to happen if nothing is done - too expensive to decommission and certainly not going to use coal for much longer the best use of coal as an energy generation in these days of environmental wellbeing.

And why use Total LNG and not Whitegate? Because Whitegate is not technically capable of using Barryroe gas.

Here is an up-to-date statement re Total, floating LNG terminals and how it would solve Ireland's problems without using "Fracked gas".

22/10/2019 · A global leader in the LNG field, Total is a major partner in this unique project operated by INPEX. A project spanning the entire LNG production chain With deep offshore production facilities, two floating production units, a gas pipeline and a liquefaction plant, Ichthys is one of the few projects worldwide to incorporate all links in the LNG production chain.

Does the Total solution solve An Taisce's worries about "fracked gas"? I guess it does as Barryroe gas is totally natural and when they drill the lower levels you can be sure there will be a multiple of the 45mbbls of gas equivalent which currently equates to (207×109 cu ft) which is a lot of gas.

As an addendum to my previous item, the whole of the Providence statement is worth reading.

"Without prejudice to any other legal remedies that the Company may have, the Company has now advised APEC that it will commence with the licence reversion process of APEC’s 50% working interest in SEL 1/11 to EXOLA and Lansdowne on a 40% and 10% basis, respectively. Additionally, APEC have been advised that APEC no longer retains exclusivity and that the Company is now free to open up commercial discussions with third parties on the Barryroe asset. Further announcements will be made in due course".

I bring this to your attention because of the last clause "Further announcements will be made in due course".

It is now three weeks since the above statement and we have heard nothing. If the solution was simple why have we not heard?

PS200306,

Do you suffer from insomnia or are you up with the birds like Tony, brushing your teeth so early in the morning?

Unfortunately, there is a big difference between hope, speculation and fact and when it comes to law that is an "ass".

Providence signed a legal contract plus two addenda with APEC for the deal granting APEC 50% of the equity in EXOLA. According to what we can read, the 50% equity was passed to APEC and until that comes back the deal is legally in existence.

Providence should not have transferred the shares until the money was in hand if the money was critical to the agreement. Why did it transfer the shares without the money?

So, unless you have proof that the shares have been reassigned back to Providence the deal is still in existence and until those come back Providence cannot do a deal with another third party for those shares.

Note the statement from Providence dated 1st October: " the Company has now advised APEC that it will commence with the licence reversion process of APEC’s 50% working interest in SEL 1/11 to EXOLA and Lansdowne on a 40% and10% basis, respectively."

Baby out with the bath water, I am afraid.

Now, this is not speculation or hype. It is the law. If you have proof to the contrary I would like to see it.

Come on, Brexville, pull the other one. Of course you read what I wrote. It is too easy to say I have Manyana on "ignore" when you are hiding behind your moniker.

And as for the a*h**** on here who thinks "manyana" is not an English word and keeps bashing on about Spain, why don't you go to Blinkx and put in "What is the meaning of manyana" to realise you too have been taking out of your rear end.

I don't know if the deal with APEC is dead but nothing is over "Until the fat lady sings" and I have not heard her but I have heard a good few bashees on here whining the demise of Providence.

As for wanting the APEC deal, if you had read what I wrote you would know I would prefer a thousand times a deal with Total instead. Is one in the offing? Who knows?

So, Bronxville, as you peek out from behind your hands and read this pretending you have me on "Ignore", learn what "ramping" means and how it works. Using big words like that which you obviously do not understand makes you look even more like Victor Mildrew or is it Muffin The Mule.

Bronxville,

I am now truly convinced your brains are definitely between your legs with all the rubbish you come out with.

You constantly sound like a bitter old man where everybody else is wrong. You wouldn't possibly be related to Victor Meldrew would you? Given your surly attitude you certainly have one foot stuffed well into it.

https://www.youtube.com/watch?v=hbO7czzIu_o

Well, for those of you who do not know company law and that seems like most, you have a number of issues.

First of all, making threats against Tony O'Reilly is definitely illegal. I

Talking about getting his salary lowered, well he earns less than those brainless footballers, many of whom could not kick their way out of a paper bag who earn more in a week than he does in a year and there are headteachers in England who earn more. Because you people obviously "worked", if you worked, obviously worked for peanuts, think he is earning too much.

Next, it is clear that the Chinese "money " issue has not gone away because O'Reilly would legally have had to tell us. He has not done so, therefore I presume he is still ringing them as he does his teeth at 4.30am in the morning. Whether it will ultimately work is a different matter.

Also, APEC are obviously still in the deal because O'Reilly said their deal was non-exclusive. He did not say it was dead and buried. If it were dead and buried he would legally have been forced to tell us under company law. Has he done so? I haven't seen it.

So, instead of bleating, you have to wait for him to make specific pronouncements which he is legally obliged to do once he knows otherwise he would be guilty of "insider trading". as he has to inform shareholders anything which can affect the share price, good or bad.

So, email him and ask him when he is going to inform us if you like and even if he does not want to tell us, he will certainly have to inform the minister who, after all, is the ultimate arbiter of this whole unhappy saga.

So stop acting like a pack of cry babies and wait for official statements through an RNS. Otherwise you are all crying into your milk without any rhyme or reason.

And as for me "ramping" that certainly shows, Bronxville, that you haven't got a clue how the market works. If I am ramping, then I have failed miserably.