Member Info for Manyana

I ran my own computer company for years until I sold it to a multinational but I was far too busy to be "p******" about with a mickey mouse website like this. That does not make you money.

The most important directive I gave was "if anybody ccs me with a message I will fire them if it is just to show you are doing something because I don't have time to be going through hundreds of emails that really have no relevance to me other than to waste my time".

Since I retired I still develop software in my spare time for my own edification and interest. For an oldie it is like turning back the clock as I started out in computing not long after Tom Watson, head of IBM, made the famous statement that 'I think there is a world market for about five computers" . How wrong he was.

Old programmers do not die, they just fade away.

Obviously some people did not like my question. I wonder why. I thought my question was quite reasonable but obviously some people took objection to it but obviously they never thought about it before.

Hoisted by their own petard.

And shibs, I don't fight; I fight back. If you want to take a dig at me aka Bronxville , for example, who is obviously close to brain dead they are easy meat. When they react, I love it because that is exactly what I want them to do.

Bear baiting is so much fun especially the figurative bears on here.

Is this your best effort for your first -post after being a member for nearly two months?

Must have taken you that long to think it up.

Time on your hands?

Given that I am an old retiree I obviously have plenty of time on my hands to do what I like such as follow the stock market and shares such as this along with many other things but what about all the people on here who post during working hours unless they work nights and are sick of watching that smarmy Judge Rinder.

There are only four main possibilities. 1. Like me you are retired and have the hump. 2. You are redundant and are living on the good graces of the State. 3. You are in jail and have access to the internet. 4. You are at work and are using your employer's internet resources illegally because no company I know of gives unlimited access to employees to just play on the internet during working hours. In my day, anybody doing that, I would just fire them so it didn't happen too often if ever.

I look forward to see how many reply or even vanish.

Well done ps200306.

The brave word of an empty tin can.

Of course I did not expect you to come up with any explanation. But I normally look back at people's entries on this and all other shares. I have not started on yours yet but when I have a moment I will go through them and I am sure I can find something to ram up your rear end.

As for Bronxville, he is tarred with the same brush and will get the same treatment.

I have been chewing up little minds like yours for years and as usual you are easy meat.

I will be back, as Arnold said.

Thank you so much for reading my entries and doing such a careful analysis of them. I am afraid I don't do the same to yours. as you are clearly one who wants to comment on others without having a point of view of your own. In Ireland we would refer to you as a "hurler on the ditch". Great at complaining but absolutely useless when it comes to doing something useful.

So smart ass

Can you explain how APEC was supposed to pay Providence $10m and then get $1m back? And who are the financiers defined as " A CHINESE CONSORTIUM (“THE CONSORTIUM”) LED BY APEC ENERGY ENTERPRISE LIMITED (“APEC”) " and does Providence pay interest on the APEC $1m at LIBOR+5%? Surely that is robbing Peter to pay Paul?

Now tell me how that all fits together rather than mouthing off. I bet you will just run for cover but that is exactly what scared rabbits do. So I hope to see you come out of the long grass but I won't be holding my breath.

Did I say COSL would do it without some agreement but it is not dependant on the $10m. Do Providence need the get the $10m before they do the drilling? This was ancillary money separate from the drilling costs.

After all, the $10m smelt a bit when it was $9m for Providence and $1m for APEC. Surely if it was coming from APEC they would have only transferred $9m so it was obviously coming from some funding mechanism.

There is surely no reason why CNOOC who owns COSL could not tell it to go ahead and bypass APEC who are clearly just a facilitator, otherwise why are Providence to pass on $1m to them of the $10m, and are now in breech, we presume, of contract.

But if CNOOC want to take charge and put COSL to drill the wells there is surely nothing to stop them.

And down -41.86% this morning.

This site is like the election of a pope. We switch on each morning to see if there is any white smoke coming out of the RNS chimney.

I think it is time that we find out from O'Reilly when he finally puts the spoke in APEC's wheel. There must be a fixed date when he pulls the plug on APEC or does it just continue indefinitely. After all, if you do not pay an invoice based on its terms you are in default.

Of course he could insist that COSL starts the drilling even without the $10m and force COSL to run up a debt. The actual drilling is an upfront nil cost to PVR. Based on the deal, COSL are committed to the drilling and it is technically independent of anything else.

God Bless your interpretation of "nothing". Is it going to cost them "nothing" to get 24mbbls out of the ground? Any dog could get this deal as it is meaningless.

Can you explain how they are going to get the oil out "for nothing" if this is a PSC agreement? Who is going to do the work?

Perhaps you do not know what a PSC agreement is and if you do please tell us how it applies to this agreement so that CERP gets 24mbbls of oil for nothing.

By the way use proper English. You "loose" off canons and "he loose the collar around your neck" but if you play to win you can always "lose". Is that what you meant?

A joebop pedant. I am not Spanish so I use the English equivalent check it out at "Manyana meaning" and I am not named after the small town in Australia, So my use is totally valid.

Next joebop. CERP did not get 24mbbls for nothing. You might read but you obviously don't understand. Here is the RNS outlining the deal. Where does it say they got 24mbbls for nothing? Please elucidate.

https://www.lse.co.uk/rns/CERP/new-country-entry-weg-naar-zee-block-suriname-1sjxbtge3vxk8xz.html

NigelHaemoglobin. If you are going to "try" and be insulting please use the proper word. I presume you meant "drivel" instead of "dribble". You might "dribble" from your nose or your mouth down your front but I don't. And did you mean "monosyllabic" instead of "polysyllabic" as I normally try and keep the words short for you and your ilk to understand. It is amazing that you could actually give yourself a "polysyllabic" name as I fail to understand how you got past a word with more than 4 letters.

A bit like the Irish mother writing to her son. "Dear John, I am writing this letter to you slowly because I know you cannot read too fast".

Interesting how a few facts get the old pulses racing in some people who then go on to make fools of themselves.

Why don't you people do some research. There is plenty of it on the Providence board going back some years and elsewhere if you want to look. A few key words in Bing or Google normally produces results. However, it mainly depends on what words you put in. As they say garbage in garbage out.

And did any of you manage to read the link I gave to the Total presentation. Now, obviously they have oil developments all over the world for oil and they look for production at a cost of about $5 a barrel but if you had read that presentation and understood it you will note they have given a STOIP which I will leave it up to you "experts" to find.

While it is lower than the $5 a barrel it still makes Providence's value worth many hundreds of millions if Total paid them at the Total price so if Total bought in at that STOIP on the 311m barrels we would be well off. But if they sourced up the billion barrels and used their STOIP we would be on the pig's back. And all of that is without the gas which is equivalent of about 45mbbls and Total could take advantage of by use of an FLNG as Total is, I believe, the world' second largest produce of LNG and a world leader in LNG technology.

So sorry "iron in the blood" which I hope will make it boil more as you read some more of "biggest load of crap that I have ever read on an amateur oily board: by a mile." as you "dribble" down your bib.

So, do some research as I did or is it that you can all mouth off but cannot do research or read. Do you think I make this stuff up? It is all out there. You just have to find it.

I wait to see what STOIP you "experts " come up with. Good luck.

Your diatribe about the valuation of the company is misguided.

How much value do you think San Leon with its 4.5% nett profit in Barryroe put on its value of Barryroe.

Here is the statement from San Leon's six months figures published on 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".

So, if the farmout was completed San Leon would value its 4.5% nett profit, which Providence is to carry under the APEC agreement, at $51.1m". And you question how Providence could be valued at $80m.

Even oil in the ground has value. STOIP is valued at about $5 a barrel, so Barryroe with 311m barrels is worth 1.6billion even in the ground. If they find more and it rises to 1billion barrels even in the ground that has a value of $5billion.

So can we please call a spade a shovel but don't make so much noise about it.

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

Have you been to England and looked at the cars? There are currently forty million cars in the UK and a good percentage of those are well over ten years old. The reason why cars are now being kept longer is the use computers to drive them rather than physical parts and metals no longer suffer the corrosion of years ago.

Now how long will it take to replace 40m cars with electric cars? Here is a statistic:

"The statistic shows the worldwide number of battery electric vehicles from 2012 to 2018. There were some 3.3 million battery electric vehicles in use globally in 2018. " So just to replace 40m English cars alone would take about 12 years of total electric car production.

If you take Ireland, in 2015 there were 2.5m cars so to replace all of those with electric cars would take up the whole world wide production of electric cars for a year given that there must be more than 2.5m of them on the roads now.

So would somebody stop pulling my leg and spouting rubbish that we can all go "electric". It will take potentially fifty years or more for that to happen. So, would those politicians get real instead of thinking how they can get elected at the next general election.

ave you read the financial report carefully rather than just looking at the figures?

For example, you cannot do double book accounting so have you reduced Providence by the value of EXOLA for example which owns the Barryroe asset?

And have you considered the statement "The Company’s success in farming out the majority of its portfolio, which has led to: the transfer of Operatorship in most of the Company’s key assets; and a substantially reduced technical role for the Company;"

Which means they "own" far less than they did technically but their cost base has shrunk to nearly nothing. In fact, I take with a pinch of salt the statement that they are only funded up to February 2020 unless they have paid through the nose for the redundancies as they claimed the lease on the office expired so there was no penalty.

Take it from an old timer in Atlantic and Providence this is now one lean mean company having got rid of a load of dross. And if you look at the current situation with APEC and the question of due diligence what was O'Sullivan doing running around China for all that time? Were they pulling the wool over his eyes?

And as for getting rid of those other non-exec directors they had fingers in other oil pies that they were of little or no benefit. So now, with only Plunkett who has a very good track record but I worry that he is up to something to his benefit with Providence and I rate Angus McCoss highly as he has proven very "lucky" in his oil finds with Tullow.

But in both cases they can keep the tabs on O'Reilly far better than the rabble he had around him before and at last he has come to realise Providence is a bit player in the oil industry and I suspect there is a plan ahead for APEC to vanish into the mist and Total to take over.

If you want to see what Total are up to check out the following and read how much they are going to invest in resources over the next number of years, billions of dollars each year, and then put it into a Providence context and ask why have they ditched Diablo Ridge. The perfect partner for Barryroe especially if they build the France-Ireland interconnector which hopefully will be two-way, unlike Moffat-Loughshinny which is only one way from Scotland to Ireland or vice versa at any one time.

https://publications.total.com/investorDay2019/Strategy-and-Outlook-Presentation-2019_securise.pdf

Another sloppy story from the Irish Times. A typical weekend filler.

O'Reilly could not get the money the minute the contract signed because the money is a loan as is the following $15m chargeable at LIBOR +5%.

The first part of the loan is to cover costs associated with the survey of the well sites. The second is for costs associated with the drilling of the well sites. The actual drilling was to be done by COSL, wholly owned subsidary of CNOOC, the Chinese National Offshore Oil Corporation. It is this latter that interests me. You might think APEC is a fly by night outfit but it has powerful friends.

So, unless there were some specific clauses in the contract which put a time limit on APEC paying up the two sums of $9m and $15m you have to presume they are still in the picture but are now in a non-exclusive deal.

Since it is non-exclusive, I think the only way Providence can switch to an alternative partner is if that partner agrees to do the job for the same price and terms. Otherwise you could end up in a very nasty court case.

the terms for Apec were more than generous and if it were not for the carry pf Providence's costs by APEC the deal would have resulted in APEC getting far less equity and certainly not the bunce of the shares at 12.1p.

I would hope Total took the deal up and I suspect it is considering it now that it has dropped its proposed deal with Providence for Daablo Ridge which seemed a long shot int the first place and only served to give Total a foothold in Ireland.

I am not sure if you know that two days ago Ireland and the EU agreed an electrical interconnector between Ireland and France t a cost of about $1billion with the interconnecor coming ashore near Cork (aka Barryroe). I presume, also, that it is a two-way interconnector this time as the one way from Moffat to Loughshinny was a major mistake.

https://www.irishtimes.com/business/energy-and-resources/eu-to-contribute-530m-to-1bn-irish-french-power-line-1.4037649

It is also interesting to note that Total has just purchased two major gas power plants in France to generate about 835 megawatts of electricity.

So the tie up of Ireland with France as an insurance against a Brexit could not do better than a tie up between Total and Providence for both oil and gas from Barryroe with the possibility of generating electricity that could then be exported to France even though the primary plan is for French electricity to support Ireland post Brexit.

Here's hoping.

How did you work out, LONGWAIT, that Providence made a small profit out of Druid Drombeg?

The total cost of the actual drilling of Druid Drombeg was $85m. The costs for each party was as follows:

Capricorn 30% $25.5m
Total 35% $29.75m
Providence 28% $23.80m
Sosina 7% $5.95m

Now, Providence as operator paid all the costs collecting the aforesaid amounts from each participant but the money it got from Capricorn and Total went to pay for the well not to line its pocket but it still ended up paying $23.90m for its share.

Is it any wonder it now has no money when it wasted that on a belly full of water?

O'Reilly was a victim of bad judgement and, by the way, what did they pay the Schlumberger and its staff of 30 "analysts" who spent six months analysing Druid Drombeg prior to the drill which is not included in the costs but which Providence paid for and cost an arm and a leg.

So what profit do you think they made? You sound a bit like the old Andy Cap joke.

Andy says to Flo, "You know I asked you to lend me a £1 but you only gave me 50p? Well, that means I owe you 50p and you owe me 50p so we are quits".

Druid/Drombeg ended up costing Providence and arm and a leg for buckets of water but fortunately they had Capricorn and Total to bear the largest part of the costs. But what would have happened if Providence went alone and paid out the $85m? They, and we, would have been f***** and we would now probably be looking at about a billion shares if we even existed. Good riddance to O'Sullivan et al. Not a day too soon.

You will read in the article by Phoenix tells only part of the story when it says that "It is remarkable to think that, as late as January 2018, Providence had 20 million euros in cash, more than enough to carry the company for a few years".

It might have had it in the bank but it owed most of it for the drilling of Druid/Drombeg which was a fiasco instigated by John O'Sullivan and Schlumberger.

So that is a very superficial view and needs some analysis as to what Providence has been up to with its finances.

If you check out the annual accounts for 2018 and the first six months of 2019 you find that in June 30 2019 it had €1,788,000 in the bank and if you check December 2018 it had €7,617,000 and if you go back to June 2018 you read in the last accounts it had $12,355,000.

then you go back to the previous year end accounts for December 2017 you find they had $19,603,000 and if you check out June 2017 you find they they had had €36,398,000.

So between June 2017 and December 2018 they spent about €34m. On what? The abortive drilling of Druid/Drombeg, that's what?

So where did all the money go which was not pointed out by Phoenix but which I mentioned before. They went for broke drilling Druid/Drombeg after O'Sullivan and Schlumberger convinced O'Reilly and pals they were in for billions of barrels of oil and ended up with billions of barrels of water.

That is why O'Sullivan and his gang had to go and you don't hear them singing the praises of Schlumberger either given their famous reputation which in my opinion is now in tatters. And that is why they have now abandoned drilling themselves but only looking for partners.

If Total had not come in and taken a stake in Druid/Drombeg Providence would now truly be for the birds as they paid $27m to get involved in Druid/Drombeg but they did it out of profits not borrowed cash and therefore could afford it. Priovidence was chasing rainbows on the back of the Providence/Schlumberger partnership.

Like the comment the other day, O'Reilly has been chasing the gold at the end of the rainbow and like the other night he found a churn full of ????? or was it water.

https://theworldnews.net/gb-news/corrupt-chinese-official-found-with-ps520million-worth-of-gold-bullion-in-home

PS300306

can you give me evidence of your statement "APEC has form as a non-payer. "

Where did you find that as I obviously missed that fact. Would be good to know. Thanks.