Member Info for ps200306

Similar here Indeep71. Ploughed a bit more into SOU than I should have, then forced to do a major averaging down, leaving me with 1.6m shares. Painful if it all goes belly up, but I'll get over it. The biggest purgatory associated with the share has been having to keep an eye on this bb, with it's neurotics, timewasters, and downright nasty people. Also happen to know that some of the most prolific posters have no more than a few thousand measly shares. Best advice I can offer is keep the filter button close to hand.

partridge, I take it the Bollies are no longer tightening?

I am loathe to get in the middle of someone else's argument, and I haven't read any of the links provided, but doesn't Moneypoint burn things other than coal? Going from memory, there's at least imported Canadian wood chips -- supposed to be a greener option but how the heck that works I have no idea. Maybe some other combustibles as well? Might explain some differences between Moneypoint electrical output and coal usage. Anyway, please don't include me in any replies.

It wouldn't just be extraordinary, LW, it would require APEC to have a time machine. The Taoiseach's comments about discontinuing oil exploration only came five weeks ago, on September 23rd. The APEC money was already nearly four months overdue at that stage. The money was never going to be forthcoming.

''Alternatives to finance future working capital obligations" ... sounds like a euphemism for figuring out how to pay TO'R his fat salary. Seriously though, what raison d'être does Providence have at this point? It's doing no exploration, no geology, and it has a single asset with any sort of near term prospects. It can neither develop that asset itself, nor realistically fund its own share in a farm-out agreement. Surely there is exactly one sensible course of action remaining -- flog the whole enterprise, either for an agreed amount up front or for future payments contingent upon development. The only problem is that the CEO has absolutely no incentive to pursue this avenue as there's nothing in it for him except loss of well-paid employment.

Manyana, I didn't ask you to do any sums -- you took it on yourself to run some calculations that were completely irrrelevant to my point. I said the lights would go out on Providence in February. I don't actually think Providence will be instantly defunct, but it will be game over for existing investors. They already took a 10% dilution just to keep things ticking over until February. How do you think they will be impacted if Providence tries to raise the cost of going it alone on Barryroe development? (Not that I believe Providence could actually manage a project like that in its current state). I take it from your inexplicable optimism that you'd be prepared to pour more money down the swirling TO'R drain to "protect your investment". LOL.

Manyana, I can do the sums as well as you. Of *course* TO'R can try and flog another three billion penny shares. And the existing shareholders will be diluted to oblivion. Call me selfish, but my concern was not for Providence, it was for *me*. No doubt some people will try to average down. Me, I've played that game once too often. I've paid as much of TO'R's wages as I'm ever going to. The guy is a serial waste of money.

Exactly my thought JackSpade. The Green agenda doesn't have to prevail in the end, it just has to spread FUD until next February when the lights go out at Providence.

LostAllFaith, not so much head in the sand as fingers in the ears. Those who want to be regaled with tedious stories about spam fritters and wine labels are free to do so. I've no interest in the idiots that tell them or the idiots that encourage them. Best regards to everyone else.

Manyana, your theory about TO'R's greed does not hold water. Had he developed Barryroe and gotten the cash flowing he would have had the funds necessary to pursue all those other ventures without having to borrow or raise. The fact that he neither did that nor was able to attract a farm-in partner may say something about the real state of Barryroe. As you know, the theory on here was the risk of compartmentalisation which might have rendered the field uneconomical. It seems he wanted someone else to take that risk on his behalf, but nobody stepped up to the plate apart from two chancers. Now he has a new problem, or actually TWO. The Irish Green agenda has scared the bejeezus out of potential investors, and the US Fed's likely third rate cut tonight signals the strong possibility of an economic downturn and a new hammering of oil prices. In short, the investment climate has deteriorated to the point where it seems distinctly possible that Barryroe oil will never see the light of day.

Love_You, you need to do some fact checking. The semi-submersible earmarked for drilling Barryroe would have cost $30m for six months just to have the rig on site, not $5m. And that was at the knock-down rates that have been available since the 2014 oil price collapse. Before then it would have been considerably more expensive. But the bigger point is that the costs that APEC were going to cover were not just for drilling five appraisal wells, but for the work necessary to bring the whole operation to production, presumably over a time period measured in years. At the end of it Providence would have had real, actual cash flow for the first time in its miserable existence.

Last week was a merciful relief from spam. This week, the trolls are back in force (wasn't that a Tin Lizzy song?). I've reduced the space my webscraper gives to troll comments to a single line *BLAH * which is keeping the board a bit more readable. I've filtered the chief troll encourager seaton7392 who seems to not only thrive on spam but makes a point of encouraging its infliction on the rest of us. There are actually only a small handful of comments worth reading daily on this bb. My aim is to read only those.

"ignores": [
"chipandputt,chrisma,crudehope,Gaspunter,GekkoJr,JezTheFez,Jobbinscl,Jones1980,mahatmajacket,Mickeytentoes,",
"n4aPound,Petroleonline,Pontcanna,redmouse2812,seaton7392,Shaungreen47,simonthezealot,Sounder,",
"Tradesmakes,trellis35,wh0sthedaddy"
]

If Davy are "all that" how come they didn't raise any concerns about signing a deal with no money up front and therefore no skin in the game for the other party, who seem to be a nameplate operation with little or no history or track record? Although he seems to have rowed back from it now, TO'R more or less admitted he'd failed miserably in his dealings with APEC, which means he was also badly advised.

Good Lord, manyana, you DO drone on! If this board was any busier I'd filter you myself instead of having to scroll past all the inanities. For such a self-proclaimed knowledgeable person you are sorely lacking in common sense. Who cares if the APEC deal is "officially" dead in the water. A blind paraplegic could tell you that it is laid out stone cold on a slab, has no pulse, is unresponsive to all stimuli, and is merely waiting for the overdue pronouncement of death. Nobody but you thinks the guy carrying the cheque slipped on banana water in a Hong Kong protest and has been busy trying to make alternative arrangements ever since. TO'R's gullibility got us to where we are, but you seem determined to outdo him.

Wow. A whole morning of posts that are almost all about SOU. Apart from a few troll fans trying to encourage the trolls back, who will shortly be going on my filter list. Long may it continue ... or at least as long as it takes to get some positive news out of SOU.

A TO'R wage cut at this point won't redeem the company which is all I care about. PVR has no money, no backers, and no apparent plan. I would love to think otherwise, but the total radio silence makes me wonder if the next communication will be a winding down notice about 70 working days from now. One thing's for sure, if PVR goes for a raise I'd rather die in a ditch than throw any more good money at this turkey.

Three weeks now since APEC's last deadline, and not one single peep out of TO'R. I'd like to think he's struggling to adjust from the office De'Longhi Nespresso machine to a plastic kettle and "bring your own" instant ... but I'm more inclined to think he just doesn't give a flying rat's a$$ about shareholders.

The money quote from an interesting article on how the petroleum industry tries to avoid cognitive bias:

"Most experienced petroleum geoscientists understand Cognitive Bias – after all, they have experienced the business pressures that stimulate it, as well as the inevitable consequences of succumbing to it. They have seen, over their careers, more than a few geologic salesmen in action, trying to sell over-hyped and carelessly researched drilling prospects".

https://judithcurry.com/2014/11/03/cognitive-bias-how-petroleum-scientists-deal-with-it/

"i now hope we go long and recoup all our monies. personally not bothered if it takes years. half a million shares in and i need a good result..... as i bet a lot do on here :/"

To do a proper drilling campaign would need a raise of way more than the current market cap of the company. There's no such thing as "going long" from here. You can admit your current investment is dust and you can start again on the next raise if you're insane enough. Or you can try and sell what you've got which is worth more than the current SP. There's no going long to recoup your existing money.

Absolutely no way of knowing, LW. It's immaterial anyway as there's nothing any of us can do but wait. I won't be holding my breath. Some of Barryroe's history can be put down to bad luck. Some of the focus on other projects to the detriment of Barryroe can be put down to pressure from II's. But the APEC episode is one that can be put down to monumental incompetence on the part of management. It doesn't bode well.