Member Info for ps200306

We're now getting dozens of posts per day either from JTF or people encouraging the troll. Cannot understand why all serious posters have not filtered him. Are people that fond of spam, in both its meanings?

https://www.rte.ie/news/business/2019/0912/1075416-providence-resources-results/

God. Are there only two stock photos of Providence? -- that 7-year-old one of the Bronze sporting his vial of Barryroe oil like a cat that's got the cream , and the other one with the drilling platform flaring gas. And I see the RTE journo, like TO'R doesn't know the difference between incredulous and incredible.

Anyway, oil prices are rocketing after the Saudi attacks as expected. And Kommandor is rocketing back to Lowestoft with half a survey done. I did think it was a bit suspicious that it stayed in town for barely a day after the AGM was held. Some might suspect the timing was manipulated to make it easier on the slick-talking CEO.

So APEC have so far cost us a 10% dilution plus the costs associated with raising the 3.5 mil. I don't suppose they're prepared to forgo the shares they were going to be entitled to after lending us $25 m, costing us *another* 10% dilution. Thought not. Oh, and, unless the money lands next week Kommandor will be going home with only two of the four drill locations surveyed. So that'll be another mobilisation fee (at least) that APEC will have cost us.

Having announced the placing the other day, are Providence now committed to it come what may? In other words, if the APEC money arrives by month end can Providence just cancel the EGM to OK the placing? Would be a pain for shareholders to have to take a 10% dilution unnecessarily.

To add insult to injury there's an impairment charge associated with it as well. Do we have to pay for failing to carry out work or summat'?

A further raise to do a decent survey and appraisal drilling would obliterate current shareholders. And we'd still need a farm-out to get to production.

Well, that's 10% whacked off the value of shares just to keep to lights on until February.

Is there a list of proposed motions to be put to the AGM somewhere? The AGM notice has little more than a date in it. I'm wondering if there's some new incentive plan for TO'R such as a package of options. While it would stick in the craw, right now there is nothing at all to align his interests with shareholders. The longer things get dragged out, the longer he keeps getting paid. If he's too successful he's out of a job, with no upside.

Kommandor is still out surveying so the world hasn't quite ended. But the lack of an RNS is a bummer.

Meanwhile, as an indicator of how much faith PVR inspires, we have a survey boat sitting atop a conservatively estimated $20 bn worth of oil and our market cap is less than $45 m.

It's not a geological survey. It's merely sussing out the neighbourhood for trouble-making marine fauna and slipping them a few quid (maybe sick squid) to scarper while we get our drilling license.

It's not a geological survey. It's merely sussing out the neighbourhood for trouble-making marine fauna and slipping them a few quid (maybe sick squid) to scarper while we get our drilling license.

Kommandor will enter Waterford Harbour in the next hour, so tomorrow's RNS will tell us that "our ship has come in". Hopefully it will do a credible job of telling us what happens next.

Sounds possible. Also, since Kommander has now turned the corner at Land's End she has something else in common with Providence. They are both on their last legs ;-)

From 7pm tomorrow evening, Kommandor is at a loose end, with the meter running. Even given the mobilisation fee was paid, presumably to avoid Providence being dropped from its schedule, I'm finding it hard to believe the mobilisation was actually triggered without the money arriving, or a solid gold guarantee of it (or alternative financing) being in place by tomorrow, Monday. Otherwise the survey vessel is going to refuel at Waterford and promptly head back whence it came. Even TO'R can't be that incompetent?

I don't see how moving the survey vessel can be a bluff. It's not like it can force APEC's hand if the money is genuinely held up. Also, the vessel can't just sit there at no cost waiting for the nod to begin surveying. I'm hoping the money dropped during Friday, pressaging the mobilisation on Friday evening. It would explain why it was late but not *very* late. I've been given to wishful thinking before though. In nautical news, Kommandor has just rounded the Lizard Peninsula, should hit (hopefully not literally) Land's End and the Celtic Sea by teatime.

There still has to be some gear on the seafloor, like the blowout preventer. Otherwise how would jinxed PVR replicate the Deepwater Horizon disaster? I shouldn't joke. But actually, the rig we're hiring has already had one fatal accident due to a design flaw which put some crew quarters below the height of a freak wave that smashed into it. Unlikely to be replicated in the Celtic Sea though, even in winter.

(More likely the ghost of the 2013 price)

Let's hope it's a premonition of the near term share price -- sick squid.

I've no doubt Mamms' pessimism is based on bitter experience, LW. Who'd have guessed when PVR finally announced a farm-in partner for Barryroe early last year that we'd be looking at the guts of two years before a drill bit turns (and that assumes things go ok from here). Nothing ever seems to go straightforwardly, even though events -- from the oil price collapse, to the TransOcean litigation, to the APEC debacle -- never seem directly attributable to Providence. It's like they are jinxed, as if "Providence" is some sort of slap in the face to the dictionary and theological sense of that word. Which is why I'll be holding my breath until Kommandor arrives in the Celtic Sea without having been sunk in the English Channel or overrun by pirates, or god knows what else. And now chin up before I start sounding like the depressives over on SOU ;-)