Member Info for swizz

It will be interesting to note the outcome of this news line, if there is indeed any substance to the story?, Equinor would certainly make a good partner and a carbon neutral development plan would fit well with their business development plans,.....GL S

https://www.offshore-technology.com/news/equinor-stake-sale-corrib-field/

The price and demand narrative in the background continues to grow stronger, perhaps it is time to start putting a spread sheet together to evaluate the variation to the Barryroe IRR at $80 PLUS?,....GL S

https://www.business-standard.com/article/markets/markets-underestimating-oil-demand-see-brent-at-80-goldman-sachs-121052400224_1.html

Well taking into consideration some of the historical awards that Providence have provided, this could potentially be one of the most advantageous for Shareholders, if JM is able to leverage his network and industry capabilities, to help ensure the Barryroe project is funded, along with ensuring robust operational support in place with the tier one contractors, his career history denotes that he is a person that delivers, plus I don’t believe either of the non execs will be taking up their options until they are significantly in the money, …GL S

m48, It wouldn’t be a huge surprise to see an update next week, there are probably 7 to 8 different stands of activity relating to the development of Pitombeiras, all of which based upon the update at the beginning of May, are progressing at pace,….GL S

APR, it's good to note your interest and until you have taken the time to be fully researched, it is the right approach to be cautiously optimistic, especially when you are utilising share discussion bulletin boards, as part of your research resource, as based on recent strands of the BB conversion, we appear to have the presence of a poster who has an agenda/vendetta/motive to cause disruption, which I sense feeds into your comment regarding “heated and contradictory posts” that said, you should also take my positive bias into consideration,

I did note earlier that there have been some discussion board comments in regard to the TML process and various documents that are posted on the SEI/ANM portal, I have access to the portal, as no doubt a few others have as well, there certainly is not anything other than BAU and what you would expect to see in relation to Q&A between the company and the mining agency, with clarifications being requested and additional information being provided,

But I would add, that principally is for the company to comment on and provide guidance on and I am sure they will, when it is appropriate to do so and not a random or anonymous bulletin board poster, regardless of negative or positive slants, all the best with your research,….GL S

Why would that be?,…or was that just a baseless sound bite?, LC have consistently demonstrated their support for the board and the project and as evidenced by the support for PVR in recent weeks, there is significant support in the background to advance the project,….GL S

Superb DC, very informative and very much appreciated,....GL S

I thought the interview was exceptional and if anyone is now any doubt of the viability of this project, I fail to see what more the board can do, I would anticipate the intention is very much to press on and capitalise on the robustness of the Iron ore market, it is very evident that whilst a number of key steps are still to be negotiated, there is very little doubt in my mind, that phase 1 of monetising Pitombeiras in a very meaningful way, is now less than 12 months away, .......GL S

An example of the backing, that is perhaps an indicator of why Alan Linn had the confidence to progress the project, interesting to note circa 11m options also exercised today,….GL S

Courtesy of Roar….
Larry Goodman Invests in Providence

Article from Irish publication The Currency

The beef baron Larry Goodman has been linked with buying a tranche of shares Providence Resources late last week.
About 10 million shares were bought using the stockbroker Davy on the behalf of a single buyer. The buyer is believed to be Goodman’s investment vehicle Vevan Unlimited. It is understood that itacquired the holding for about 3 pence a share late last week, costing the Louth businessman a little over £300,000.
This equates to just over 1 per cent of the company, well below the 3 per cent threshold where shareholders have to disclose their positions to the market.
Any price paid by Goodman for his shares in Providence is a drop in the ocean relative to the billionaire’s personal fortune.
He has a long history of opportunistic investment in the Irish stock market, and his investment is not seen as meaning anything more than he sees potential value in the stock.
For many decades, Goodman has been an active trader in the Irish market often at a below notifiable level. In 2018, for example, he used Vevan to build up a 2.14 per cent stake in Independent News & Media. The average price paid by Goodman for INM shares was just 7.8 cent and he spent €2.31 million building up his position.
Goodman made a gross profit of €800,000 when his stake was taken out at a cost of €3.11 million when European media investor Mediahuis acquired the company.
Another successful foray by Vevan was Green REIT, where it build up a 5 per cent stake in the business at a cost of €63 million. Goodman is estimated to have made a gross profit of €4 million when Green REIT was acquired in 2019.
The arrival of Larry Goodman onto the share register of Providence will add another interesting twist to the exploration stock which saw its share price fall last week when it told the stock market that it had ended a farm-out arrangement with a Norwegian consortium called SpotOn in order to develop its Barryroe find without them.
The largest shareholder in the company is Irish businessman Nick Furlong who holds 14.93 per cent of the company in his own name and via his company Pageant Holdings. M&G Investment Management, a multibillion-euro fund, is the next biggest shareholder with 11.71 per cent.
Another shareholder of Irish interest is former Glen Dimplex boss Sean O’Driscoll. Along with his wife, he owns about 3.56 per cent of the company.
Knightsbridge-based Kite Lake Capital owns 9.75 per cent. Kite Lake was co-founded by Massi Khadjenouri and Jan Lernout who previously worked together at Cheyne Capital.
Kite Lake is one of the largest hedge fund managers in Europe co-founded by a woman. “A firm run by a woman has a different culture”.

Not exactly a well researched journalist at the Business Post, as the non participation of the Norwegian credit agency is not exactly new news, plus I would suggest Providence’s much larger percentage of the asset, now that we have removed a middle man, that apparently brought nothing to the table, other than leveraging the asset to a network we have adopted, will provide the PRV team the headroom, to support an increase in interest rates, that said, I would wait for the full disclosure of the finance plans, before forming a fully considered opinion,....GL S

From Friday’s Q&A...

Why have the Barryroe partners terminated the agreement with SpotOn?

“The farm-out agreement stipulated that SpotOn would source the capital to appraise and develop the Barryroe oil & Gas field. This involved a contribution by GIEK, the Norwegian export credit agency and also the sourcing of a corporate bond. GIEK will not be participating (RNS March 1st) and the bond issue is not complete. These were substantial changes to the funding proposition which were unacceptable to Providence. Consequently, a decision was taken that SpotOn would not be able to deliver a funding package as required and any benefits from a farm-out would be much diminished.”

What are the implications for Providence?

“As operator of the licence Providence will immediately become more involved in project workflows and the provision of finance to advance the project.”

Has the value of the project to Providence changed?

“Yes, all things being equal the net present value of the project (PVR model) to Providence is now greater in NPV terms (e.g. @ $60/bl, NPV to Providence’s share was $327m and is now $560m). This is because the 50% farm-out to SpotOn is not taking place. Providence will now have an 80% share in the field rather than a 40% share as envisaged under the SpotOn farm-out agreement.”

What is different between this and the termination of the previous Farm-out?

“Both Apex and SpotOn ultimately failed to meet expectations as set out in the respective Farm-out agreements. Nonetheless there is one fundamental difference in that the work undertaken to put in place a bond and to source service company cost deferrals as a source of capital remain in place. In effect the Barryroe partners now have a funding model to proceed with.”

Have the service companies confirmed their ongoing participation?

“Early stage MOU agreements have been confirmed with the service groups involved that are similar to the agreements with SpotOn.”

I would look to support it and I am sure many others would also, the project economics are extremely favourable and it would appear the tier 1 contractors are still fully engaged and now without the distraction of a unreliable middle man,

I think it had become increasingly obvious that the SpotOn funding plans were flawed, but I do believe this is a much better pathway than progressing with SpotOn, it is also very notable that Providence have significant and immediate backing at this stage and I anticipate the same for Lansdowne, questions certainly need to be asked in relation to the groups due diligence and I am sure there will be an avalanche of negativity, but now is the time for PVR and LOGP to step up and get this project front and centre where it needs to be,....GL S

For those that are still following the ValOre plans, they have just provided a very detailed update on the drill plans for this year, with significant works starting before month end, you will probably note some familiar names in the selected contractor details,....GL S

Link below,....

http://valoremetals.com/news-media/news-releases/valore-outlines-2021-exploration-plans-at-pedra-branca-project-8000-metre-drill-program-commences

Excellent work both and SM many thanks for taking time out to undertake such an in depth review, I will hopefully get a chance to catch up with your revised model over the weekend,......GL S

Is RL in France at the moment?......GL S

Some notable points raised in the National Energy and Climate plan,...GL S

Link...

http://iae.ie/news/national-energy-and-climate-plan/

“Conclusions and Recommendations”
“In order to maintain normal reliability standards while replacing coal, oil and peat generation, Ireland will require significant gas fired generation capacity for the next two decades. The gas turbine generation capacity required in 2030 is likely to increase from today, but annual gas consumption will probably reduce as generating units will operate with lower load factors, but peak gas demand, for power generation will be significantly higher than today. Power system reliability is therefore critically dependent on secure primary energy supplies (Natural Gas) to the Island of Ireland.”

https://www.thetimes.co.uk/article/fossil-fuel-bill-will-not-stop-corrib-or-barryroe-projects-already-in-the-pipeline-gg97rqr0g

I thought the draft bill was a step forward, there is enough for either side to have the ability to grandstand, but there is also a logical pathway through, that will still enable Ireland to achieve energy security with Barryroe in production and for the project to be progressed with the intention of being carbon neutral, common sense is a rare commodity in politics, but hopefully employment, industry and energy demand considerations will weigh heavy on those making the decisions,.......GL S

Press release from the IOOA,.....GL S

https://www.iooa.ie/press-release-energy-industry-object-to-government-ban-on-future-gas-and-oil-licences-in-the-absence-of-energy-security-review/

Carbon capture quite clearly will be a key component of any development, it is good to note that a number of the Barryroe consortium are at the leading edge of the engineering know how,....GL S

....‘climate neutral economy’ means a sustainable economy and society where greenhouse gas emissions are balanced or exceeded by the removal of greenhouse gases;...

Excellent to note the feature in Mining Weekly, setting out a detailed update on Fodere’s plans in SA, plus Jangada’s support is also covered in some detail, it certainly adds another dynamic to the expected news flow in the months ahead,....GL S

https://www.miningweekly.com/article/new-titanium-processing-plant-headed-for-s-africa-2021-03-05/rep_id:3650