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I noted late yesterday evening Provident Resources (PVR) updated the market, confirming the receipt of placing share monies from its new partner, SpotOn Energy. Nigel Somerville highlighted the delay, which was a concern given the history of failed deals. I can see some reasons to be hopeful, but its early days.
As regular ShareProphets readers will know, AIM-listed oil explorer Providence Resources (PVR) somewhat blotted its copy book last year when a long promised and re-promised investment failed to materialise, leaving the company in financial dire straits – and CEO Tony O’Reilly eventually walked the plank. Surely it is not happening again?
AIM-listed Providence Resources (PVR) has announced the departure of its CEO, Tony O’Reilly, with immediate effect and by mutual and amicable agreement. This, I suggest, reflects the calamitous farm-out agreement regarding Barryroe with APEC Energy Enterprises (APEC), which never paid up. Amazingly, that saga started in March 2018 and was updated in September 2018 promising bucket-loads of cash and a drilling programme of 5 wells and two option wells to commence in 2019...
Providence Resources (PVR) was once a favourite of AIM natural resources investors and speculators back in the heyday at the start of this decade, when any company finding potentially decent amounts of oil saw its share price rocket.
Richard Jennings of Align Research is, as you know, not always right. But then again, who other than the posters on the LSE Asylum are right all the time? On the matter of Providence Resources (PVR), Jennings was, history shows, wrong to have bought in the first place but he is right to again demand that CEO Tony O'Reilly Junior be fired. ToR Jnr has failed monumentally and will carry on failing, in my view. Jennings has written to chairman Pat Plunkett.
I do not always agree with Richard Jennings of Align Research. As you know he has some crazy views. But on the subject orf Tony O Reilly Jnr and Providence Resources (PVR), Jennings is bang on the money. Ahead of the AGM he has written to O'Relly. The letter follows:
ShareProphets readers will know that I disagree violently with what Richard Jennings of Align Research says. But on Providence Resources (PVR) he is bang on the money - and he has just unleashed another broadside against its useless CEO Tony O'Reilly Jnr. Over to Jennings:
I do not always agree with Richard Jennings of Align Research but on the matter of Providence Resources (PVR) and the lamentable performance of its CEO Tony O'Reilly jnr, Jennings is bang on the money. He lets rip once again.
As you know, I do not always see exactly eye to eye with Richard Jennings of Align Research. I give you that line as an example of subtle understatement. But on the subject of Providence Resources (PVR), Mr Jennings is bang on the money. Tony O'Reilly junior has promised much but quite simply not delivered. It is time that he walked the plank. Jennings sent a letter to the hapless O'Reilly just before Christmas which I am delighted to publish in full:
I cannot say that I agree with all that is said or written by Richard Jennings of Align Research but a letter he has sent to the boss of Providence Resources (PVR) is bang on the money. The time has come to fire Tony O'Reilly junior.
Richard Jennings of Align Research has written an open letter to Tony O'Reilly of Providence Resources (PVR). Mr Jennings and myself may not see eye to eye on many things (that is a diplomatic understatement of the year entry) but on this issue he is bang on the money. O'Reilly's behaviour is shocking and needs to be curbed. I'd urge other shareholders in Providence to drop Tony a note too. The open letter is below.
This morning’s announcement by Providence Resources (PVR) looks naughty. Rather than announce completion of the long, long awaited farm-out of its 80% owned Barryroe exploration project, off the southern coast of Ireland, CEO Tony O’Reilly has tried to seduce the market with a sexy little show of ankle. The problem for Mr O’Reilly is that very few seem to be buying it!
It’s time to shine a light on the Irish two bombed out stocks this weekend. In these uncertain times it’s safer looking at exceptionally undervalued companies with the oil price now at seasonal lows than at toppy ones beloved by the Bulletin Boards. I will start with Providence Resources (PVR).
Often it can pay to take a very long term approach with certain companies and I feel that will be true with Providence Resources (PVR). For many on AIM these days the definition of ‘long term’ seems to be holding for more than a few days, but with this one you’re going to need far more patience and there is a fair chance it will fall lower.
The last couple of years have been very hard for smaller oil companies, and many of those listed on AIM have had their share prices decimated. One of the few to buck that trend was UK and Ireland based Providence Resources (PVR) as it hit a high of over 700p per share during the middle part of 2012 when many of its peers were on their knees.
Ireland focused Providence Resources (PVR) seems to be a real favourite with punters on the bulletin boards, a state of affairs that usually leads to fireworks as far as the share price is concerned.
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