clickable links:

• Operations Summary PAD ZOOMABLE IRISH CONCESSIONS MAP Upstreamonline ARDMORE ► BARRYROE ► BURREN ► CAMA ► CUCHULAIN ► DRAGON ► DROMBEG ► DUNMORE ► DUNQUIN ► HELVICK ► HOOK HEAD ► KISH BANK ► NEMO ► NEWGRANGE ► ORPHEUS ► PEGASUS ► POLARIS ► SILVERBACK ► SPANISH POINT ► SPANISH POINT SOUTH ►

Still rising and now getting momentum as volume is going places, allways bullish on those circuntances.

£4 by close Friday or out come the pissy tramps pants!

Yesterday's note

Providence Resources "significantly undervalued", says London broker
By Ian Lyall August 28 2013, 10:56am

Cantor points out the current price underplays Providence’s major success – Barryroe, Ireland’s first commercial oil field. Cantor points out the current price underplays Providence’s major success – Barryroe, Ireland’s first commercial oil field.

The full potential of Providence Resource (LON:PVR) is being “significantly undervalued” by the market, according to Cantor Fitzgerald.

Restating its ‘buy’ advice and a rebased price target of 969p a share, the City broker said the recent weakness of the stock is unwarranted.

The retreat from 535p in late July to Wednesday’s price of 337p has been prompted by the anti-climactic results from the highly-anticipated Dunquin exploration well.
However, Cantor points out the current price underplays Providence’s major success – Barryroe, Ireland’s first commercial oil field.

And it completely ignores Providence’s exploration potential.

The group has confirmed that farm-out negotiations for the Dragon and Rathlin are underway, which will reduce its “cost exposure”.

However, the deal investors are eager to hear about is the one that will ultimately bring in a partner to help commercialise Barryroe.

That process to find a ‘big brother’ is being run by Rothschild and will continue until the final quarter of this year, Cantor said.

However the broker reckons Providence will look for up to US$85mln reimbursement for back costs (that’s the equivalent of a quarter of Providence’s current market cap) as well as major investment required develop Barryroe.

Cantor also notes that the US$120mln Spanish Point well, drilled by Exxon, was hardly an unmitigated disaster.

It said “hard data” pointed to the existence of a working hydrocarbon system in the Porcupine Basin area of the Atlantic and oil rather than gas in the upper 20% of the reservoir.

It also estimates Providence’s exposure to Spanish Point is around US$12mln, which while material is hardly a bank breaker.

“The severity of the share price depreciation following the water-wet Dunquin high-risk exploration well was unwarranted in our view given Providence’s limited financial
exposure, and the company’s previous valuation of its portfolio largely underpinned by its 80% interest in the flagship Barryroe field,” concludes analyst Sam Wahab.

A recent research note from the broker Liberum Capital suggest Providence will farm down to 40% of Barryroe in return for receiving a free carry on the field development.
On that basis it valued Barryroe alone at £20 a share.

another good move up today with 9.50p getting close to 400p but do not rush it otherwise >>>

>>>> hermana will have to show " pissy tramps pants! "

De old wet ones are lovely!

After a few days of marked down whith hardly any trades, just before the closing yesterday there was 3 large trades in total 180K, some overhang being cleared was the signal.

today is turning up, though MMs are keeping a large spread at one time was 306 / 325p
most likley on a down day that is their way

Rising at long last...buy....undervalued by a mile....

sp just broken through 50 dma

Renewed interest in this yoke as Tone scours the globe for right deal/partner for Barryroe

Sp should be much higher ...., when you think that they have a confirmed 350 million barrels....

Up again...good sp recovery going on here...

This was tipped somewhere turn of the year, can't remember where. EOG also starting to shift.

Good update as well and...the sp drops....never know how this one is going to react...

Very slanted article in Sunday Times yesterday on Barryroe farmout delays. Lack of company repsonce on issue not helping...

Look who is moving - bottom shopping

Could Barryroe farmout RNS finally be on its merry way?

142 million pounds market cap.....it's a joke (a bad one) ....just can't believe how low this is....pathetic or market manipulation......should be at least 400 million market cap...

no middle prices anymore, paying full offer now

RNS with increase extension of the license


Providence Resources updates on Barryroe Oil Field

Providence Resources said the Barryroe exploration licence (SEL 1/11) partners have been granted a c.180 sq km increase in the areal extent of the licence by the Minister of State, at the Department of Communications, Energy & Natural Resources.

The increase was for the first phase of the exploration licence and subject to further work programme commitments to be undertaken by the Barryroe partners. This increase in the area of SEL 1/11 recognizes potential field extensions of Barryroe to the south and south-east.

SEL 1/11 contains the Barryroe oil field which is operated by Providence Resources (80%) on behalf of its partner Lansdowne Oil & Gas (20%). The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is c. 50 km off Co. Cork, Ireland.

Barryroe could contain up to 800MBOE with drills to come in deepzone and at Barryroe North