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halifax ,i imagine being an investor with rose tinted glasses has made you rich beyond your wildest dreams.I dont insult fellow investors but if thats what floats your boat then please carry on.surely there has to be constructive feedback on the pros and cons of a companies performance.

Scale of Celtic Sea!

http://www.forestgate.ca/content.php?item=index

Times today.

Rumour of the day

Providence Resources, the gas explorer of the Irish Sea, 40 per cent owned by the newspaper tycoon Sir Anthony O'Reilly, is said to be close to obtaining a new licence from the Irish Government to explore further areas of the Atlantic west of Ireland in conjunction with its partner ExxonMobil. The shares were steady at 5.80.

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ExxonMobil to delve deeper off west coast
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By Pat Boyle
Monday January 21 2008


IN a major vote of confidence in the Irish exploration industry, ExxonMobil, the world's largest oil company, is set to increase its holding of acreage off the west coast.


Oil industry sources said the US oil giant, together with its Irish partner Providence Resources, is expected to be awarded a new package of acreage in the Porcupine Basin.

The firm is already active here after being enticed back to Ireland by Providence, who agreed a farm in deal with ExxonMobil for a share of the licence covering the giant Dunquinn prospect, also located in the Porcupine Basin off the west coast.

Dunquinn is the largest structure so far identified offshore Ireland and sufficiently excited ExxonMobil's exploration experts for them to agree a deal, which will see them earn an 80pc stake in the licence in return for drilling a well on the prospect.

A final decision on whether to proceed with this well is expected this year.

However, oil industry sources said that by applying for additional acreage in the same basin as the Dunquinn prospect, the US firm is signalling a major vote of confidence in the area and suggests that they will proceed with the Dunquinn well.

The sheer size of Dunquinn has caused considerable excitement in the global exploration industry and experts have compared it to the North Sea structure, which holds the giant Forties field, a structure which stood out even on the relatively primitive seismic available in the 1960s.

A major seismic programme operated by Providence was completed over Dunquinn during the summer of 2006, and if it does contain hydrocarbons, Dunquinn is of sufficient size to outstrip even the Forties field, which was developed in the 1970s by oil giant BP and which is still producing today.

Providence has also applied for acreage in a second consortium which includes another long-term partner Challenger Minerals. Last year, Challenger and Providence drilled a successful well on the Hook Head field in the Celtic Sea and the two companies also hold the rights to several other small fields off the south coast, including, Ardmore, Helvick and Blackrock.

The decision to apply for new acreage was taken despite the imposition of stricter terms on the industry, another sign of the oil major's confidence in the area. The revised licensing terms provide for a tax take of up to 40pc in the case of more profitable discoveries.

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Good read hermana.

should have news on aje-4 spud any day though trading is in favour of the sellers.no reply on phoneix article from pvr,was it more accurate than we holders wanted to hear?
Drilling plans released for 2008 will give a real boost when released.

Aje is spudded!!

All very quiet on the news,down on the irish exchange.

winner,last time I looked it was up 2.5% at 7.5c . Agree the response is underwhelming but spud was expected. Now for the rest of 2008 Drill Programme....

Cenkos note on Aje today.

http://www.providenceresources.com/html/documents/PVRAjeDrilling08.pdf

Tick up with two market makers moving on the bid.could be the start of a steady increase in sp.

winner,plenty of rises to come in next 6 months.

paint still drying here.April update on aje4 which will not be flow tested,so i doubt much increase from a positive result.

2008 Drill Program will be released soon. News on farmouts hopefully soon too. Seismics to begin at Dunmore on 23 Feb.

1st shot of 2008!! At last...

winner - not too sure there will not be some impact on the sp, this from the Cenkos Note.....

http://www.providenceresources.com/html/documents/PVRAjeDrilling08.pdf

"........If the Aje-4 well is successful, it is expected that the Aje Partners could be in a position to
declare a declaration of commerciality and proceed to the fast track development of the Aje
Field. Development options include pipeline to WAGP (West African Pipeline) with FPSO
for liquids and/or sub-sea pipeline to shore."

The odds are stacked in favour of sucess there havingf been further seismic since drilling of Aje-3.

My thoughts for what they are worth.

poo,the low hanging fruit at Aje and Hook Head augurs for a good 2008 here...

That's what I think hermana.

I am particularly eager to what lies beneath at Hook Head.

Cenkos note of 15/02 states that PVR have hired the rig at $400k a day on a usage rate. Good deal!

16 February 2008
Irish Examiner.ie
Providence set to start Hook Head drilling

By Geoff Percival
PROVIDENCE Resources yesterday confirmed that it is on course to begin its planned summer drilling programme at its Hook Head project after managing to secure a rig, amid tough competition for such machinery.


The Dublin-based oil and gas exploration company initially highlighted significant oil reserves at the site in the Celtic Sea last October and earmarked this summer for further drilling work.

It has now secured a semi-submersible rig for the programme from international offshore drilling contractor Transocean.





Providence is likely to start drilling at Hook Head in June or July, but it is not yet clear how big a window of opportunity it has, in terms of duration.

The primary objective of the programme will be to further appraise the Hook Head oil accumulation. It is thought it has a capacity of around 70m barrels of oil.

Depending on the outcome of this appraisal programme, the partners (Providence holds a 43.5% stake in the project, with five other companies holding interests) may also decide to drill a further appraisal well on the adjacent Dunmore East 50/6-1 oil discovery, 20km north of the Hook Head accumulation.

The drilling round is fully funded, with Providence having agreed a $250m (170m) credit facility with Macquarie Bank last year.

When we announced the successful discovery at Hook Head in October 2007, we confirmed that our immediate intention would be to try to secure a rig for future drilling, said Providence chief executive Tony OReilly Jnr. In a very tight rig market, I am therefore very pleased to report that we have been able to secure and negotiate a flexible contract with Transocean for our upcoming summer drilling in the Celtic Sea.

With further appraisal success, it should not only allow us to continue to build on the discovery of the Hook Head oil accumulation but also allow us to advance the development potential of the many other undeveloped discoveries in the Celtic Sea Region.