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More great news on UK landward Licence here.

hermana,was this the news expected?

winner,not by me anyway!

could exxon be a farm in partner for spanish point?maybe hear about interested parties, if any at the agm.

winner,doubt it. Conphil,Chevron or BP possibles.

Timely post from Oilbrat on III thread.

LTT I could make you a good arguement that currently the big PVR gambles are valued at zip in the share price and it should be a free ride when drilled. Sadly the market doesn't work like that.

So 50bbls/d from a vertical, drop in a couple of 1000ft horizontal, dare one suggest a little acid frac and you shouldn't have any trouble with 150bbls a day. The well should pay for itself in 5-6 months and then drop 100k ish a month is PVRs coffers. Two or three wells and it commences to be a couple of quid. All back of a beer mat maths but you get the idea.

Its not a new Forties or Brent but its a nice little revenue stream. Funds other operations which in turn... you get my point. As an asset that should have been worth 0.2p on the price possibly a bit more as that should be converted to revenue quite quickly.

There is good arguement now for getting a rig in to drill a couple on Singleton, couple on Burton copse and a exploration well in Burton down. Drill the development first and they will have paid for the exploration well before its finished drilling....

Yet again the market missed it.... It'll catch up next week.

Providence licence




Friday May 30 2008

Providence Resources and its exploration partner Northern Petroleum have been awarded an exploration block adjacent to the Singleton oil field in south England.

The award was made under the UK's 13th Landward Licencing Round and the block will be shared on a 50/50 basis between the two partners.

Announcing the award yesterday, Providence chief Tony O'Reilly said the company had already identified a number of exploration and development opportunities within the block.

The Baxter's Copse oil field was found by Cairn Energy back in 1984 and its award under the latest licensing round fits the UK's strategy of boosting oil and gas output by developing old discoveries.

Annual Report available on www.providenceresources.com

Hoping to drill Crosby in Q4 2008 0r Q1 2009. No word on Appollo Licence renewal.

Cenkos note today puts a target of 19p on PVR.

Aje results out!!!

looks good,just need the time frame for production to be announced.

looks like an order being worked at 8.4p,sell or buy?

winner,at 8.4p not a buy! Davy are intending to upgrade 24c valuation on receipt of more info on Aje.

thought as much,low valuation 24c.should match cenkos on 19p or so.

winner,Cenkos will have to upgrade again!!

iex volume up this morning,share price down on the news?

winner,more or less level. MMs will run out of shares soon though.

offer weakening slightly which is slightly confusing,seller seems to be having an impact on upwards movement,must be a seller ?
All looks good from the details released so far,would have expected more in the share price.Institutions must be looking at pvr very closely now with their diverse portfolio and production buying.
will take a while for market to get a proper perspective on the details.imoho

New Cenkos note on www.providenceresources.com under research link.