Don’t Irish owned oil companies find huge oil/gas reserves off the coast of Ireland every couple of years?
What is all that about?
Is Providence a pump and dump type play that never goes away.
If so would it be worthwhile to set up a google alert for them, wait for them to start pumping, buy in, hold for a few weeks and then sell. Is that the only way to make money out of that particular exploration company. Perhaps I’m being unfair to them.
pump and dump
(pumping the share price, not oil obviously)
Arent Exxon an International Oil Company? They dont appear to be too intrigued:
The quotes from O’Rielly are embarrasing.
It was gas alright. Fucking hilarious even that anyone took you seriously.
I always enjoy your posts Barney and this one is no exception!
The O’Reilly pump and dump machine will have to wait till their share price drops below 300c before they start the next ramping effort to attract more gullible idiots. Mind you if Cairn Energy haven’t yet booked a rig to drill Spanish Point next year I somehow cannot see them doing so now. I love this bit in the Times today.
So finding a disappearing oilfield with no oil left is “vindication” to an O Reilly spending other peoples money, quite.
On a related note, the first ( and the most notorious) pump and dump play occured precisely 30 years ago in July 1983 when this permaturd was called Atlantic Resources, I wonder whether another name change is required???
I am not trying to defend O’Reilly here, but to be fair doesn’t oil exploration involve drilling many dusters before oil is eventually struck? There is no doubt that technology is improving and seismic surveys are now very advanced, but its still not an exact science especially in these deeper waters. I am not sure why this is such a surprise to anyone. The north Dunquin prospect is done, the south is now the focus, perhaps there is no oil there too, yet it’s precisely this type of high-risk activity that has people screaming that our government should pump our tax intake into? Yes I know there are more layers to the argument regarding tax etc, but surely people can now see that we are not Norway??
Rumours also that Sosina are most displeased and especially with the schlock and nonsense that Providence came out with yesterday. Relations in the deep freeze.
What riles people here is the off the wall statement that O’Reilly et al come up with. And the outsized PR they get in certain rags.
Why is he even running the company- he’s no engineering or geological qualifications…?
I am not going to argue with you on that front, not to mention the back-handed manner in which he acquired the licences in the first instance!
The Irish Times has been ‘instructed’ to take up the slack after the risible efforts by the O Reillys to do so last week…so it seems to me anyway. None of this ‘vidence based’ crap anyway but a plain ole ramp.
That was the only true bit of the whole article. The rest is crap, especially the photo of Rabbitte on his way back to offiicial parts like govenment buildings after what looks like a rather enjoyable pissup.
That’s some mighty fine “statistics” you’ve extrapolated there.
1 in 32 might mean you drill 320 and the last 10 find something - this is the more likely scenario as each dry hole adds to your knowledge.
I enjoy crouching under my tinfoil hat as much as the next man - or woman - but the continued failures show the only conspiracy here is in the continual ramping of Providence shares.
First the distribution is of oil offshore is highly unlikely to be normally distributed and therefore the mean of N=32 is meaningless - forgive the pun
Edit response to civic - agreeing with Howitzer
Good point on the stats, drilling is not an entirely random process (like coin-tosses) where your outcomes are independent of all previous experiments, and as you say, you maybe get more reliable at drilling “good” wells, after you’ve gone through the process of drilling lots of duds and finding a couple of good-uns.
RE Providence shares being pumped (and I don’t mean pumping oil), they’ve been pumping them a looong time.
I remember years back that The Phoenix used to have periodic articles about Providence, usually talking up the positive/potentials of the company. Don’t know what the connexion was, wouldn’t have expected The Phoenix to be aligned with Sir Tony’s axis of something-or-other, but you never know. Maybe they were even sincerely meant.
re the Phoenix - seemed to be catering for their audience - Irish punters who prefer picking penny stocks instead of backing horses. Boards.ie is full of them
Telling fellas they’d be better off with a cheap index fund doesn’t make good copy