Inspired by ‘Providence’, Petrel resources are the latest company to have struck another Billion barrell oil find off the South West Coast of Ireland. They have also been moving, since the early noughties for serious interest in Iraqi oil fields.Petrel resources was set up by former UCD academic John Teeling, who has also made millions from whiskey and mining companies. Petrel shares have quadrupled on the news.
According to the Irish Independent Providence resources is seen as the star performer on the ISEQ (Irish stock exchage). Their shares increased by more than 200pc in the past year. It goes on to state that numerous well-known names in business, politics and sport, including the Minister for Justice have also invested in Providence. Although the amount in his case is small I am troubled by the possibility of a conflict of interest given the ongoing fracas between Irish communities and the exploration/oil/gas companies operating here.
Look at who the main shareholders are in Providence.
Shareholders: at 12th November 2012
Sir Anthony O’Reilly 15.45%
JP Morgan Chase & Co 6.66%
Henderson Global Investment Limited 3.88%
BlackRock Investment Management (UK) Limited 9.93%
F & C Asset Management plc 3.35%
Blackrock did one of the stress tests on the banks.
Add to this a former Fianna Gael Education Minister saying boldly on Vinnie B’s show that all referenda to change the constitution of the Irish state should not be debated in a balanced way by the Irish media and that the Govt of the day should be allowed to use tax revenue to pay to promote the government’s agenda. A blatant call for unabashed propaganda.
Check from 40 mins into the clip.