Providence Resources Share Discussion Threads

[mick] 05/6/2019 17:00

Unfortunately, this will end being decided by politicians e.g. the bill to ban new offshore drilling is still before the Irish parliament. And I don't trust politicians!

Obviously, a good result from the Iolar drill might encourage politicians to keep the Irish Oil and Gas alive. A bad result might just encourage them to roll over and concede the industry to the Greens for political reasons. Remember, there is likely to be an election in Ireland within the next 12/18 months.

[1cagney] 05/6/2019 16:40

Consent for the survey will not be given prior to the 14th. Oh man there's something serious going down. I hope PP is involved.

[justingirish] 05/6/2019 16:11

I think I'm out too. Might leave some in and take a small gamble. This is not good . There should have been more transparency to investors.

[papillon] 05/6/2019 15:42

I don't like this bit of today's RNS:

"At the time of this RNS, this US$ 9 million loan advance has yet to be received by the Company and, following further discussions with APEC, the Barryroe Partners have agreed a revised backstop date for receipt of the loan advance of June 14, 2019. The Company understands that this delay is due, in part, to a change in the composition of APEC's funding mechanism. The Company will issue a further update in due course."

It sounds to me as though APEC are having trouble raising this US$9m. I hope I'm wrong, but I'm not willing to gamble that the US$9m will be forthcoming by the 14th June by buying either PVR, or LOGP, shares. I don't mind a gamble, but that is too big a gamble for me. Good luck to those continuing to hold and those buying today. I think you'll need it.

[papillon] 05/6/2019 15:32

I don't like this bit of today's RNS:

"At the time of this RNS, this US$ 9 million loan advance has yet to be received by the Company and, following further discussions with APEC, the Barryroe Partners have agreed a revised backstop date for receipt of the loan advance of June 14, 2019. The Company understands that this delay is due, in part, to a change in the composition of APEC's funding mechanism. The Company will issue a further update in due course."

It sounds to me as though APEC are having trouble raising this US$9m. I hope I'm wrong, but I'm not willing to gamble that the US$9m will be forthcoming by the 14th June by buying either PVR, or LOGP, shares. I don't mind a gamble, but that is too big a gamble for me. Good luck to those continuing to hold and those buying today. I think you'll need it.

[justingirish] 05/6/2019 12:39

Ah lads. Never thought I'd see it this low. I i have to stay in now. Hopefully this will be the worst week. Roll on next week

[gunsofmarscapone] 05/6/2019 11:52

Papillon you are bang on the money, the lack of payment IS material and PVR holders should have been informed and the info copied over to whats left of the Logp holders.

ToR, all suntan and expensive dentistry.

[bradbury3559] 05/6/2019 10:59

Come join the party #BBSN

[steelwatch] 05/6/2019 10:36

pap - agreed the pudding was over egged last September:



However.today, "US$ 9 million is to specifically cover the costs associated with front-end well-site survey operations and pre-drill well consenting, which have not been incurred yet due to the previously disclosed legal challenge to the well-site survey consent" and, furthermore the remainder of the front end loaded balance of $15m pre spud shows an increase of $4.5m over last year's statement. Naturally, certain targets must be met for the release of funds, and, as you say, the critical milestone for the $9m is grant of the survey permit. No reason to suppose that won't happen once all unforseen technical objections by the tree huggers are overcome.

[kim_clay] 05/6/2019 10:28

If No money thenNo job for Tony and JohnShareholders will install folks to recover what $$ they can.IMHO

[srvsrv] 05/6/2019 10:26

why should APEC pay before the permission is given - this date is 13 June. No reason to pay if no permission.

[papillon] 05/6/2019 10:19

Why didn't PVR come clean about the delay to paying this US$9m earlier? Now we know why the PVR share price has been so weak this year. It wasn't due solely to the protests of the "green" lobby. Some have obviously known about the US$9m not being received as promised.

So far APEC haven't come up with any cash. The US$9m was to be the first payment. That doesn't bode well for the over US$200m required for the drilling of the wells.

June 14th is now a crunch date. What happens if APEC don't come up with the money?

[sunnybeachboy] 05/6/2019 09:58

Well called

[papillon] 05/6/2019 09:54

As I posted earlier this week the recent break below strong chart support @ 11.5p wasn't a good sign. I suggested that breach of strong chart support implied those in the "know" were selling. Unfortunately following today's RNS we now know why that strong chart support @ 11,5p failed! That 11.5p now becomes strong chart resistance. Next support level is circa 8p.

[sunnybeachboy] 05/6/2019 09:36

That 9m was due last quarter of 2018. So a good 6 months late.

[r9505571] 05/6/2019 09:32

I had 8p in my head but no money to invest as all tied up in TCG and BIDS! Surely vulnerable to a takeover at these levels?

[1cagney] 05/6/2019 09:25

Well I guess we now know the main reason that the annual report is delayed.. that APEC have not yet ponied up the $9m.

[r9505571] 05/6/2019 09:07

Where's the bottom for this?

[hermana3] 05/6/2019 08:36

No shortage of volume early doors.....

[hermana3] 05/6/2019 08:35

Fiach, Are you implying our guy is a shorter? Don is many things but surely not that...