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[steelwatch] 07/6/2019 11:40

2 more survey applications (3 in all) submitted by EOG yesterday, An Taisce getting somewhat swamped one imagines (fondly).

[steelwatch] 07/6/2019 05:01

1cag - tis squeaky bum time on the money for sure.

[mick] 07/6/2019 00:09

Steelwatch, thanks for that clarification - very helpful.

[1cagney] 06/6/2019 22:28

Steel, I certainly agree that getting the nod by the 14th is a stretch. Therefore if the $9m doesn't show up by the 14th it would be reasonable to assume that all is not good with the entire deal. This is not good for the heart or wallet.

[steelwatch] 06/6/2019 20:17

13th is the closing date for submissions under the 21 day consultation period. It is then for the Minister to weigh the pros and cons before reaching a decision as to whether or not to seek further information from the operator, or give the nod. Bit of a stretch to imagine that will be on the 14th!

The 14th is the backstop date cited in PVR's latest RNS only, so let's not confuse that with formal Government permission to proceed with the survey.

[mick] 06/6/2019 19:44

Are we seeing a game of chicken here? Unless PVR gets permission for survey by 13th June, all bets are off and the Chinese walk?

[matt] 06/6/2019 17:50

Investors holding on to the funds until approval makes some prudent sense provided the funds are then readily available.

[1cagney] 06/6/2019 15:46

Steel, my main concerns right now would be (and I'm not sure whether anyone on this board would know)
Is the $9m conditional on the survey approval.
And is the $9m in an escrow account? ie does it actually exist or is this just a trust situation because trust and legally binding agreements ain't worth squat without long drawn out legal proceedings.

[steelwatch] 06/6/2019 15:37

herm - the good ship Kommandor, if still the chosen one, is currently docked in Leith. Will be watching where she's headed to next...

[hermana3] 06/6/2019 15:25

Matt, Fingers crossed.

[greatfull dead] 06/6/2019 15:16

Paps,

No, yesterdays RNS was not positive, it was not negative either.

I am not a long term holder of PVR or LOGP. I have been in and out of both over the years, for long periods too.

I have made some money here, not in LOGP.

ATB,
GD

[papillon] 06/6/2019 14:02

I hope the outcome is positive for long time holders like yourself, GD, but yesterday's RNS didn't sound positive to me.

"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."


Why has there been a "change in the composition of APEC's funding mechanism" and why have APEC effectively been given a 14th June deadline to come up with the US$9m by PVR & LOGP?

Also this US$9m from APEC was due in Q4 2018. Why the delay in PVR & LOGP updating shareholders?

[greatfull dead] 06/6/2019 13:53

I still hold a small % of my original PVR holding. I also feel that PVR will be given the go ahead for the BR well site survey. Time will tell...

GLA,
GD

[papillon] 06/6/2019 11:03

So PVR have left it to the last possible day before releasing their results. Doesn't inspire confidence!

[matt] 06/6/2019 10:10

With the first approval they got all the papers in order and were approved. The probability must be that they have done an even better job this second time and will get approval again.

[r9505571] 06/6/2019 08:56

Judicial review possible?

[steelwatch] 06/6/2019 00:23

mick - it can be done and CNOOC don't hang about (Iolar)!

[mick] 06/6/2019 00:16

If it's taking so long to get permission to do survey, how long will it take to get permission to drill? I presume drilling will require a separate consent?

[steelwatch] 06/6/2019 00:16

1cag - tis fair to say the judicial review was taken against the Minister and Attorney General by An Taisce challenging the legality of the permit issuance, so not really a case of PVR chickening out at all.

DCCAE has been scrambling to get its act together in the face of further challenges resulting in procedural difficulties going back to the Dalkey fiasco, PSE Kinsale Energy (KEL) (for the decommissioning of certain facilities of the Kinsale Head and Ballycotton gas fields,) and from PSE Seven Heads Limited (SHL) (for the decommissioning of certain facilities of the Seven Heads gas field, which were received on 28 June 2018), Vermillion having to withdraw and resubmit an application to conduct an offshore pipeline survey and inspection of the offshore facilities in the Corrib Field and ENI withdrawing site survey application for Dunquin South as announced on Tuesday. Since then, both Europa (Inishkea) and CNOOC (continental shelf and eastern flank areas of the Rockall Trough) have submitted applications for seismic surveys, so watch this space!

Presumably, all these applicants and others will learn exactly what is needed to cross the environmental minefield and DCCAE will get its guidance procedure and decision process watertight and bullet proof!

[hermana3] 05/6/2019 23:46

Nursie just wont go away!

[hermana3] 05/6/2019 23:35

Riley, Should know if we have permission to do survey by June 14th. The Board will have done its best dealing with authorities but it is a new attitude and unpredictable. Not alone in finding authorities difficult to please.

[1cagney] 05/6/2019 23:25

Herm, if we didn't chicken out from the judicial review the drill bit would be turning. Where's Pat P when you need some experience?

[riley9] 05/6/2019 23:25

Mms done well here to punish the share price Basically, it seems like it's the same as was, but delayed due to greens. Once permission granted then back as before, but with a few stops hit for many, and a lot cheaper entry point for many more. Farm in partners havent paid up, but given the lack of survey permission, dont blame them. Need govt to get their finger out and grant permission - do we have a likely date for the final say on that ?

[hermana3] 05/6/2019 20:43

We once hoped Barryroe drill would be underway in April. Now we would be overjoyed to spud in September....

[sleepy] 05/6/2019 20:38

What was the previous longstop date?