Providence Resources Share Discussion Threads

[hermana3] 17/6/2019 07:09

Oh the drama! Still waiting for consent and dough. Not one bit funny....

[billcn] 16/6/2019 17:55

Just checked back to interim results 2018. Seems that funds are conditional to regulatory contents.
The finalisation of these revised Barryroe farm-out terms with APEC is a major milestone for Providence as it delivers a firm drilling programme comprising of four vertical wells and one horizontal sidetrack, cash advances for certain operational costs of $19.5 million, plus the financing of two further optional wells. Subject to regulatory consents and appropriate arrangements with contractors, we expect drilling to commence drilling in Q2 2019. In this regard, we are also pleased to confirm that we have contracted Gardline's Ocean Observer vessel to carry out the requisite site surveys during Q4 2018.

[papillon] 16/6/2019 14:34

If, as some are speculating, APEC are waiting for approval for the site survey to be given before paying the US$9m why did PVR/LOGP not say so in the RNS? It would be simple enough. Also why did PVR/LOGP give a 14th June deadline for payment when it was extremely unlikely approval for the site survey would be given by then?

I believe the optimists need to read that RNS again if they believe APEC are only waiting for the site survey being given the go ahead before paying that US$9m. If they care to read the RNS again they will see that PVR/LOGP have set APEC more than one date for that US$9m to be paid and it wasn't conditional on the site survey approval. The RNS categorically states that PVR/LOGP have refrained from pressing APEC for the money only because of the delay in the approval for the site survey. That 14th June deadline for payment surely implies that PVR/LOGP are becoming frustrated by the continuing delay in APEC paying that US$9m? I suggest that the optimists are just clutching at straws.

This is only supposition on my part, but what's the chance PVR/LOGP will announce (tomorrow?) that they are thinking of backing out of the farm out deal with APEC and going it alone on the site survey? Why else the 14th June deadline? LOGP would then need to find US$1.8m to fund it's 20% share of that cost. Possible, or impossible? Answers on a postcard please! As I say I'm only suggesting a possibility; perhaps a remote possibility. All will, hopefully, be revealed in the next RNS.

[hermana3] 16/6/2019 07:25

Cag,Steel is purity personified compared to dem stinking politicians.....

[1cagney] 15/6/2019 19:25

Steel, you are surely a politician :)

[steelwatch] 15/6/2019 19:08

1cag - until the hitch is resolved, the mice will play.

[steelwatch] 15/6/2019 19:05

laser - pm'd you on that.

[laserdisc] 15/6/2019 18:27

steel just off topic do you have any links for tanker charters ?

[1cagney] 15/6/2019 18:26

Steel, just out of interest how do you see Monday going?

[steelwatch] 15/6/2019 18:12

pap - thou hast become like unto an stuck record of late mate.

[1cagney] 15/6/2019 17:51

Pap, it seems like a longer version of the RNS, but verbatim of the RNS.

[papillon] 15/6/2019 17:46

The contents of that Irish Examiner article, dated the 5th June, steelwatch, seems at odds and more bullish on that US$9m being paid than the RNS of 5th June.

"Delay in Receipt of US$ 9 Million Loan Advance from APEC

Pursuant to the original terms of the Updated FOA, which envisaged well-site survey operations during Q4 2018, it was agreed that APEC would proceed to make an advance under the Loan of an initial US$ 9 million shortly after the signing of the Updated FOA. This advance was not received during Q4 2018 as originally expected. However, given the delays to the programme (see below), the Operator did not, in fact, require the funds at that time to finance the front-end well-site survey operations and pre-drill well consenting.
The Barryroe Partners have agreed a series of amendments to the Updated FOA over recent months which provided for extensions to the date by APEC of the initial loan advance US$ 9 million, with the last extension being set at May 31, 2019. 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."

[1cagney] 15/6/2019 17:32

Herm if that's the case it'll be one less day of uncertainty.

[hermana3] 15/6/2019 12:17

Cag,There is a precedent for Sunday papers having the goods before market!!!

[1cagney] 15/6/2019 12:00

Herm news in the papers is unlikely prior to an RNS @ 7am on Monday?

[steelwatch] 15/6/2019 11:58

Article from earlier in the month seems to confirm APEC dosh conditional on permit approval:

"Providence is now expecting a regulatory decision on its permit around the middle of this month, at which time - if successful - the loan provision from APEC will be made available"

[hermana3] 15/6/2019 11:04

Expecting APEC to buy us out of Barryroe and maybe the whole shooting match post current drilling program. They are utilising the traditional "Trojan Horse" model.

[srvsrv] 15/6/2019 10:58

thanks Hermana3

[hermana3] 15/6/2019 10:56

Sr, Good post. Will be perusing Sunday Independent and Sunday Times early doors for signs of APEC dough and the granting of a permit for Barryroe Site Survey. The Chinese appetite for fossil fuels is absolutely insatiable so very hard to see them let this "low hanging fruit" go to pot.

[srvsrv] 15/6/2019 10:30

Remember:

Even if Apec withdraw from the deal (sounds strange as in the RNS they has updated the commitment to 24,5m$ from 19m$ - why this if no intention anyway) - the value of Barryroe is still there.

Also the other assets (Newgrange, Avalon, Dunquinn etc.) represents a value and PVR are funded until 2020/21 - so before you sell your shares at a low bid in frustration of the current situation so please keep this in mind.

[hermana3] 14/6/2019 21:25

Steel, Rule of law dont mean a fly's spit in China. First we had shifty pottless Lars and now we have the ducking n' diving APEC!!! What's the bit about having "A lucky General"...

[steelwatch] 14/6/2019 17:39

DCCAE will need to very carefully vet any objections and make sure any ministerial decision is watertight if challenged in the Supreme Court, so not expecting an immediate nod!

As for Apec, would your solicitor allow you to part with cash when buying a house without planning permission???

[raisethestake1] 14/6/2019 16:18

No point in checking the phone for the bank balance now Junior.By the way a change in part in the funding mechanism is a foreign legal way of talking bull and ignoring you.Was your today deadline to APEC also garbage.Ots seems to have really put it up to them.If you can be so good as to leave us know the new position.Have we a new deadline or are we looking for a new partner.Lets be having it.