If Sequa steps into the breach at Providence, it will be plugging a gap in the explorer’s ambitions. Providence needs to fund two further appraisal wells before it can be sure of bringing the Barryroe oil ashore. O’Reilly, Providence chief executive, said in 2012 that oil might flow in 2015. Within the next two weeks, it should become clear whether Windhorst’s company will prove to be a white knight for those exploration ambitions of O’Reilly’s
RE: barry gettin closer
Colourful financier set to help revive O’Reilly ambitions Vincent Ryan Published: 25 January 2015 Comment (0) Print LARS WINDHORST has been bankrupt twice and was once convicted for breach of trust. He is now poised to help revive the fortunes of Providence Resources, Tony O’Reilly Jr’s offshore exploration company. Windhorst is chairman of Sapinda, a London-based investment company. One of its subsidiaries, Sequa, is finalising a $300m (€267m) bond issuance, due to be completed by the end of next week. Part of the proceeds are expected to be used to purchase a stake in Providence’s Barryroe oilfield. Windhorst is one of Germany’s best-known entrepreneurs. He was 14 when he founded an electronics company importing components from China. Two years later it had revenues of $50m. At 16, he dropped out of school and became a protege of the then German chancellor Helmut Kohl, travelling the world and meeting international businessmen. Now aged 38, Windhorst has experienced a rollercoaster ride and fallen out of favour in his country. With two bankruptcies behind him, Windhorst has moved to London and become a big player in the shadow banking world. He is reported to sleep just four hours a night and to spend 12 hours of each weekend on administration. Rumour has it that his way of combating tiredness is through doing push-ups and headstands. His energy has not always managed to keep his companies afloat. Windhorst was badly burnt by the Asian financial crisis in 1997. He borrowed money to invest in tech company flotations to try to make quick returns to cover a black hole in the balance sheet of his publicly listed company, Windhorst AG. When the dotcom bubble burst, and when the markets crashed following 9/11, Windhurst was forced into bankruptcy. Creditors had claims in total of €80m against him. Apart from borrowing money from his parents, he also tapped investors. Rob Hersov, a South African entrepreneur, introduced to Windhorst by actor Michael Douglas, gave him €5m to get back into business in 2004. Sapinda Group was founded and, by the end of 2007, the company had funds of €1bn. That same year Windhorst was involved in a plane crash in Kazakhstan. One of the two pilots died and Windhorst lost an ear. A few days later, with his ear and several of his teeth missing following the crash, Windhorst was back at work in his office. In the wake of the financial crisis, Sapinda Group was forced to restructure. Dr Peter Wiesing, chief executive of Global Arbitrage Group, a high-frequency trader, became the sole shareholder in Sapinda through a Dutch company called Herm Holding BV. Sapinda is pitched as an alternative provider of capital to plug the gap for companies that need to raise between $20m and $150m. If Sequa steps into the breach at Providence, it will be plugging a gap in the explorer’s ambitions. Providence needs to fund
anyone comment on a position they don't hold!....or maybe you did once but sold at a loss!! hence your continuing gripe!! unfortunately investments do go up and down...that's their nature....I remember you making a nice profit on pvr selling around the £7 mark...great well done.....but as I say investments go down as well...you cant always win b7...you have to man up and take it on the chin Im afraid...
Can u explain the relevance of whether one is a holder or non holder?how does that relate to company performance?
With about 30+men in an average drilling crew plus technical staff, equipment suppliers, executives, office staff etc etc, it is totally impossible to keep a lid on information leaking out. These are all well paid personnel and I'm sure a good few of these would be in a position to buy ( or sell ) shares prior to any formal announcements of results from insider information. Happens throughout any industry. That's a perk of the job. . . From Friday's 19% share rise You could surmise that Rawicz has an initial high flow rate. This would be much welcome news all round. Makes JB look good in the eyes of his backers on his first well. Would also make any finance required that bit easier to obtain. Could be worth a couple of pence on SLE's share price. . . . But it is Lewino that will be our company maker. OF didn't say anything about progress in that direction in this weeks Rns. But he did say the farm out market was fairly robust. Could take a positive from that remark.
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