The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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The whole hog, eh? So far TO'R can't even deliver a mouldy oul' crúibín.
What in the name of all that is good are you going to do with a "titbit" or as you want "tidbit"?
We have been getting them from O'Reilly in spades over the last seven years but they never turn into a feast.
It is clear you are easily pleased. Well, good on you. Some of us others are looking for the whole hog even if it is not as pleasant as your "tidbit" to eat.
In the good old days, the "tidbit" of a chicken was the parson's nose. I was never too fond of it myself but if that is what you are looking for, then each to his own.
LOL. All I am hoping for is the merest tidbit of information. While you are hoping for -- nay, *expecting* -- a knight with shining drill bits, a large bag full of cash and a spare semi-submersible to sweep you off your feet. I'll leave it to others to decide which of us is living in the real world.
So, poor ps200306, you are bleating like a lamb which has lost its mother whereas I thought you were making a definitive statement.
"Please, Mr. O'Reilly, tell us something, even though I know you don't have to." Is that what you are saying? In which case you are, as it says in the Bible, "p***ing in the wind". It goes nowhere but straight back.
So, forget it, O'Reilly's next business requirement is to submit an Annual Return for Providence before 30th June 2020 unless something "material" that affects the share price happens in the meantime. Stop living in hope and get real.
Manyana, you've a great penchant for putting words in people's mouths. I nowhere suggested that TO'R is obliged to tell us anything. I said there was nothing stopping him from doing so. Sure, he can keep investors in the dark for as long as he wants if there is no new price sensitive information. But he might want to consider that they are the self same poor suckers he might be trying to raise further cash from in the not too distant.
You are wrong ps200306. Please apply company law and not emotion.
O'Reilly has to tell us nothing, if nothing has happened and until a decision is made that materially alters the company he is not obliged to tell us. So if discussions are ongoing, O'Reilly cannot buy shares in the company but he can continue those discussions without telling you or I.
Going on about his salary is ridiculous. There are headteachers in the UK earning more than O'Reilly.
https://www.dailymail.co.uk/news/article-3903844/370-000-year-best-paid-primary-head-UK-Teacher-charge-eight-schools-given-80-chief-council-works-for.html
And the biggest non-entity in Providence was John O'Sullivan. It was he who spent most time in China negotiating the deal with APEC and he was earning nearly as much as O'Reilly. For what? A major cash saving by getting rid of him and his mob who obviously messed up the APEC deal, if it is messed up.
Furthermore, O'Reilly has a two contract with a one year notice so get over it. He is here for at least the next two years.
So would you people stop moaning about O'Reilly where your motto is obviously "guilty without trial". When he makes a statement, as he must do at least by the year end to keep up with his normal tradition I will abide by company law while your ilk are using gut reaction.
That statement could be that Providence is a disaster. Who knows? But without that statement the status quo still stands and that is, hopefully Barryroe will be drilled next year by "somebody".
Manyana, you are either deluded or insanely optimistic. No decision before three months was up??? For a start, PVR were in an exclusive deal with APEC until the end of September, so no clock was even ticking on possible other discussions. Since then we have had total radio silence. Nothing is stopping PVR from informing the market what avenues they are now pursuing or intend to pursue. For all we know, TO'R is still making a futile phone call to APEC at 4am every day, like a pathetic jilted lover. And as you say, even the majors with which PVR has partnered on other projects have expressed no interest in Barryroe in the last five years, which says a lot for their confidence. So we basically don't know if the bauld Tony is even courting anyone else let alone in earnest discussions. Given that, I'd say no news is no news. And frankly I'm not expecting any news. We'll get a non-committal Christmas message, and a plea for more cash in the spring to top up Tony's tan.
To follow on, ps200306, you raise a very interesting point.
While Providence has not got a partner for Barryroe it has got some big guns to partner on other projects such as ExxonMobil on Dunquin North, Total on Druid/Drombeg and in the early days it signed an MOA with Shell for the Barryroe oil. So obviously has had dealings with partners who are well capable of developing Barryroe.
I didn't say they could not start talking with someone before the three months but there would be no decision before the three months was up. A judicial review would have put Barryroe back years so who would want to buy into that?
An Taisce are a very aggressive organisation and I am somewhat surprised, given the politically "correct" attitude in Ireland on the green issues at present, that they did not do something especially as they are funded by the Irish government so it ends up a zero cost to them.
The chances are, if Providence announced a deal with somebody else or even cleaned up the APEC one before the three months An Taisce would be in like a dose of salts. The fellow who looks after legal activity for An Taisce and works for nothing is like a dog with a bone: Ian Lumley, An Taisce Advocacy Officer, which, as his title suggests loves a legal fight so I am actually surprised they did not go for a judicial review.
So at least better to have got past the judicial review stage whatever happens. Still. I say, no news is good news.
All of the APEC deal was subject to the necessary consents. Any talks with another partner would be similarly caveated, and the possibility of a judicial review could be taken into account. Given the typical lengthy nature of any such negotiations, the idea that the start of talks with another farminee had to wait until three months after site survey approval makes no sense. After all the same possibility of a judicial review hung over the APEC deal which was actually ongoing.
In five years, TO'R has come up with two supremely dodgy farm-in partners, neither of whom ultimately stumped up the cash. And neither of them were actual oil companies let alone majors -- they were just middlemen providing finance (or not, as it turned out). The probability of TO'R pulling a rabbit out of the hat at this late stage is low. I would put it at maybe 5%. Potential partners will be watching the Irish Green agenda with unease, an economic downturn with negative impact on oil prices is in the offing, and -- for whatever reason -- TO'R and Barryroe just don't seem to be attractive to any suitors. There is a high likelihood that PVR will go out with a whimper, with vultures waiting to pick over the carcass.
JackSpade, you can't have been here very long. These guys have *never* gotten their act together after years of pathetic attempts.
People have forgotten, I think, that Providence are only just out of reach of An Taisce's potential judicial review of the granting of the site survey on Barryroe.
The site survey was approved on 8th August with a three month window to allow for a judicial review if one was forthcoming. Obviously O'Reilly preempted this by doing the survey on two of the locations but there was always the possibility that An Taisce, or some other, would appeal within the three months and if granted would have made O'Reilly's surveys obsolete.
TSo the three month window passed on the 8th November without any judicial review being asked for so it is only now that Providence could actually start talking seriously to another partner. After all, the shenanigans that An Taisce kicked up last year when it demanded a judicial review on the first site survey approval put the Barryroe project back at least a year and was probably a contributory factor in APEC's among others view of the project.