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The case brought by People before Profit to challenge 50 bills that have being stopped by the Government because of the money message ( The Government says that passing any of these bills would cost the exchequer money), will be up for decision by the courts next Tuesday. Banning offshore drilling is one of these bills that has a money message attached. The Government has made the point that they would be legally required to compensate oil and gas companies for lost revenues if they withdrew these licences. Hopefully the courts will rule in favour of the Government, and it would be a good time for the Government to give some surety to companies like Providence regarding the existing licences for oil exploration offshore Ireland.
I have seen other oil based firm use their position (oil rich and no cash) place a "outside local context" venture capital chair in and bring the backing with them.
Is this a non starter for PVR?
Would it not be possible to find some financial support (knowing their guy was going to be running the show and not going to mess things up) for the project by choosing the right candidate?
Not choose a candidate then have to look for financial support?
Ultimately, it just needs the money to be developed.
Its an Irish show. I just wonder the IF the appointment were well known to the backers or of the backers choosing if that could bring the money from outside Ireland to finish the job. I am not saying the middle east is short of oil but this is would help their desire to be seen as a more global operators in the field?
I didn't forget anything, Manyana.
That's why I never doubted that PVR would get back its share without any problem.
I just hope a deal can be done.
If not, it isn't only PVR shareholders who will suffer.
LongWait,
You forget that the ultimate arbiter in any oil or gas exploration in Ireland is at the behest of the Minister of Communications and not at the company level. If APEC was playing the dirty, it is clear DCCAE would step in and any shenanigans would be prevented. You cannot search, drill or produce oil or gas without DCCAE's say so. So playing silly b's would not go down well if they were s******g Irish companies.
Today, life got clearer but not certainly any better because Johnson's surprise victory in the UK elections makes a lot of things certain, especially Britain leaving the European Union. The surprise was not the victory but the margin. How that will affect Ireland is up for grabs because Johnson now has a totally free hand to do what he wants.
The reason why it can affect Ireland is trade and the oil and gas interconnectors. If the UK decides not to continue to supply oil and gas to Ireland what are the alternatives? That is why "native" oil and gas is so important for independence.
As Tara says in Gone With The Wind, "Tomorrow is another day". Just the right translation for "Manyana". Because nobody knows what it brings, good or bad.
I remember comments that APEC had 'obviously' tricked TOR, having never intended that its cheque clear, hoping to get 50 percent without paying for it; expressing the fear that they would fight through the courts to try to keep it; that the court process could drag on for years, possibly forcing PVR into administration.
All looks rather silly now.
Just on that point. I put in a sale order in Dublin exchange this morning to test the water at 0.04 for abput 69k shares and it didnt didnt fill and dropped to 3.60 but filled at .04 a few minutes later.
Thanks very much for sharing that info on the licence Manyana. Good sign to see. I thought it would be a lot longer. Very positive sign in my opinion.
Good to see the bid is approaching the ask. Not the other way around.
I can see the money lasting past feb. How much after I dont know. But they have let the Diablo licence lapse and that's a saving. That was after the announcement about running costs until feb.
I think its a case of find a partner to get it developed (or best case a CEO with some financial backer behind him to see the job out) or keep it ticking over until the oil price rises and people show a interest in oil proper again. Lets hope that's sooner rather than later.
Excuse my ignorance, Longwait ... who is PB that you keep mentioning?
I did say I thought it would be a formality.
You may recall that TOR said the company would need more money in February.
Presumably, now that he has gone, the money is being burned more slowly.
I wonder when it will be needed and also, do we actually need a new CEO in order to arrange finance?
It seems almost farcical.
I still can't see why PB can't just take over.
Also no major shareholders have sold onwards and upwards
When I checked the following some time ago it stated that Lansdowne had 10% and APEC had 50%. Today it states that only one participant in Barryroe which is owned by Providence Resources (EXOLA DAC) and Lansdowne has its 20% back.
Looks like APEC are definitely gone and the equity is back to 80%/20%.
http://gis.dcenr.gov.ie/internetIPAS/servlet/internet/IPAS2IAuthorisationDetailsPostTable
At least this is stage 1 completed.
As for major shareholders pushing O'Reilly out, it is the board of directors who decide who can and cannot serve on a board.
It is, of course, true that major shareholders can ask for his head but they have to also inform us, the shareholders, as we technically own the company so it would appear to met that a deal is in the offiing and part of the deal was that O'Reilly had to step down, i.e. falling on his own sword.