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Probably because people did not want to work with O'Reilly. Now that he has gone, it will be interesting to see where it goes from here. After all, how often did he tell us over the years he was going to use the money to develop Barryroe but never did. Why? He was always chasing rainbows, in my opinion to be the big cheese of oil in Ireland.
And as for the actions since APEC did not come up with the money surely points to the fact that he did not intend to leave otherwise why did he go ahead and do the survey for the two sites which now sit "bit ready" to start drilling. That was surely not the actions of a man planning to leave.
Now that he has gone I am sure it is not in a total vacuum and something is in the wings. What that is remains to be seen. Hopefully we will know sooner rather than later and it is to the benefit of the shareholders. After all, if Plunkett, in the RNS, is to believed it has to be for the better when he said Barryroe is " a world class development asset which is capable of providing significant shareholder value in the coming years."
To me, the foremost action of a rudderless company is to be taken over. I presume we will know soon enough.
We could all do with a bit of that after all the pain it has caused us over the years.
... it is a substantial target, where oil has been identified in numerous wells.
"It needs further appraisal, but its potential rivals and is larger than most mature late-stage North Sea projects (depending on the development route chosen, the scale of the project is sufficient to model targets of several hundred million barrels)," they added.
Barryroe sits in relatively shallow water in a stable political environment and has attractive fiscal terms, Davy said.
And yet, it still seems unable to attract a suitor, and has never attracted one with other than dodgy funding.
I think we just have a different opinion about this. I see it that they are looking to buy interests in later stage existing developments that majors or smaller are looking to move on from for whatever reason. I doubt they want to be getting bogged down in a clusterf#$k that PVR is at present whatever its potential. I doubt their backers had PVR in mind when they put it together.
I don't think they will be the white knight for PVR
Aidan Heavey, when he retired as Chairman of Tullow also said he would never go back into oil again as he was looking forward to his retirement.
Running around Africa does not seem like the best and he will be in competition with Tullow which seems a bit pointless, and will be starting from scratch. Boru are already two months running and nothing has appeared yet on their books.
Joining Plunkett and McCoss would certainly make it a "new" Tullow and I am sure if they offered the money to Plunkett and McCoss on a non-operational basis it would kick start Barryroe because money is the issue. Perhaps they could lend the funds to APEC to get on with it.
As much as I'd like to see it happening, ithe doesn't look like Barryroe fits the bill on a number of fronts. See comment below from CEO. There are plenty of opportunities in West Africa where they intend to concentrate on.
Mr Hickey said Boru would be looking at countries where there were “high-quality long-term assets with good-quality operators”. The plan was to acquire non-operational stakes in these assets, he said. “If you’re a non-operator, you can secure the cashflow and the value from the asset without needing a huge overhead to manage day-to-day activities,” he said.
Boru Energy has nothing to do with Tullow other than its founders were both long term members of Tullow with Aidan Heavey, Tullows founder back in the 1980s until he retired two years ago.
They currently have access to $1billion thanks to Carlyle with the claim that it is investing in oil & gas opportunities across Sub-Saharan Africa. But Carlyle already has interests in the North Sea so perhaps Barryroe is also of interest to them.
After all, Barryroe only needs money to become successful and Carlyle has plenty of it.
I agree, I dont think there is a link between APEC and those parties.
I also think Tullow have significant issues in all of the countries they operate in and need to focus on these. They also have licence related commitments in Peru and I think even Namibia in 2020. Maybe with everything running smoothly they might have taken a look but not now.
APEC (CNOOC) is not a thing. The alleged relationship between the two turned out to be illusory. If you read Providence's announcement of the farmout agreement from 28-Mar-2018, it refers to APEC as a private company with a "strategic relationship" to COSL, and to COSL as a majority-owned subsidiary of CNOOC. In fact, APEC was merely a middle-man between financiers and oil services providers, and turned out not to have any clout as TO'R discovered to his cost.
Once again...If you take what’s going on in Uganda with CNOOC, Tullow and Total and their recent agreements over there. Then you take Total( dropping out), APEC (CNOOC), Providence and Tullow and what’s been going on over here. Now mix all that lot together and their many cross connections and I would like to think it’s possible that come January we could well have a new Irish exploration company made up of the latter three companies. Does this scenario not tie a lot of lose ends together?