Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Of course I wasn't talking to Tony as the APEC deal is still on until there is a breach of contract so the whole thing with Sequa is speculation in the off chance that deal should fail and given the whispers back in 2015 they were close to a deal as long as Sequa could raise $300m through bonds.
I have been following Sequa over the years on their website where they have been running around like headless chickens in their attempts to get hold of Norwegian assets which they bought into and then liquidated, being screwed by the Kazakhstan government and finally getting their finances into shape which was the reason the deal with Providence failed in the first place.
Their whole philosophy is that they want to buy into an undeveloped resource and not an exploratory venture and that is why Barryroe seemed like a good deal back in 2015. And they are backed financially by a bigger company in Sapinda.
If you look at Ireland, the only oil entity that matches their profile is Barryroe because it is a "find" and not a specuative expensive drilling exploit and it is interesting that they have retained their Irish company set up at the time they were mooted to be doing a deal with Providence but since then has been inactive since 2015.
Pure speculation of course but the market was pretty sure a deal would be struck in 2015 but the price of oil was a disaster then and they could not raise the money. But they must have gone a good way down the road with Providence given the market whispers at the time. Obviously the bonds were hot potatoes when you consider in February 2016 the oil price hit its lowest in living memory at $27.45 a barrel right in the middle of the supposed deal.
Check Sequa out at: https://www.sequa-petroleum.com/
Are you serious!!!!
That’s very interesting. How good is your information? Were you talking to Tony!
If lthe APEC deal with Providence was to fail what are the alternatives?
Well, one old ghost from the past is still out there and has now raised the money. That is Sequa, a Dutch company who agreed a deal back in 2015 with Providence but could not complete because it could not raise the money through a bond issue.
I now note that they have converted the bonds into shares issuing about 750m shares at about US30c a share giving them about $200m. They have also stopped messing about in Kazakhstan where they were hog-tied by the government, have paid off their fines for waking away, are solvent having about $25m in the bank before the bond conversion.
What is also interesting, though, is that among its subsidiaries is the following company:
Sequa Petroleum Europe Limited (Directly 100%, registered in Dublin, the Republic of Ireland and currently dormant)
This was the company set up, it is believed, to partner Providence in the development of Barryroe and failed because it could not raise the money. Now it will have the money coming through and the deal terms already agreed it would be a far better deal than APEC.