Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Can't beleive the market is getting sucked in by this again. How many times is it now?
Since you obviously haven't got a clue let me enlighten you on a few facts after your irrelevant statement.
When O'Reilly raised the $100m he could just as easily have raised $300m as the market capital of the company at the time was close to $1billion which would have been more than enough to develop Barryroe especially as he said he was going to develop it with some of the money he got for the $100m.
Facts:
He sold Singleton for about $80m and he sold the Mexican gas for about another $20m which meant in total he had nearly $200m in his pocket and that would have developed a great deal of Barryroe on a rolling basis.
At the time he raised the $100m, his father had about $400m worth of assets in the company's shares which could also have been used to develop Barryroe as they could have borrowed probably another $200m against that and they would not have had to spend a penny of their own money but were quite happy to squander yours and mine.
So compare a capital value of $1billion against a current value of about $50m and you realise what a perfect a**hole he was.
So please stop squirming and next time I suggest you do a bit of research because all this information is on the internet .
Manyana,
My point was that €100m would not be adequate to develop Barryroe.
The bean baron was hardly going to use his own wealth to do so.
Enough said.
1Cagney,
You are a simple soul. As you say, $100m would not have developed Barryroe. But here is your homework for today.
How many shares did O'Reilly sell to raise the $100m? What other assets did he sell at the same time and what was the market capital of Providence when he raised the $100m and what was his daddy's equity in the company worth?
I await your answers and you might be surprised, if you can do those figures what a waste of time O'Reilly was and why the institutions that stumped up the $100m probably never forgave treating his a a pariah.
I have often pondered similar questions to what Manyana is asking regarding why the company decided to not focus on Barryroe when it had the ability to do so and why it was more important to focus on deep water wildcards. My thinking was the company was taking its time to get the right deal for a Barryroe farm in and suffered several failed attempts and getting the right partnerships going. Past performance being a good guide the past management team where not focused on the right things or getting it done. I am encouraged by what is happening now but still very slow to believe anything has changed here , the proof is in delivery. In my view the company needs now set out a clear road map on how it is going to bring Barryroe into a producing asset.
Seriously. take off the rose tinted glasses but instead look at the recent positive developments and keep your fingers crossed.
Manyana, it's not rocket science but €100m may not be enough to develop Barryroe.
The reason why the O'Reilly issue is important is because it answers one of the conundrums about Barryroe and that is "why did O'Reilly not develop it when he said he had the money to do so". He raised $100m in 2012 on the back of developing it and then squandered it without spending a penny on Barryroe.
Answer that and it puts to bed the doubts that have existed around the Barryroe field from its discovery in 2012.
I await your suggestion if you have a better one.
MAM .... lets stick with PVR and forget about the OReillys at this stage ... there are punters on here who never even heard of them.....
The big issue for Providence post 2012 was not baby o'Reilly but daddy O'Reilly.
People forget that daddy owned up to 40% of the company. This is old news. quote: "Providence Resources Plc, an Irish-based oil and gas exploration and production company, in which he holds a stake of at least 40%. The company has interests in Ireland, the UK, the US and Nigeria."
He had to sell his interest in Providence during his bankruptcy to pay off AIB in 2014 to the point where he now owns nothing "directly" in Providence.
I believebaby O'Reilly was playing fast and loose with Providence for if the shares had rocketed while Daddy was still a shareholder he would have had too much equity and value to declare himself bankrupt and his court case with his nurse would have had a totally different complexion.
As far as I know, the case is still going on as the nurse won a case last year which said she was entitled. This was some nurse.
https://www.irishtimes.com/business/companies/anthony-o-reilly-s-former-assistant-records-win-in-us-court-1.3839305#:~:text=Tony%20O%E2%80%99Reilly%E2%80%99s%20former%20personal%20nurse%20and%20assistant%20has,successfully%20argued%20in%20the%20US%20bankruptcy%20court%20
Nor is O'Reilly short of a few bob when his wife according to Wiki is said to be worth $2.5billion from investment in real estate which she inherited from her father, Goulandris the Greek shipping magnate.
It's interesting that Mackay didn't reach out to TOR as he did with Linn and while armed with first hand knowledge of Barryroe. Perhaps O Reilly was the problem all along.
Here's hoping for better things to come
Good news that Ireland and Apple have won their appeal for the 13 billion in the European Court and second that Huawei have been "stuffed" in England.
Where did Huawei get the technology to develop 5G when twenty years ago it was a small electronics company yet " It overtook Ericsson in 2012 as the largest telecommunications equipment manufacturer in the world".
I have a friend who was, in his day, an Ericsson technician. In the 1990's he spent numerous trips in China installing telephone exchanges. So ask yourself where did Huawei steal the technology as it took Ericsson years developing it?
Thank goodness the world is finally waking up to the fact that China is a pariah before they start the Third World War. After all, the famous cargo of plastic ducks bound from China to America, which fell on the ship and thousands of them floated away are still turning up in some of the strangest places on the planet.
Finally, the thought that Providence could have "frigged" the Barryroe find back in 2012 is ludicrous. It was independently verified by Haliburton which Mackay worked for and also by Wood Mackenzie.
His company NRG was involved back then as in "NRG provided services on the Barryroe project between 2011 and 2012, when the field was discovered to have 346 million barrels of oil equivalent. "
So, at 69, he is not back to pick his nose. He is obviously aware that Barryroe is now a runner and he is here for his last hurrah.