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It's already too late.
You want to sink the company and then find someone from outside the O'R family to run it?
Wouldn't that be too late?
Someone needs to depth charge this and sink it permanently. So long as there is an O'R associated with it, it is toxic. It's become a laughing stock in investment circles.
All of which, together with the fact that PVR have run out of money, suggests to me a worse deal than the APEC deal could be coming.
I still think it is possible that a worse deal was offered and TOR decided to go for what looked like the better one, discovering too late that it didn't exist.
If so, then that could explain why he received 'overtures' from interested parties, at least one of which was seeking to revive a previous offer.
It could also explain how he was able to raise money again - the investors, including PP, knew that there was still a realistic possibility of someone taking APEC's place.
Just hope the time limit causes any potential farminee to get a swift agreement.
Even Bojo seems to have done that.
The license Providence holds for Barryroe is a SEL license which stands for a "Standard Exploration License".
Such licenses are only issued for 6 years made up of two 3 year phases. During those three years, you have to carry out such activities as the minister agrees or you lose the license.
The minister has been very tolerant of Providence over the years due to circumstances but the last agreement the minister made in July 2017 was to extend phase 1 of Barryroe to July 2019 and to extend phase 2 untll July 2021.
To satisfy Phase 1, Providence had to carry out certain works or it would lose the license. It satisfied this requirement by doing the survey. The agreement said "The Barryroe Partners have been granted a 2-year extension to the term of the First Phase of SEL 1/11 to July 2019 and overall term to July 2021 by the Minister for Communications, Climate Action& Environment subject to the Barryroe Partners carrying out a work programme that includes the evaluation of newly reprocessed 3D seismic data together with an assessment of the Jurassic and Triassic exploration potential of the licence area".
Commenting on this extension back in 2017 O'Reilly said "“We are very pleased to be granted these extensions to the Barryroe licence, which provides additional security of tenure whilst we continue the farm-out process."
So, you see, if they had not done the surveys they could have lost the license so was APEC playing games so that Providence would lose and they would pick up the whole lot for nothing? I would not put it past them.
In phase 2 it has to drill at least one well or it will lose the license so it has two years to drill on Barryroe and either get another extension from the minister who has been most tolerant over they years, I believe, because Barryroe is an Irish company.
And, by the way, the cost of the license is not cheap. I believe it covers 400sqkm and costs and annual fee of €167 per km in years 1-4 and €335 per km in years 5 and 6 which now apply. Is it any wonder Providence is running out of money.
Hopefully a new partner will get on board and they can drill that well within the time frame.
Ha Ha!
Please don't leave us in suspense, Manyana.
Please elaborate.
I noticed on Sky TV yesterday that it is expected that the number of people taking airline flights in the UK will double by 2040. Looks like oil and gas will be around a while longer
Why did Providence carry out the site survey of the two wells if they thought APEC was going to come up with the money?
After all, what is the point of the survey if they are not going to drill the wells?
There is a very good reason why they did the survey. I will leave it up to you to tell us why and why I now believe APEC were trying to pull a fast one.