Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.
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PVR only gets to write off development costs against tax if it actually gets the oil flowing. We will see the lie of the land next month, as PVR has to apply for a Petroleum Lease Undertaking in June. At that point the clock starts ticking as they then have to submit a development plan and apply for a Petroleum Lease within two years. The lease undertaking will also incur fees of about a $1m per year to PVR, doubling when they go into production. On the up side, a Petroleum Lease Undertaking effectively requires the goverment to grant a subsequent Petroleum Lease if PVR submit an acceptable development plan and the goverment is satisfied as to its commerciality. Even with the Greenies in control, I don't think they can stop this. That said, you have COP26 coming up in the UK this year, and activist groups suing the UK government for continuing to issue North Sea licenses. They will presumably fail, but it's about the optics and the Irish Greens will watching.
However, even before crossing that bridge PVR have to get their other ducks in a row, including raising an awful lot of finance in a market that is increasingly leary of fossil fuels. I still think it can be done, but an uphill battle all the way.
Invest in Providence Resources and you'll have a lifetime tax write-off..
Of course our 'Wise Fool' was smarter that your average Providence investor he loaded up on Landsdowne oil and gas so he'll have a write-off in the afterlife.
Providence could actually benefit very well if Barryroe is prevented from being developed.
Under the terms of oil exploration in Ireland, all costs to date can be reclaimed against a discovery. Read the licensing terms dated 1992 if you don't believe me.
Hence, if Barryroe is prevented from being developed Providence can claim up to $200m from the Irish government because that is what they have spent to date and was due to be recovered from oil from Barryroe. That is why O'Reilly kept ramping up the costs as he looked for the whopper find in Druid and Drombeg. And remember, they found a reasonable amount of oil in Hook Head which could also be developed.
So, if the government prevented Barryroe from being developed, Providence could be very rich thank you and I am sure Pageant Holdings and LG are well aware of that.
As they say, more than one way to skin a cat or a rabbit for that matter.
LG, Pageant Holdings and the other warrant holders seem to think otherwise for the moment at least.
Seems last chance saloon has come and gone for pvr and its long term shareholders Alans credibility all but shot now along with majority of pi confidence to invest in pvr recent news of a white knight aka goodman just an opportunity to try gain some possitive momentum with sp for ii to ofload into pvr wil be forced into selling barryroe for peanuts and soon after will windup.