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Purpose?
There is no purpose, it’s just O’Reilly blabbering. He doesn’t engage his tiny brain before he opens his huge mouth. The handling of this has been a PR disaster as usual. He never misses an opportunity to miss an opportunity. That said, there is no reason to conclude that APEC are anything but a bona-fide partner. The statement that the transfer is delayed in execution is really irrevocable. The money is either on the way or the board are on the hook for lying to the stock market. I don’t think that he’s a very effective CEO but that’s as far as it goes, he’s not going to make a statement that he cannot evidence with paperwork if challenged by the authorities.
I agree, Aquason.
I didn't actually take the stuff about not being able to survive beyond August at face value, but what was the purpose of it?
Providence can batten down the hatches and wait, for months if necessary. Do you think the staff that are left are going to starve? Do you think that, after all these years, Tony boy will give up his company without a fight? The only speculation about “drug money” that I see was started on boards like this by people who have no idea what’s happening and perhaps want to drive the share price down. If they published it in a newspaper they’d be sued.
I know PVR have said they can last till the end of August, but what are they going to do?
If they can't last beyond the end of August, what is the point of waiting till the end of August?
Do they have a contingency plan?
If the money doesn't arrive by the end of the month, will they make alternate arrangements and what if the money then arrives?
How much longer can PVR afford (financially) to wait?
Speculation is rife for the source of the money and one poster even suggestion it was drug money!If Apec can't raise the cash on Tuesday - please just send us the drugs instead!!!
I really don’t think there is anything to worry about. At this stage the one-eyed goat herder would be in serious trouble for making false statements to the market if it isn’t in the pipeline. All this talk of “hot” money is not appropriate, there is no reason to believe that APEC are anything other than a reputable company. 10 million dollars is a lot of money in China. When all the i’s have dots and all the t’s are crossed, it will arrive.
It would have to be conclusively proven that it was "hot" before that can happen otherwise you would have the mother and father of a court case with huge fines.
The process of getting money out of China for individuals and foreign companies is notorious as is explained in the following article:
http://www.eb5globalventures.com/blog/how-do-i-get-my-money-out-mainland-china
While Providence are pretty sure the money is in the system they cannot count it as theirs until it comes out of the other end. A bit like a cow; if it is milk, great, if it is the other thing then you get covered for the wrong reasons.
If the money is 'hot,' Manyana, wouldn't it have been rejected by now?
Talking of hoovering,my wifes friend says that she hides her money under the hoover - says that her husband will never ever find it there!
Is it me ,or does anyone else feel that with the lack of good news,sombody is quietly hoovering up shares in the backround? Look at the bought and sold stats under PVR share price on this site.Pvr up a tiddle as well in Dublin.
Why are APEC in breech of contract? There is no way that the money, the €9m is not in the system. The question is, what is wrong with it that it cannot get through?
But if APEC has paid the €9m into the system and it is still there they are not in breech of contract until it is categorically proven that it is "hot" money and not coming out. Once it is paid in, they are in the clear unless it bounces.
I am sure there are many who would like to jump on Barryroe as long as Providence stumps up its share. The beauty for Providence with the APEC deal is the non-investment scenario with the Providence side costs being paid out of oil revenue. I am pretty sure if Providence was to raise the capital for its part there would be a number of takers.
But Providence see the deal with APEC as a loss-leader. Get it generating money even though not as much as they would have wished, and then move on to bigger and more profitable ventures such as Spanish Point, Dunquin South, Newgrange or even a tie up with KEL to pursue the Seven Heads infrastructure to develop the gas from Barryroe.
And if IOLAR comes good the "big boys" will be in like flies to take a chunk of Providence but if IOLAR is a dead duck we will be back where we started.
Providence doesn't have funds even to keep the lights on, let alone pay a share of exploration costs. The only deal they can do is an APEC-style one, where they give away a large part of the asset in return for a loan of the costs and pocket money to rent an office share and pay TOR's inflated wages. If the APEC money falls through they are on a sticky wicket or, rather, we the shareholders are on a sticky wicket. There is no way they can raise tens, let alone hundreds of millions to cover drilling costs except by diluting current shares out of existence. And that's assuming anyone would take them up on a placing. There clearly isn't a queue of generous would-be farminees at the door, otherwise they would not have had to go with APEC in the first place. Nor would they be humouring APEC for this length of time when they are in breach of contract. Nope, I fear it is last chance saloon. Money on Monday or the game's up.
My suspicion is that the money is "hot" and will not get through.
It is possible that the turmoil in Hong Kong is causing a problem but surely there are ways around that.
I agree with you and have said it before. Find another partner.
After all, ExxonMobil was partner with Providence in Dunquin North which was said to have oil in it with a residual column but it had all seeped out. But there is hope for Dunquin South where ENI took over from ExxonMobil.
It is very interesting that IceMax has departed IOLAR where the specification was to drill, inspect, plug and abandon. All of this done without a single word from either CNOOC or ExxonMobil who shared the drill and had a result some weeks ago if IceMax is on her way back to her home port of LAS PALMAS because it must have taken them time to plug and abandon.
But in most, if not all, of its prospects Providence is farmed out to bigger fish. For example, they are also in bed with Total, Sosina, Cairn so they have plenty of potential partners but they should be secondary and not primary movers so why do they need John O'Sullivan's group who are useless and have only cost millions over the years?
For example, if CNOOC and ExxonMobil have found oil or gas in IOLAR and not telling us is it possible they are going to make a move on Providence. Both have billions in the bank so would easily chew Providence up and considering that the Indians wanted to buy them for $1.5billion and, it seemed, Providence was willing to sell until the Indians pulled out. But at that price Providence would be cheap and it would give us a share price of $2.50 which we would not sneeze at.
Another RNS on Tuesday perhaps? How we long to read the never ending saga as Providence puts up another backstop which is as stupid as the Irish one and the "hard" border.
The cash has not hit the bank yet nor will it hit the bank. It is over one year late. It does not take this long for a wire to transmit and post. No more back stops. Find another company to farm in!
Maybe that’s why they’re protesting in Hong Kong! All jokes aside Col, apart from something tomorrow morning, time will have evaporated any excuse. Only excuse after tomorrow is monies have fraudulent ties.
Seems to ne taking to the letter again. Next Tuesday is make or break
Chef there's another man we wouldn't miss but could PVR exist without an O'Reilly or are we about to be swallowed up by Tullow or morphed into some form of mini Tullow entity (T5). Actions speak louder than words!
You'd miss that bunch of lads from yesterday,like f**k