The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Even with a placing LOGP still looks a good bet or am I missing something? From 10-bagger to 5-bagger is still 5 bags. And how about a joint takeover offer for PVR and LOGP? Pocket money for a major oil company and there must be �millions in previous losses that would make the deal attractive. To be honest, I just want to be out of here with a profit! I used to think my investment in LOGP would eventually buy me a house but now I'm thinking of a camper van. It would still be a decent return.
Sod this. Looks like beaufort going to knobble everyone on aim yet again
P.V.R./ L.O.G.P do not have the cash to produce Barryroe More important they do not have the technology, Dr John's Phd does not give him the authority to make any decisions aboard a drilling rig. In fact an Ass Driller has more authority. Drilling Rig's are not run by Bullsh.....s. This is why Drillers get paid 1500 U.S. a day and have to renew their cert every 2 years.
Not all that keen on a merger. PVR would end up with too much clout imo
Or how about an all share merger. 100% of BR in one company would make farmout negotiations much easier. Given PVR's huge cash position I would argue it should be done at a lower LOGP SP.
So in summary a great asset, PVR can go it alone, LOGP are skint. They should just do a mega placing and get it done.
Hmm....Bear in mind major reductions have taken place in costs / outgoings . I'm reasonably bullish about the prospects of advancing Barry roe given the improving oil price and feel that the likes of Cairn might well take a punt on this one given that they've had their fingers burnt out in the Atlantic. I guess I'm a glass half full guy.
Thanks JH. I see they released the wrong set of results this morning. The new set includes that June 29 RNS event so assuming same admin cost run rate I get a net current asset position of minus £1.9M. They also seem to acknowledge that PVR might be going ahead with BR drilling regardless of a farm out and talk of LOGP having to sort out its share of the drilling funding. Could get very rocky from here IMO. 'Providence have announced, that whilst farm-out discussions are continuing, they have decided to advance appraisal drilling at Barryroe and have commenced the well planning and permitting process.' 'Lansdowne is continuing to review its options regarding funding its participation in this programme.'
Have a look at the rns of 29 June Phoebus
of that balance sheet. It looks like LOGP had a negative net current asset position at the end of 2016 of minus £1.65M, which at the previous admin cost run rate will now be around minus £2.14M! Can anyone confirm, because that's appalling if true?
Thank you Ranger. ..and good luck!
Looks like Investors have had enough of TOR incompetence and are abandoning the sinking pvr ship Good Luck to all Holders im out.
hereandnow,....With £5.23m Market Cap, for 20% of Barryroe!!!,....would support a Fund (Open Offer, etc) Raise myself,... preferably on equal terms with II's,...if a farmout is not achieved in time. Agree with you, got these tucked up in a couple of ISA's myself. BW
There plenty going on here PVR need to crack on with this news before the end of the year let's see if some wants this cheap.
To be frank with you Here....in all probability they will do the drill in June 2018 to hit the best weather window, so we're looking at 9 months away. And I agree with you about the shareholders being supportive of Lansdowne. 4 million is not too challenging a sum to raise and could be structured with a partial farm down. All will be revealed in due course.
LOGP has always had supportive share holders. With firm development plans for Barryoe, raising their share of the drill costs will not be a problem………2p of 68 million boe is an awesome number for a minnow like LOGP. Their share of the drill costs is $4million. One to tuck away and forget about. Can you imagine the fuss there will be over the next 18 months as they prepare to drill.
PVR RNS today states 'Planning now underway for a well to be drilled in 2H 2018/1H 2019'. Can't believe it could still be 18 months or more away! And are PVR intending to get on with it regardless of a farmout? Wouldn't LOGP need to raise for drilling and to keep lights on in the interim?
T'would be handy to see a few buyers here....maybe next week?
Very quiet here this price is a gift, PVR needs to keep the large investor happy news due about Barryroe much talk about board not delivering watch this space.
Thanks for taking time out for the meeting and posting.
Hiya Hereandnow, I wasn't able to hang around too long as I had another appointment. Had a brief chat with some of the BOD but none of the other investors I knew were present so beat a hasty retreat.
Thanks for that JH77, nice to get some feed back. Was there much chitchat after the AGM? Sometimes these moments can be more useful.
Cheers bud!
Helvic Should be in Production for the past 3 years Using a F.P.S.O. Generating cash Flow . but Dr John likes to prove himself with a big discovery, as I said before he is a Geologist not a Production Eng.
Just copied and posted your full report on iii JH77...