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1.1667 .....look like buy
'He added that APEC is strongly representing to the Irish oil exploration firm that the funds will be received by the new backstop date of September 30.'
How could APEC know that when even HSBC apparently haven't said so?
liquid1
good post
Ajed
Read Here:
https://www.rte.ie/news/business/2019/0912/1075416-providence-resources-results/
You don’t say !!!
Never heard that before.
The chief executive of Providence Resources has said he fundamentally believes that a $9m loan from its Chinese backers will be delivered.
Tony O'Reilly jr told shareholders at the company's AGM in Dublin that he has staked his reputation on the issue.
Mr O'Reilly said he understood it seemed incredulous that the money had been delayed in the international banking system for so long.
But he added that when the company entered the deal with Chinese company APEC, it did not appreciate the difficulties involved in moving money from Chinese entities through banking systems to here.
Speaking at the AGM today, Mr O'Reilly said that while such a scenario was slightly incredulous for us in the west, these type of delays are common in the east.
He added that APEC is strongly representing to the Irish oil exploration firm that the funds will be received by the new backstop date of September 30.
The Providence Resources boss said his company has seen evidence of the funds from APEC's own financiers flowing towards its bank account and it is in a bank en route to here.
Mr O’Reilly added that even if APEC had provided the cash last autumn it would not have been used before now because of the delay the company had experienced in securing state consent for a site survey of the Barryroe site off the Cork coast.
He said the company has already explored a number of legal remedies that might be open to it if the funds do not arrive as promised by the end of the month
who sold 30 shares
could be the panic seller ....LOL
Last deadline:
Ceo knows more than the rest of us
Ceo has put his job on the line
Ceo speaks to Apec everyday
Ceo told journalist that funds are coming and to ask him again next week
Ceo has seen the evidence of transfer!
What's another week when we've been waiting 12 weeks!
Six days left.....payment near four months ‘on way’
And now six days left.....I’d say we were being lead a merry dance, but when CEO believes it with all info to hand, hat hope have we got......hope it does, but realism starting to kick back in....PVr board seem to have lost any faith
On €80 worth!
Sure I couldn't have put it better meself!
yes ...JH77
Tis a cracker this one... A wee cracker!
What year? Joking apart...I don't see why the hell not but it looks more like 2020 now.
drilling, on 4th Q.....is this correct ?
https://finance.yahoo.com/quote/PZQA.IR?.tsrc=applewf&guccounter=1
PZQA.IR - Providence Resources P.l.c.
Irish - Irish Delayed Price. Currency in EUR
0.0778
+0.0148 (+23.49%)
"The Providence Resources boss said his company has seen evidence of the funds from APEC's own financiers flowing towards its bank account and it is in a bank en route to here."
Tony O’Reilly jnr, the boss of oil and gas explorer Providence Resources, has said his role as chief executive will be come up for discussion if funds promised by Chinese investors don’t materialise before September 30th.
Speaking to journalists after Providence’s annual general meeting, Mr O’Reilly noted that he had confidence that the backers – Apec – had transferred the $9 million (€8.14 billion) but that it was stuck in transfer with HSBC. As such, Providence has set September 30th as the date for receipt of the funds.
Asked whether he’ll consider his position after September 30th, Mr O’Reilly said: “Everything will be discussed. I’m not going to put up flags and say exactly what I’m going to do. We’ll just see.”
Bet you Peter Hamilton will be asking O'Reilly on Thursday 26th about his question from last week!
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Peter Hamilton
Updated: Thu, Sep 12, 2019, 07:59
However, Providence revealed in early June that it had not received the initial payment from Apec. A series of subsequent deadlines for receipt of the funds have been missed, with the latest running out on September 9th. The final deadline has been set as September 30th.
Asked whether the company has been messed around by Apec, Mr O’Reilly said: “I don’t think we have. Ask me that in two weeks.”
https://www.irishtimes.com/business/energy-and-resources/o-reilly-leadership-of-providence-in-balance-if-funds-not-received-1.4015902?mode=amp
Aren't the funds more for PVR's benefit? What percentage does LOGP receive? (sorry if that's already been discussed on this BB). I too want this SP to go sky high, but I'm just trying to remain realistic and not get giddy with exaggerated estimations.
That's punchy shibs. You may be right. I reckon 3p on funds, 5-7p on drilling commencement, 10-20p on results.
If the funds had arrived when they were meant to I think we would be at 5p on receipt. This was pushing 3p a few times this year so it seemed entirely plausible. But the SP has been eroded since then. Knowing what AIM is like 3p from here is more realistic, although I'd love it if it was 5p.
5p after money recieved, 10p on spud, 15 half way through drilling, and 30p on success maybe more.
what is the target price here anyone ?
5p when the funds arrive......
Think it will be an amazing fews days after the rns lands of money recieved, new investors aswell as the old that have come and left will all pile in at the same time, this will explode!, but first we need that money lol.
Agree Shibs
Incoming funds by end to next week!
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Speaking at the AGM today, Mr O'Reilly said that while such a scenario was slightly incredulous for us in the west, these type of delays are common in the east.
He added that APEC is strongly representing to the Irish oil exploration firm that the funds will be received by the new backstop date of September 30.
The Providence Resources boss said his company has seen evidence of the funds from APEC's own financiers flowing towards its bank account and it is in a bank en route to here.