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PVR dropped because it needed a funding just to keep the lights on. LOGP dropped in sympathy, but it doesn't need funding. With another 5 or so months for some movement on APEC funding or otherwise this should recover siginficantly from these extremely oversold levels.
Strong Buy I would say.
2p just a matter of time. All things movin ahead as work continues. Bargain price won't last too long imo
We've already been told that LOGP has sufficient funds for operating capital until mid next year, so seems more reasonable to believe the LOGP board as opposed to posters on here who think a placing sooner is required.
bought some more logp
. PVR now funded and LOGP no need to raise. we should rise back to 2p now
The cash here is in a slightly better position by the looks of it, although without the two 150k loans to draw down on they would have to raise by now. Probably funded until the end of the year. However, it looks pretty unlikely that the money from APEC will ever turn up.
Not needed Older, £300k loan provided by the major holders here will tide it over until mid next year.
They even stated in the RNS at the time that the SP did not warrant value to raise hence they stood their 51% corner and provided a loan.
They still haven’t sold down so I doubt they’ll raise at a lower price given what was stated in the last RNS.
They are getting desperate for the APEC money...I'm sure the board didn't envisage a 3 month wait when they said the money was being sent....looks like the PVR shareholders have no choice really.
I believe LOGP are in a better financial position and wouldn't need to follow suit any time soon?
10% dilution. Understandable action in the circumstances. Now it's Logp's turn.
So what’s your thoughts on raising the £10m?
new partner wont come very quick. will be many months to get a new one. EOG still looking for partner for their irish farm out
I agree it’s a gamble to average down at this stage but I’m hopeful that either the cash will arrive or a new partner can be found relatively quickly.
Charlie there is also the argument that any funding will be provided by LOGP's very loyal significant shareholders on excellent terms as they did a few months ago. My opinion too of course.
Also LOGP have told us that operating capital is sufficient until next year, so there won't be a placing for that.
are we arranging for placing or is it with PVR ?
What is it with the Irish and back-stops?
Just bought another 8k worth to average down... let’s hope it climbs from here
I suspect giving them to 30th is merely for legal reasons.
The money isn’t coming, if you sold your car over phone and three months later he told you he still
Wanted car and was still going to pay would you believe him?.....no.
Not all over yet.....but I dare say PVR and Lans sick of paying for an RNS every week....so hopefully at least come 1st Oct we may finally see a plan and get some more detail.....almost certainly without Apec
Agree with most PI's, this is becoming a 'Laughing STOCK'
The BOD's are further to blame, as they Should disclose more info about Contact with Chinese.
There is obviously SOME Dialogue, otherwise, there would be NO Backstop.
Get Boris on the Board-If for no other reason, than just to make me smile.
I read within these recent missives, that exploration has completed the survey of area 1, and is commencing the 2nd
area to be surveyed.
Surely, the BOD's should be divulging this ?
GLA LT holders
...what with backstops and kicking the can down the road. But there must be some chance of the postal order arriving or surely Plan B would've been implemented by now?
Might as well shelve this investment and come back in 3 weeks.
PVR seeking funds by end of Sept simply put ......
Critical times
Update on receipt of APEC Loan Amount
On September 3, 2019, the Company announced that it had issued written notice to APEC that, should the APEC Loan Amount not be received by the close of business on September 9, 2019, the Company reserved the right to end exclusivity, while also considering all legal remedies available to it against APEC for contract non-performance, including the re-assignment of equity in SEL 1/11. As at close of business on September 9, 2019, no funds had been received in the Company’s account.
In the announcement of September 3, 2019, the Company also noted the current working capital position and confirmed that, as a result of the delay to the receipt of the APEC Loan Amount, it was now actively exploring alternative financing arrangements to provide the Company with sufficient working capital beyond the end of September 2019. The Company continues to progress those alternatives and, accordingly, confirms that the Barryroe Partners have agreed to a further extension of the backstop date for receipt of the APEC Loan Proceeds to close of business on September 30, 2019. This extension is without prejudice to the Company’s legal rights under the Updated FOA or any alternate financing arrangements that the Company may put in place.
Site Survey Update
On August 9, 2019, the Barryroe Partners confirmed that they have received permission from the Minister of State at the Department of Communications, Climate Action and Environment to undertake a seabed debris clearance, environmental baseline and habitat assessment site survey (the “site survey”) over the area of the Barryroe field within SEL 1/11. Whilst the full implementation of the site survey is subject the receipt of the APEC Loan Amount, the Company announced on August 20, 2019 that it had agreed the payment of the contractual mobilization fee.
On September 4, 2019, the Company announced that Gardline’s M/V Kommandor survey vessel had mobilized to SEL 1/11 to undertake the site survey over the area of the Barryroe field within SEL 1/11. The projected programme provides for a minimum of two locations to be surveyed at this time with the scope to increase the number of locations upon receipt of the APEC Loan Amount or alternative financing being secured. As of the close of business yesterday, the Company can confirm that the site survey of the first location has been completed and the Company has already started site survey operations over the second location.
PVR RNS is out, but not LOGP. Delayed well after 0700 when it should have been out. Still no funds, so not good. Only question now is how low will this go.
Assuming alot of stop losses got triggered today, depending on tmrws rns buy back may happen, all depends on how Apec responds and what they have done past week to see why the money is taking so long to transfer, they may still be in the game and given another chance,
If they don't get given another chance then we maybe looking at other funding partners and for what we are drilling trust me this is cheap for the share of the prize,
The Chinese would have to be mad not to sort this immidiatley! Well let's see what tmrw brings, fat lady hasn't stopped singing so people stop panicking,
No other assets (that I am aware of). I wouldn't say blind faith as that's like saying our 20% is worth zilch. Next bit of financing news might temporarily stabilise us (only for site survey) but hopefully they'll build for a new deal.