The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
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It’s not about extending the license, it is about ensuring that the conditions are met to maintain the validity of the existing license.
That's my question. What conditions are they fulfilling by applying for this survey permit? The conditions are generally set out in a work programme agreed with the minister that would be specific to each license. Providence already have an extension of the Barryroe license allowing for two phases ending in July 2019 and July 2021 respectively:
https://www.independent.ie/business/irish/providence-resources-granted-two-year-extension-to-barryroe-licence-35926047.html
The appraisal wells for which they already had site survey permission fulfill the conditions of assessing the Jurassic and Triassic afaik. Not sure what this new application adds. They need to finish the survey already planned and ultimately have to drill the appraisal wells or they will lose the license.
Interesting statement in site survey request.
It says "Exola DAC, a wholly owned subsidiary of Providence Resources plc" which means Providence now owns all the shares in EXOLA DAC. Does this mean they have retrieved the shares from APEC? After all, with 50% of the shares owned by APEC, EXOLA was not a "wholly owned subsidiary" of Providence and not even partially owned because it did not have a minimum of 51% of the shares.
Furthermore, EXOLA is a DAC (Designated Activity Company) which means it has to have two directors. Who are they?
As for the survey, it is interesting that they are applying for this survey when they already carried out two in September last year. So why are they doing a third? Is it because they have discovered "the sweet spot"?
The one sure thing about the survey is that it is current as the request letter is signed by "Alan Linn, Chief Executive Officer".
And who is going to pay for it? We did not discover last year where the money came to do the survey in September but having got permission from DCCAE it was necessary to do those to protect the interest in Barryroe.
The first RNS from the new gang at Providence will be rather interesting. Still no sign of it but they are obviously doing something given this request and we are now in Annual Accounts period for the year ending 31st December 2019 which must appear sometime in the near future unless they are going to drag those out as long as possible with a final date of 30th June at the latest.
According to the application letter (for the seabed survey) sent by Exola DAC, its directors are - Alan Linn, Pat Plunkett, Angus McCoss and Simon Brett.
We still do not know why they have decided to do a third survey. What was wrong with the other two or is the third one, specified by Linn, part of a new campaign as specified in the following item.
https://www.offshoreenergytoday.com/gardline-wraps-up-barryroe-site-survey-for-providence/
You will note that this article states "EXOLA (40%), a Providence subsidiary, " whereas the Linn request for a site survey to DCCAE states "Exola DAC, a wholly owned subsidiary of Providence Resources plc" so they have obviously got the shares back from APEC. So does this mean full steam ahead?
Perhaps we will only get an RNS when Tony has finally left. Either way, it would be good for them to tell us something about the new strategy and we will surely hear about a funding in February if no new deal is around the corner.
In the meantime, the share price drifts lower but then, what's new?
I have today noted with incredulity that JOG's resources are valued by AIM at £0.20 per barrel, but I have just calculated that PVR's 80 percent share of 346 mmboe is valued at less than £0.07!
If it turns out that there are a billion barrels in Barryroe, including the lower levels, that would equate to £0.024.
No wonder PVR's major shareholders haven't given up yet!
Someone bought 250,000 shares, apparently at 4p each, at lunchtime today.