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Starbuck, call a spade a spade. the 6 month chart has gone from .094 to .02.
Skyrunner, nothing will happen until DCCAE consent and $9m bucks showing up in the PVR account. We will know a bit more on or before the PVR annual results which will be published at 7am on Friday. And its Barryroe by-the-way. On a related note there has been 1 or 2 tugs positioned with the Icemax for the last few days. Is it having difficulties with its positioning systems ?
All eyes now on Annual report, cash balance, cash burn, salaries and options. Oh and how can I forget the annual spin story from Junior. Can't wait!
Phoebus,
Its a huge problem. And my apologies if I'm repeating myself.
If APEC have not pumped in the cash by Close of Business today it suggests that all is not well in the agreement that took months to negotiate & agree.
Theres a survey vessel waiting in port and a Drill rig in Norway just waiting to be deployed.
The survey approval being conditional on the payment of $9m has never been mentioned.
The PVR annual results have to be published (by law) prior to end of June and will take at least 10 days to prepare.
SO if the money has not shown up, the spin doctors will be in overdrive over the weekend to explain to the punters (us) what the duck is the new plan.
This is regardless whether the Survey has been unopposed.
I think I'll switch off my mobile on Sunday night and take a sickie.
Manyana, I see things differently. PVR were forced to issue a blunt RNS by their 'partners' with an ultimatum with a seven day duration. So all is not well in that relationship. Hopefully it will resolve itself by COB tomorrow. Otherwise PVR management can reasonably be considered incompetent. Getting another :partner would require renegotiation, resubmission for a survey etc. etc. Also, the Icemax is not suitable for shallow water. Tomorrow could be a long day. All my humble opinion of course.
Bronx, you will either be right or wrong. Everyone including yourself hopes that you're wrong. 48 hours and we'll all know but by that stage it may be too late. I feel a nosebleed coming on.
If APEC is finding it difficult or nervous about stumping up the $9m, what chance the $250m to drill / develop. Dark clouds appear to be gathering.
There will have to be an RNS on or before Friday regarding the payment or not of the $9m. This share is not for the faint of heart.
Love_You I don't have any medical credentials but excessive drink and/or substance abuse can be harmful.
Nigel that's all very positive and I really hope that you're right. However the promised $9m cash deadline has been adjusted several times without an RNS to that effect. Even an optimist like yourself would be troubled by the 'peanuts' not actually appearing?
To borrow a phrase from someone 'we have them exactly where they want us'
There is of course the small matter of an elusive $9m which has to show up on/before Fri 14th. If it doesn't show up we're all Donald Ducked.
If any of the big boys are trading an RNS should show up on Monday 7am. Watch this space...
Tidd I agree that nothing has changed in a day except that this is the first time that the pi's and maybe the bigger investors have been aware of the delayed / non payment of the $9m. That's a big deal in my opinion. Maybe a deal breaker.. but I hope not
Mamms, I think all will be clear as to sentiment of the two lads when the annual report shows as to whether their options have been extended in their current format or adjusted with a higher strike price. The latter would be my preference as they have had years of failure regarding the former.
Manyana, We're on the same team and are saying the same thing. I'm just using less words. As soon as Exola get the green light be it June 13th or a later date Drive On with the Survey, don't wait 90 days. Ditto with the drilling once the consent has been given.
Manyana, We're saying the same thing. Let's get the green light for the survey and do it. Then let's get the green light for the drills and mobilize the equipment that's waiting in Norway. Judicial reviews if waited for means that PVR are petrified of the possibilities. If our senior staff can't get this right after 8 years they need to be sacked. Regards
Manyana, Your last paragraph is what I would disagree with. The full year report is a full year all license and financials report. The survey approval is still subject to Judicial review period and to date PVR haven't had the testiculos to do what Nexen has and plough on regardless. There's some other reason they are delaying and that is that something is imminent (good / bad) or that the cash burn is not good. I don't think they're waiting for DCCAE, as that is a fruitless wait. Just my opinion.
Nigel, unfortunately logic and politics are not good bedfellows.
Well Bronx, it wasn't Exola. Interesting observation from Manyana that Nexen went gung-ho with the drill despite the 90 day potential Judiciary review period. I hope that the second time round that PVR execs plough on with the survey as soon as they get the green light. Likewise with the drill programme. Opportunities pass, they don't pause. Grow a pair between you PVR.