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I think he’s correct as well and blank me if you wish.
Needs a complete clear out. One guy (from the old O&G school) could run this - like the original Paul Barrett. Where is he now?
Would make a great plaything for a reasonably well heeled retired O&G individual. There’s a few of these penny companies thinking they’re God’s gift but they ain’t.
Missed that - thanks.
Thought there was supposed to be an earnings statement on 28 March - yesterday. Why wasn’t there one ??
Whatever the price paid it was too much. Can’t believe anyone would buy with 95% dilution coming plus ongoing 180m bond with outrageous interest rates. Basically whole company defaults to bond holders for 50m.
Then an idea to drill a sidetrack and a water injector at 84m and 96m respectively. Hilarious.
It’s doomed from a shareholder perspective.
A news item on website but not added to RNS here on LSE.
Any ideas why?
PS: Although it looks complex, and it is in the background, it’ll make no difference to your dealing on Aim or Euronext unless the masses vote against it - which they won’t.
PB2. I can’t find any info ref application for a ‘proppant squeeze’ should production suck. Can you help here?
To me, though, proppant squeeze is just a nice way of saying frack job. Of course fracking is not something you want to talk about onshore UK. Getting permission from those in power who don’t have a clue will be troublesome I’d expect.
I’m still not convinced this 200 bbl/day addition, if they get it, will make that much difference to EOG’s big oil ideas especially if you look fairly closely at the recent finances on companies house etc.
Next Monday a make or break for this IMHO. Don’t think the SP could take another extension without a major downward plunge.
Even so I just don’t understand why anyone would be selling at this point.
Why is it bright for O’Reilly (and therefore O’Sullivan and MCCoss) when they managed to destroy PVR and Tullow wasn’t happy with one of them?
TOR and his immediate family had / have their own art form of infinite bankruptcy and I doubt many funders would go along with any half baked ideas such as dcarbonx. I just can’t get the image of the three of them crossing a bridge in Dublin like Ghostbusters out of my mind. I think it was the Irish times that wrote the article. As a friend said - clowns !!
The smart money is on the new Board. All 3 of them.
JARV
Don’t believe you spoke to Linn. Your story is all horse.
Of course there would be lawyers involved - how else does anyone complete a farm-in or out ? Ridiculous statement.
What do you mean ‘rest is all done’. What exactly is ‘the rest’ and what is ‘done’?
Final stage of completion process. What is the completion process and completion of what ? Lunch ???
Lots of people publish lots of tripe on these boards and have no clue how such a deal works. Perhaps you could explain all of this to us know nothings.
Carbon coming from Barryroe. Hilarious !!!
This crowd are nearly as big a joke as Tower.
How can Production of 200bpd transform this into a company that can take on an Irish exploratory (and beyond) campaign next to Corrib? Surely no one in their right mind would subscribe to this ‘death by regulation and objection’ scenario.
A presentation is just a presentation.
I wonder how a company can survive this - a 50% reduction in producible hydrocarbons and Looking like a completely wrong original CPR. Page 22 onwards.
Has anyone asked how RPS and Schlumberger managed to get this so wrong??
Not a fan of that article at all.
SpotOn didn’t put $3.3 million into PVR. That was the raise amount which SpotOn contributed about 10% of.
The non-binding agreement has a six month life to signing farm-out document. It’s supposed to have a drop dead date of Oct 31st and I would say that talking about this ‘hopefully’ happening by year end is not good press. It’s yet another holding pattern and we’ve had enough of them.
This is not the way to promote such a great project.
Although I’m not sure I’m 100% up to date, as it changes so often, I believe in the UKCS that the govt has done everything to avoid having to pick up any decom liability.
So (if Kinsale was in the UKCS) and KSE went totally bust and had no decom fund then the govt would look back at the history of who did what - as you indicate.
Some previous licence holders / operators could also be bust or out of business so it would be pointless putting the monkey on them. But Marathon is still liquid and could be forced to take it on. I believe that worse that that the govt could go back to the original drilling contractor / service companies if all else failed.
I need to get into the Irish regs but not a fan of trying to understand that sort of thing particularly.
We need progress, quickly.
I don't think ‘recouped’ is really the correct expression.
There’s an obligation on the Operator to set aside a sum of money on the balance sheet equal to the costs of decommissioning at the end of field life. So, as you say, the cash is in the kitty but this has been ‘saved’ over many years. It’s a bunch of cash.
Although I personally doubt that Providence has any interest in the platforms if they were stupid enough to take them over the decommissioning responsibility, cost wise, has still to be accounted for and the decommissioning fund may move to the new operator or remain where it was. Loads of examples of this in the North Sea.
I really don’t understand why Providence would want the platforms along with the residual decommissioning responsibility. It’s a horrendous piece of work that needs an army of people to manage.
We’ll see.
Article on the currency today. Don’t have a sub so can’t read it.
Unfortunately it’s gone. I really would like to know why as all I was discussing was JU versus semi operations and the differences in survey requirements.
I did have a bit of a go at a couple of things though, one of which was my feeling towards certain aspects of the legislation and it’s ability to get in the way of progress. Sorry Guv.
Oh well. This one’s probably for file 13 as well !!