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IMHO tomorrow could be a defining day in the life, or otherwise, of this whole mess.
Brid states that she thinks the bill will be quashed (Last night) and Apec are supposed to pay tomorrow.
I just wonder if there isn't something going on behind the scenes whereby the site survey is granted today, and announced tomorrow, and all hell lets loose on Monday. It could affect the SP dramatically, up or down, depending on Apec and a couple of $. After all $9m is a drop in the ocean.
IMHO tomorrow could be a defining day in the life, or otherwise, of this whole mess.
Brid states that she thinks the bill will be quashed (Last night) and Apec are supposed to pay tomorrow.
I just wonder if there isn't something going on behind the scenes whereby the site survey is granted today, and announced tomorrow, and all hell lets loose on Monday. It could affect the SP dramatically, up or down, depending on Apec and a couple of $. After all $9m is a drop in the ocean.
This is a repeat of what I posted this to PVR chat. earlier.
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This whole thing stinks.
I believe that the Chinese won't pay one penny on Friday and will then try to re-jig the deal in their favour.
PVR will not have a leg to stand on financially and will get screwed especially with the seemingly weak management team they have.
If it were me I'd void the deal and go back to the original one well plus s/t which always seemed like a great way to start this campaign especially as the z well (is it?) seemed to be a no-brainer. In addition PVR would revert to 80% and LOGP to 20% and all would be happier. Perhaps we need a CEO and COO in there (PVR that is) that actually has a clue and I can think of a few that have been around Irish operations previously.
It is a total mess.
This whole thing stinks.
I believe that the Chinese won't pay one penny on Friday and will then try to re-jig the deal in their favour.
PVR will not have a leg to stand on financially and will get screwed especially with the seemingly weak management team they have.
If it were me I'd void the deal and go back to the original one well plus s/t which always seemed like a great way to start this campaign especially as the z well (is it?) seemed to be a no-brainer. In addition PVR would revert to 80% and LOGP to 20% and all would be happier. Perhaps we need a CEO and COO in there (PVR that is) that actually has a clue and I can think of a few that have been around Irish operations previously.
It is a total mess.
What cash?
Unless I’m completely wrong all this does is swop their % of the licence for an equivalent in shares in UKOG. This saves having to stump up for expenditures like drilling etc.
It’s also interesting to note that the number of shares multiplied by present bid value isn’t anything like £300k.
Also someone mentioned the effect Iolar will have on EOG. If it’s a duster I think that EOG will struggle to survive.
Must admit I have watched in disbelief the goings on here for years.
Now we have 'more information from Total's wells' that has meant a delay due to site requirements. Come on guys they've had forever to look at the seabed and the results of site surveys etc.
They've agreed with Vantage to delay the spud - what about the other Operators that are lined up to use the rig??
I wonder, maybe, if this delay is anything to do with a lack of readies !! Don't get why an announcement from 2012 slipped into the fray but maybe it was a mistake. Or maybe not.
I've just looked through the whole of the entries for the site survey application again on the department website.
Coupled with the fact that neither PVR (Exola) or LOGP are making any announcements at all with regard to the situation I would hazard a guess that APEC / CNOOC / JIC and the rest are getting a bit 'tired' of the OTT requirements for a simple site survey let alone the threat of a ban on drilling. In addition there's the threat of a ban on drilling offshore Ireland and this site survey business will be the tip of the iceberg in comparison with trying to locate a sub-sea template or production platform.
As someone stated there is so little on the APEC site that one would wonder if they are in this at all. Also JIP do not mention any oil & gas activity as a thing they'd invest in. Very suspicious.
These people in PVR etc are supposed to be leaders. Why don't they keep the people that matter slightly happier by saying something? I know!! Fat chance given the historic manner in which PVR operates.
LOGP are not reliant on PVR executing.
Everything is reliant on APEC and associates as they control the whole planning through operational process. Exola are the Operator but have no one and probably no say.
To me LOGP are the shares to hold as it has a vertical upside - eventually.
Fair do’s to those that have taken the larger stakes so far.
Can’t remember what we guesstimated the free float was a month or so back but it has to be tighter now.
I’d imagine that most of those held by the largest holders were bought at between 1p and 1.5p so no chance they’ll be sold.
We’re probably close to take off.
Don’t think you’ve been following too closely.
Impossible for there to be 250mill LOGP shares in free float at the moment or I think ever from now on. That’s more than 1/3 of issued shares. I think we guessed at very low 100’s a week or so back and probably less now.
With the survey now hopefully underway it could go to 5p on rig move or before.
Put like that it’s a significant investment. If it converts to 2P it’ll be some return as long as average is low.
Good to see an individual on the high stakes board - takes b***s whoever he is. Or rather they!!!
It’s more ammunition pointing towards very few available shares being available in the very near future I believe.
So, go on Duster, tell us who you talked to !!
DelBoi: Are you adding all of these up as it’ll be interesting to see if we can estimate what’s available.
Myself and a few of my mates have a load between us - 6% or so - that’s about 40 million.
The major shareholders are mentioned on LOGP website. Add those too!!
I think there will be a shortage of shares and we ain’t selling.
My money is on Nexen farming in to this. They’ve just formally changed their name to CNOOC Petroleum Europe Ltd (and other versions) and the Chinese are gathering momentum. Nexen has gone forever !! Offices in Uxbridge, Aberdeen and Dublin. They have 50%, and maybe more later, of PVR and LOGP interests in Barryroe and are after production.
Thanks. What I really meant concerned the uproar that Corrib caused during its development and its effect on the overall cost to Shell both monetarily and in terms of reputation. Anyway I believe they’ve sold it in now. I suppose all the problems with regard to the landward pipeline route etc are out of the way as it’s in production now. However I just thought that the ‘Shell to Sea’ people may want to stir it up again. Perhaps not. EOG certainly need something +ve to happen.
It rather surprises me that some sort of stink isn’t being raised by shell to sea and others this being within spitting distance of the dreaded Corrib !! Also I believe that the Corrib infrastructure is planned to be used. All they need is another nightmare along the lines of Wressle. Just a thought.