Good morning JH...I hope that what you are predicting may not happen. If it did won't the costs be met by APEC since they are financially responsible for the drilling.
Joseph V Savona
16:13 (1 minute ago)
to me
My posts on the LOGP thread. Sorry to disappoint LBO, but Friday's RNS is nothing to worry about.
papillon 1 Dec '18 - 14:08 - 4424 of 4425 Edit
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Many thanks for that link, druidinvestor, but it didn't work for me. I've posted a link to that Irish Times article again.
hTTps://www.irishtimes.com/business/energy-and-resources/providence-postpones-its-survey-pending-a-new-permit-1.3716295
papillon 1 Dec '18 - 14:16 - 4425 of 4425 Edit
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That Irish Times article shows that TOR and PVR have pulled a master stroke by submitting a new permit application!
"The new application means that instead of a potentially lengthy wait for the High Court to rule, they instead face just a short delay before work begins on what could be Ireland’s first commercial oil field."
After reading this article I should say that the chances of the Barryroe site survey NOT going ahead are minimal and probably negligable. I believe the initial fall in both LOGP and PVR sp's on Friday was a knee jerk reaction and was just plain wrong! At worst the Barryroe appraisal well program has been put back by a few months.
Bronx...you may recall that once I asked you (and you did not respond) to put on this board copies of your emails to APEC, so we will all learn what you were asking them. Why would I have asked you to do this if as you are claiming I already had copies of these!!! Once again I bid you a happy weekend. I am now going to watch some English Premier League football.
Bronx. By being rude and crude only shows what a gentleman you are. Not! I am no insider, but I have age and experience on my side. For a second time I wish you a happy weekend.
Good morning Bronx...Manyana gave you an excellent reply before I had time to respond myself.
My comment to you now is this:
I have recently commented on a few occasions on some of you posts and you chose not to reply...that is your prerogative, however I find it very strange that you chose to reply a post addressed to FEXIT and not the ones addresses to you. Have a good weekend.
FEXIT...will you be so kind as to explain to us, on the BB, why TOR or anybody else on the BOD, was responsible for this?
Bronx, what previous projects has Exola worked on, acting as an operator or acting as anything else??? If I am not mistaken Apec is going to spend some $250m with Exola acting as an operator!!! Who is risking anything here PVR/Exola or Apec?
Farm-out to APEC
In March 2018, the Company announced that it had signed a Farm-out Agreement with APEC Energy Enterprise Limited in relation to SEL 1/11. APEC is a privately owned Chinese company which has a strategic partnership with China Oilfield Services Co., Ltd and JIC Capital Management Ltd for the investment and development of offshore oil and gas opportunities worldwide utilising Chinese drilling units, services and equipment.
Under the terms of the Farm-out Agreement, in consideration for APEC being assigned a 50% working interest in SEL 1/11, the following terms apply:
Commercial Terms
APEC will be directly responsible for paying 50% of all the cost obligations associated with the drilling of 3 vertical wells, plus associated side-tracks and well testing (hereinafter referred to as the “Drilling Programme”);
APEC will provide a drilling unit and related operational services for the Drilling Programme;
APEC will finance, by way of a non-recourse loan facility (the “Loan”), the remaining 50% of all costs of the Barryroe Partners in respect of the Drilling Programme;
The Loan, drawable against the budget for the Drilling Programme, will incur an annual interest rate of LIBOR +5% and will be repayable from production cashflow from SEL 1/11 with APEC being entitled to 80% of production cashflow from SEL 1/11 until the Loan is repaid in full;
Following repayment of the Loan, APEC will be entitled to 50% of production cashflow from SEL 1/11 with Exola and Lansdowne being entitled to 40% and 10% of production cashflow, respectively.
Operational Terms
Exola will act as operator for the Drilling Programme with technical assistance being provided by the APEC Consortium; and, After the completion of the Drilling Programme, APEC will have the right to become operator for the development/production phase.
Bronx, it would help Older's friend if you put here a copy of your email to Apec, in order to give him an idea of what information you are looking for.
Its, BRONX, seems to think he is more qualified to do a proper due diligence on APEC, than the PVR Board of Directors, TOR, and the Irish Government, who finally approved the deal. It would be interesting to know the contents of the email Bronx sent to Apec!!
JH for some people it may be a big buy!!! KUMS goes not know if he is KUMING or GOING!!!
JH77...I fully agree with you about Jonny Chinaman. BRONX seems to be doubting that the BOD and the Irish Government did not do a proper due diligence on APEC.
Bronx...give some credit to the BOD, and especially TOR, and for that matter Irish G
overnment who approved this deal.
Hear hear Manyana. There is always somebody who thinks he/she can do better. Rigs are not easily available and APEC will be able to procure one through their own inhouse arrangements.
Well said 1cagney, being rude, vulgar and disrespectful gets us nowhere.
Dronx...re the following "People are still very sceptical about this company APEC"...who are these people you refer to. Have you or any of these people heard or read anything about APEC which makes them so skeptical? I have not. I personally have faith in TOR and the BOD, and believe that they have done a proper due diligence on APEC before any commitment.
What does "Updated Evaluation " mean?
good morning Olderandwiser...you are not holding up to your name. DYOR...I am sure you are wise enough to use google!!!!
Anybody watch TOR on Sky News, Ian King