Member Info for hoper

AXECAP1TAL - I would be interested to know how you know SpotOn are hugely experienced in utilising funding from the Norwegian export credit facility. Can you name any occasion when SpotOn have received funding from them?

ps200306 - I must have missed it, when was it announced that the Norwegian export credit facility had agreed to cover 80% of the Barryroe costs?

Lets not forget that a detailed farm out deal was agreed with APEC and it turned out there was no money. If a deal is agreed it must be made clear where the money is coming from. At the moment neither PVR, LOGP or SpotOn have any. Also, Barryroe has not been proven by PVR or any of it's previous owners to be commercial. A lot more money will need to be spent with no certainty of success.

"With the shares down at 8 cent, Providence is capitalised at just 70 million euros and so the shares, as with Tullow, would appear to be significantly undervalued. Moreover, in this case, there is little or no downside evident"

Little or no downside risk investing in PVR? The Barryroe field hasn't even been proved commercial and so far there is no deal. Without a deal they have to raise more money or go bust. I have no idea who wrote this stuff, but he sure as hell had his rose tinted glasses on.

gotabesirius - All I know is that JKX have looked into the valuation of their 10% holding and decided to write it off. I'm a holder in JKX so would love it if their 10% of UNB was worth a fortune, but currently it's down as worthless.

Nickel Investor - I'm not sure you are right that UNB is "multiples bigger the JKX". I always thought it was much smaller. However, I'm not certain and am happy to be proved wrong. Do you have any links reference the size of UNB?

Russell - I don't disagree with you. I think writing the investment down to nil is the right thing to do, it will be a nice bonus if they get any value from it. Nobody wants them "counting their chickens", they have done a similar thing with the $12 million from the international arbitration award.

Nickel Investor - It would be lovely if it was true, but it isn't. Below is from JKX's last annual report:

"At 31 December 2019 the carrying value of UNB remained fully impaired following assessment by the Board considering relevant available information and valuation techniques, reflecting:
? the lack of liquidity in the shares of UNB and considerations regarding the nature of markets for such an investment;
? the absence of any history of dividends or other returns on the investment since acquisition in 2006 and the significant uncertainty regarding future returns;
? the absence of regular formal communication with UNB or potential buyers;
? the level of uncertainty regarding any market valuation method based on quoted Ukrainian oil and gas companies given key differences in the respective businesses and corporate structures;
? the limited number of quoted Ukrainian oil and gas companies that can be used for the market valuation approach, defined in IFRS 13; and
? a paper prepared by a specialist third party advisor to the Board of Directors noted the limited number of likely parties potentially interested in purchasing the investment and the difficulties in determining the consideration for which the investment might be disposed generally."

To me that reads as if JKX think there is little if any value in their 10%investment.

AK57 - I'm a holder, but I have never seen anything that says PMO is break even at $32. I would love to know your source.

There's the RI to sort out and massive write downs due in the next set of figures. Medium to long term it looks good, but short term not so much.

Don't forget:

"San Leon holds a 4.5% NPI over the whole of the Barryroe oil and gas discovery"

Still a long way to go before these oil companies bounce back. CNE is one of the best of the bunch, but in the current climate I'd be hoping to get in at around the 30/40p mark. Might be wishful thinking, but I won't lose much by being 100% cash. It could be a time for making a fortune or going broke!

Broker Analyst:

I'm not saying $615 million (not Euros) isn't a lot, but the rewards from SNE could be great. I think CNE currently have about $250 million in cash and income from an expected 19,000 - 23,000 (not 18,000) bpd. They also have a good debt facility in place. If the price of oil picks up in the next year or so CNE should be fine and is a bargain at these prices. That said I'm sat on the sidelines with cash hoping for a even lower price.

Nigoil

They are not facts, it's a wish list and opinion. Rhea is a million miles away from being drilled at the moment - unless I've missed something Arg don't have the money. Your Sealion guess could happen, but could just as easily happen in 2021, 2022 or even later - if at all. As for being a strong buy that's daft. RKH is a punt and nothing more, with the possibility of a very good profit. Arg is just a crazy bet, with about a 1 or 2% chance of coming of.

Not trying anything, just posting what I found on Bloomberg - which you must admit is normally a good source. For what it's worth I think PMO is one of the best investments in the sector, but if Zama goes tits up it loses some of it's appeal. Good luck with your investment.

https://www.bloomberg.com/news/articles/2020-01-29/mexico-s-pemex-rejects-talos-claim-to-majority-of-zama-discovery

Manyana - The link you provide is from a newspaper. To my knowledge ( and I've read all the RNS) HSBC have never confirmed that they have received any money from APEC or their funders. The evidence seems to have been provided by APEC for PVR and frankly I wouldn't trust either of them.

Manyana - Did HSBC ever state that they had received any money from APEC? I know that TOR said he had received a
" HSBC remittance notification dated July 5, 2019 from APEC’s funder" but anyone can get hold of a HSBC remittance slip. To the best of my knowledge HSBC have never confirmed this, all the details having come from APEC and TOR.

On the 8th July:

"Providence has received a HSBC remittance notification dated July 5, 2019 from APEC’s funder for the transfer of US$ 10 million in favour of Providence’s bank account in Dublin with a payment date of July 9, 2019. Of the US$ 10 million, US$ 9 million is to cover EXOLA front-end and pre-drill costs with US$ 1 million to cover APEC costs."

At one of the recent meetings I believe TOR said he didn't know who APEC's funder was. Strange that it wasn't on the HSBC remittance notification. Perhaps TOR could show shareholders a copy off the bank remittance notification

anovas - I think that's stretching it a bit using GDPR as an excuse. The worrying thing for me is the money was supposed to being processed through the banks, but the PVR Directors have no idea who is funding APEC. You would think TOR might have been a little more curious where the money (if there is any) was coming from.