Member Info for LONGWAIT

'What it doesn’t say is that SOU will take any offer irrespective of whether it’s good or bad, '

So it looks unlikely that gaspunter's prediction that Rothschild will take over SOU for 5 - 10 p per share and sell on TE-5 for about 25 p per share will happen.

Too bad: I'm sure the directors who bought at 10 - 12 p were looking forward to taking losses of about 50 percent.

They must have checked with gaspunter first about the true state of the company ...

The higher figure of USD24 million, Providence said, "reflects an agreed augmented scope of operator-related costs associated with the drilling programme".

Within that, USD9 million is to cover well-site survey operations and pre-drill well consents, which have not been incurred because of the legal challenge to survey consent. The other USD15 million is to cover operator-related drill costs before the first well is spudded.

The costs will be financed by APEC through a non-recourse loan with an annual interest rate of LIBOR plus 5% and is repayable from cashflow from the SEL 1/11 licence containing Barryroe. Once the loan is repaid, APEC is entitled to 50% of production cashflow from the licence, Exola to 40% and Lansdowne 10%.

A USD9 million loan advance from APEC has not yet been received, although it was originally due in the fourth quarter of 2018. A number of amendments to the farm-out agreement have been made to extend the date of the initial loan advance. A revised backstop date of June 14 has now been set.

http://www.morningstar.co.uk/uk/news/AN_1559733199606101300/providence-resources-says-barryroe-project-delayed%3B-more-funds-needed.aspx

I've just been reading gaspunter's previous recent posts.

They read like a horror movie.

SOU is going into receivership, being taken over my Rothschild for a maximum of 10 p per share.

This is all going to happen, he explains, because JP failed to find gas.

No mention of the gas at TE-5, the contract to sell it, nor the independent valuation of it.

Looks rather like a consistent effort to discourage new investors from buying at rock bottom prices.

Can someone please translate the last post into English?

Who is becoming insolvent?

One thing I have been wondering about is whether the increased cost to PVR and LOGP of the Barryroe project has to be paid up front and if so, could that present a problem?

So far, the bad news has been that two projects have been delayed and the cost of one increased.

Yet the share price appears to behave as though they have both been canceled.

... and even the value of that company.

That may explain partly why so many people prefer to buy high rather than low.

I think most people think a company's share price always accurately reflects the state of that company.

A Reuters poll of 10 brokers is extremely bullish on Hurricane Energy. There is a long-term Buy rating on the stock and signals point to huge upside potential. Only one broker has issued a Hold recommendation, and none have assigned a Sell or Strong Sell rating on the stock.

Read more about top oil trading strategies

In May, Berenberg set Hurricane a price target of 100.00 pence while Morgan Stanley said shares could increase by as much as fivefold before the end of 2020, although the latter didn’t set a price target because of the wide range of potential valuation outcomes.

(courtesy of Mademoiselle Doche)

Providence Resources shares plummeted by more than 20% on the back of a further delay to planned drilling at the company's flagship Barryroe oil and gas field off the Cork coast.

The Tony O'Reilly Jr-led explorer now expects to begin drilling at Barryroe in the fourth quarter of this year, having initially targeted the third quarter as its start time.

Providence, via its subsidiary Exola, is still awaiting regulatory approval for a planned site survey permit for Barryroe.

https://www.irishexaminer.com/breakingnews/business/providence-resources-shares-tank-on-fresh-barryroe-drilling-delay-929003.html

Are you saying that the farm-out agreements are just shams?

Incredible - even on AIM - that with so many prospects, the shares can become so low.

I think they are about 3.35 p off the all-time low, which was reached before the Barryroe farmout agreement and I think before anything happened with Newgrange, Avalon or even South Dunquin.

Really unbelievable.

I'm not obsessed by share price movements, but it is uncanny - as some posters have noted - how the price plunges whenever it breaks through 60 p.

It seems the correction at the close was about 8 p.

I can't see this lasting much longer.

According to Google, that last report is from an hour ago, but as I can't find any other similar report, is it possible that it is an old one?

Providence in new Barryroe drilling delay off Ireland

Previous legal challenge to well site survey forces independent to push back drilling operations

https://www.upstreamonline.com/live/1799744/providence-in-new-barryroe-drilling-delay-off-ireland

Providence Resources ups cost estimate for development offshore Ireland

05 June 2019, 08:00
Source - SMW

Providence Resources said it had increased the estimated cost of developing its Barryroe oil prospect in the North Celtic Sea Basin off the coast of Ireland.

Providence and partners Apec Energy Enterprises and Lansdowne Celtic Sea had agreed to allocate $24m to fund the forward costs of the project, up from a previous estimate of $19.5m.

'Such costs are associated with carrying out the well-site survey operations, consenting the drilling programme and other project-related costs,' Providence Resources said.

'This increased sum reflects an agreed augmented scope of operator-related costs associated with the drilling programme.'

Apec Energy Enterprises had also been granted an extension to come up with a $9m loan advance until 14 June after it missed an original agreed date.

'The company understands that this delay is due, in part, to a change in the composition of Apec's funding mechanism,' Providence Resources said.

'The company will issue a further update in due course.'

At 8:00am: (LON:PVR) Providence Resources PLC share price was -1.05p at 9.25p

Providence Resources ups cost estimate for development offshore Ireland

05 June 2019, 08:00
Source - SMW

Providence Resources said it had increased the estimated cost of developing its Barryroe oil prospect in the North Celtic Sea Basin off the coast of Ireland.

Providence and partners Apec Energy Enterprises and Lansdowne Celtic Sea had agreed to allocate $24m to fund the forward costs of the project, up from a previous estimate of $19.5m.

'Such costs are associated with carrying out the well-site survey operations, consenting the drilling programme and other project-related costs,' Providence Resources said.

'This increased sum reflects an agreed augmented scope of operator-related costs associated with the drilling programme.'

Apec Energy Enterprises had also been granted an extension to come up with a $9m loan advance until 14 June after it missed an original agreed date.

'The company understands that this delay is due, in part, to a change in the composition of Apec's funding mechanism,' Providence Resources said.

'The company will issue a further update in due course.'

At 8:00am: (LON:PVR) Providence Resources PLC share price was -1.05p at 9.25p

I never attended such events and when I finally saw the recordings, I was horrified.

Unfortunately, I had already invested heavily.

However, how do we know there isn't 19 TCF ( I think that was the mid-case) ?

This is better than Billy Graham:

https://www.youtube.com/watch?v=q7BQKu0YP8Y

Any resemblance to JP is purely coincidental.

'the obvious question is why would another explorer buy a concession that so far did not prove feasible, particularly given that Sound Energy’s partner Schlumberger was involved in early testing on the sites?'

Do your follow his argument?

I don't.

I suggest you re-read my post, KTF:

'Yes, KTF.

The share price suggests that the directors will shortly be calling in the receivers.

Why the directors are buying shares is difficult to explain unless the market is badly wrong.'