Member Info for Mamms

All technical staff will be made redundant at some future point when they have the cash to make them redundant. No one goes for now. I also reckon they will have to keep JoS since they will need to evaluate proposals.

I don't see JoS packing his bags. He has stepped down from the board with immediate effect but continues in the days job as technical director (unless someone can point to a resignation somewhere?). PVR have a commitment to the survey -we're managing it and have entered into contracts - did you not see note 8 to the annual accounts? "The Group has capital commitments of approximately €5.1m to contribute to its share of costs of exploration and evaluation activities during 2019" (which I assume relates to commitments made for the survey). They had €7.6m on 1 January and they will have spent $3.5m (note currency change) keeping the lights on. $1.45m is left so about €2m on the €5.1 has been spent on the survey so far. I reckon, since they don't have time to raise cash before 12 August they will have to get a loan facility - expect the terms to be horrendous. If APEC don't come through with the cash (which I would say is now 75% against) then we are donald ducked. Like Anovas and many others on the board I held on in hope but it really looks like we have all been badly misled and will end up with a complete loss of our shareholdings. What a total and utter balls.

You must be delighted. ToR is raising 12.5m (10m after costs) by issuing 250m new shares at 5p. The board resignations are those opposed. That hypothesis is at least as credible as money arriving and permit issuing. A quarter of the company value disappeared this morning, something is seriously wrong - we just don't know what it is yet though iis seem to smell it....

Looks like a fund raise. Fock it.

Apec still haven't paid. The new strategy is to shrink to greatness....

Anovas, that's not true - I commend them when they do something good (e.g. Druid and Drombeg farmouts) and criticise them when they do something bad (borrow money when they have no income, destroy value through ****ty fund raises, select dodgy partners etc.). They big problem is the that the ratio of good to bad is so skewed that you think I am always criticising . I'm not. BTW does this mean that there will be an RNS on Monday or no RNS even though no money has been received?

I'd say Tony's dead hand will have to be prised from the tiller. Either he could be forced to resign - for instance failure to notify the exchange for 9 months of non-payment or some other withholding of truth or he takes us far enough for a buyout. IF the Chinese come up with the cash do the drill and green light BROE for development, IF Iolar comes in, IF, IF, IF then someone might offer something reasonable and we can all go our merry way and curse ToR from a good distance.........

Next one will surely be the last extension, surely..... Ha ha ha ha ha ha ha. What a balls

No - it was not squared away in the contract. If it was the first RNS would not have issued.

I understood who you were talking about. Why do you think PVR should be a charity to APEC? Do you think APEC are entitled to a free carry on the survey risks when they signed a contract that said they were not? This could have been squared away in the contracts if that was true but contracts for survey vessels etc. have to be entered into and arrangements made to do they work for the process to proceed so there was a conscious decision to share the risks. APEC or rather their funder (an unknown entity at this point or at least we know that it has changed) did not produce the cash on at least 10 occasions - it only broke into the public when it had to and to put pressure on APEC - not the Irish Government (I'm sure they'd be indifferent if they whole thing went away). There was a problem with the money. It might be sorted now and it might not. Who knows? I'll believe it when it hits the account but it's clear already, we have a class partner....

WTF does it mean that its not a charity? PVR is not a charity. Why is APEC getting a free carry on the survey risk? They did not sign up for it. I still say it is more likely that they either did not have the cash or do not have the cash than that they are playing fast and loose with the contract. They've done huge damage whichever one it is.

I understand everyone with money are risk is making up BS theories for why there is no money on the account. The real answer is most likely the didn't have it but maybe now have cobbled it together. Maybe.

It may be true that the funds are being deliberately held back pending issuance of the definitive permit but that really shows (a) how poor PVR are at negotiating contracts - remember we are already on the hook for the cost of the survey (b) that APEC are a consortium that no reasonable firm would do business with. They have broken the contract and acted in very bad faith. If they are this skittish then there is no chance that BROE will ever come to fruition with them. All in all its a balls....

UPDATE 76 ON BARRYROE FARM-OUT TRANSACTION 19 December 2020 : Extension of Backstop Date
The Company having received no further documentation showing the mechanics of the transfer of $US 10 million to Providence’s account has resorted to swapping pictures of each other's mickeys. As you may have guessed by now the funds still have not been credited to Providence’s account. Accordingly, to facilitate the perpetual delay and in order to keep this turkey alive, the Barryroe Partners have agreed to a backstop extension of on or before December 26, 2020...

Somebody in Dublin clearly believes the money isn't coming. When Logp and PVR are moving in different directions then it's so much bs and isn't telling us anything...

Do they have to say what the result is?

I think we are 4 to 6 weeks from a result there.

Suggests permit will issue Monday. The facking cash had better be there too.....

By the way, the survey vessel our company has a contract with is underway since 9pm last night and headed in the right direction. See we have a contract and honour it, that's the way business normally works.

Surely they agreed to share the risks on the project 50/50? That's what's in the contract. PVR are on the hook for the survey cost now anyway and warned in the long section of the accounts covering 'going concern' that they'd have to do a raise (and atomise us) in the event that APEC don't pony up the cash. I am amazed that any PVR shareholder could think for one second that holding back the cash until the permit is issued is okay. I agree with G1lo, what's going on now does not make any sense. If it is a transfer delay issue then that is the best of the possible options but none of the reasons behind this are good and it has destroyed value, relationships etc. Real amateur hour nonsense. I can't believe we'll give another extension but that looks exactly like what's going to happen on Monday morning. I for one will be disgusted if the permit issues before that payment is made.

Eternal booking disappointment with PVR. Another extension on Monday I guess. What a balls.