Member Info for Mamms

Granto, I would agree with you if you are 100% sure the money is on its way. If you don't think it is coming though, you have to issue the RNS. I also agree that relations between the parties would be permanently soured if the money were ever paid - in that context you would not issue those RNS lightly. On balance it does not augur well.

Anovas, it is his fault that he did not write a better contract at the start. It is his fault that he is dealing with a poor partner - on that it is his fault that more due diligence on who he is dealing with was not done. It is his fault that he did not pursue and enforce the contract when he had time to do so without recourse to RNSs that undermined confidence.

Yes, I run my own company and everyone makes mistakes but ToR makes too many.

I am in the day job but some days are busier than others. Look, ToR has not been good as CEO over his time. Anyone investing has lost money - people might have picked up bits here and there but on balance he is a value destroyer. Some things are not his fault, he did well on the Druid and Drombeg farmouts, good solid partners - project well executed just a pity about the result. However, he has made some disastrous decisions. Borrowing for a exploration play is like Russian roulette - that was genuinely stupid. Dealing with Sapinda and now the Sapinda of the East shows poor judgement in my opinion. Why is it only the crazies who will get involved with BROE - should the focus have been Newgrange or elsewhere? If you look at the current debacle, it should have never come to this - APEC could have put the cash in an escrow account, it could have been made conditional on permit being granted or whatever but hiding the non-payment from shareholders until there was no option but to reveal the issue is not a good way to run a business. I think he's a clown, it's a way of saying he's not especially competent - sorry if it offends sensibilities.

Clearly they know they were supposed to send the cash and have claimed to be doing so in the absence of survey approval. The approval will not come before the cash. That approval could be a month away - we don't know. Note that the RNS implies that there has not been a firm guarantee yet 'Should EXOLA and Lansdowne either not receive the required funds or adequate evidence that the transfer will be processed as a matter of urgency, the Board do not envisage giving any further extensions to the backstop date' - this implies they don't have evidence that the transfer is being processed.
It's a total balls.

If this was an administrative **** up then it should play out behind closed doors within the time limit originally set. IT really looks like amateur hour all round. ToR is a focking clown.

You're missing the point. They had more than 10 months and they didn't do it.

FFS every time I think I can see through ToR's BS he finds new ways to trick me. Well played Sir well played.

Note for those still holding out hope for the money, see the addition saying no more extension will be given.... That's the out. What an abundance of balls....

The extension for payment is until today. I assume an RNS will issue tomorrow? I also note that it is almost a month since the (extended) deadline of the public consultation on BROE site survey. I expect they will have to issue their response soon (early next week at the latest)?

No but quite busy with the day job. I am surprised that APEC ponied up to be honest - I had bought back in for the most part - I wanted to buy LOGP but my online platform wouldn't let me for some reason and so I bought PVR instead. I guess you'd say that's not consistent, to not believe the money is coming on one hand but to invest on the other. I think I just have a gambling problem.... I see Brid is taking the climate thing to the high court, I hope she does and loses her shirt financing it. My hope now is for (a) a relatively quick survey approval -btw does anyone know if a drilling approval will be easier if it comes hot on its heals? and (b) a result on Iolar. Come on PVR!!

Markets are all closed and an RNS would issue before any open so it would be a hard case to claim insider trading. Nevertheless, the usual format is, 'an informed source confirmed that the money arrives after hours on Friday'. FFS, does no one else remember reading about future fund raises in the papers while ToR continued to deny it? The press is a better source of info with the likes of O'Reilly than financial disclosures..... And it remains a balls...

Clearly the money did not arrive - have you ever known ToR to be shy about picking up the phone to call a journalist if he has good news to share? No, it's another extension or the truth on Monday morning I'm afraid...

AJED - nothing will happen tomorrow and on Monday another extension will be given. APEC's cash will come before any approval. No cash, no chance of an approval. Why would Government take a decision that may never be acted upon? Still waiting for Godot....

Manyana, you are hateful and full of it. Even with the filters on I still see your bile. Anyway Sobeit, i preferred you when I thought you had passed. It occurs to me that you could be a Russian bot....

A major component of the deal was that $9m which was due in December 2018 (in fact according to the farm-out RNS it was due in September 2018) but the payment was not made and no RNS was issued about the non-payment. ToR amended the FOA several times on this point and never issued an RNS. ToR gambled on APEC paying up and only came clean when year end results had to be issued and so he had no choice - his transparency is very limited. Yes, now he will have to admit on Monday that APEC did not pay and will either admit it is all BS or else give another BS extension.

Note also that it sounds like the 'consortium' has changed but this also apparently does not require an RNS. Good news for you Manyana, no interest payments on the loan and an sp that will be south of 4p...

What a balls.

The failure to deliver on the payment has caused a crisis of confidence that has halved the value of the company. Even if it is paid now, the value of the deal has been permanently undermined and by a lot more than any interest payments. It's a complete disaster for shareholders. Look at it from a Government perspective. Why would I take a difficult decision when I don't need to? They're broke - just give it between 6 and 12 months and then I don't have to take any decision. No, APEC is not real and I can't beleive you are suggesting that the non payment is somehow ' a good thing'....

Anyone in PVR for a while knows that unspecified dates with big expectations never materialise. Under what circumstances would ToR resign. How big a *******s would he have to make of it? There really isn't much scope to do worse.

O'Reilly isn't working for Providence. His company have a contract with them.

I don't think APEC are real. I don't think they have the money. It might be what someone suggested, that they had half a plan that could have worked if the price of oil went through the roof but it was always a punt. If you look at the website, look at the guys involved - try and find anything about any of them that doesn't come back APEC or as something that could be anyone.... So i don't know if they will agree another extension on 8 July or whether ToR will bite the bullet and say, 'APEC aren't real and we need to go for plan B'. You'd have to hope that at some point this will all come back on ToR - he's really done a number of shareholders....

I think there is a danger that people have unrealistic expectations about what will happen this week. First of all, the Department has no obligation or requirement to issue anything anytime soon. The fact that ToR shot his barrel last week suggests to me that the Department have already told him that they'll be taking their time - why else antagonise them? I suspect that there might not be a decision for another month.
Also, APEC's non-payment has now been linked to the permitting process. If that is true, why was the RNS issued? It makes no sense. I expect the non-payment to continue regardless of the permitting process....
On balance, I'm sure we're ducked.

skyrunner, surely you mean deadline number 6 or 7 at least? The first was December 2018 when they were obliged to pay under the terms of the contract, then we are told there were several new deadlines before ToR felt sufficiently hopeless that he felt obligated to tell the shareholders. He might give one more extension before he admits they're not real or he might admit it on the 8th and get it over with.....