Member Info for Mamms

Note 8 to the accounts states that we have 5.1m euros committed to capital expenditures in 2019 so we will be 2-3m short this year.

I thought the cash position would be worse - that was more or less at my best case level.

Several things that put the heart cross ways in me. Not least a very elaborate and qualified 'going concern' section. Part of which is suggestive of possible equity raise "Having regard to the current levels of funding in place and noting the other options available including potential equity funding arrangements, the Directors are satisfied that the Group will be in a position to fund the budgeted capital expenditure programme, as well as other planned exploration and operating activities."
The fact that they are downsizing the business.
That they are putting the assets into three categories, seems to be looking at sale options (not a bonanza in a any sense but just operational pass-overs).

Not great news, very downbeat. Which from Tony probably means we're donald ducked......

If the consortium fronted by APEC changes or is changing as suggested in the RNS, is that not something PVR should know and which we should be informed about? Say COSL are told by their owner that CNOOC will deal directly with the project in the future, would that not be something that investors should be aware of?

This action in Iran and the straight of Hormuz, while terrible, should be good news for PVR. They are such useless ducks that they can't get themselves in a position to benefit from anything - they will surely wait until oil is at 30dollars before they do anything (if they do at all). All ii's are well under water - at what point do they tell O'Reilly to duck off?

Fernan, as has been pointed out at length - this has everything to do with APEC not being able to raise the cash and nothing to do with the approval process. If they were linked then there would have been no RNS. It is not necessary to pretend they are not linked as there is no prohibition on such a clause- the money could be held in escrow pending approval - again there would have been no need for that RNS. This is not a question of just waiting for a site survey approval but a question of APEC not being who they say they are- what sort of delays will be get when they go looking for permits to actually drill????? seriously, very misleading .....

Fr.Quick no offence but you are being a bit lose with the numbers.... I've kept track and Pageant are in at an average of about 13p or a little more than that in fact, so are currently sitting on a loss of more than 40%. Goldman Sachs, who almost couldn't have bought at better times, are sitting on an average of just under 11p so their losses are the lowest of the significant shareholders with about a 28% loss. I reckon Tony is running out of rope..... I think Cagney is right and all focus now is on the cash on hand numbers etc. but PVR have always disappointed on the downside there. I think there is a lot more bad news coming....

Yes and take 60% of the company in return......

Brox, I think they mean they don't have the cash. Let's be clear, this has nothing to do with consents as some have said. If there was a link between the money and the payment then the money would not have been owed and no RNS would have been issued. PVR knew this to-and-fro would decimate the sp and did not issue it except that they had to. This crowd are like the Sapinda of the east, I reckon there will be one more extension, say to 15 July and then ToR will hold his hands up and say 'shucks guys, who would believe it but they are walking away'. Glad I part exited and wish I had exited completely but I am not rushing back in, there is a lot more bad news in the pipeline, wait until we find out our net cash position. Also if PVR have to go to Nick or anyone else expect to get diluted to oblivion. Nice one Tony..... FFS, What a balls.

Clearly the money didn't come or they would have been shouting it from the rooftops. I presume they will be obliged to issue an RNS on Monday morning before trading commences? I wonder to what extent the non-payment has already been factored-in to the share price? What a balls. GLA we'll need it.

It a month for CNOOC's to be cleared and the notice posted though I think it was known after about two weeks. That was a drill and this is just a site survey so you'd imagine it would be quicker - however BROE is in shallow water close to shore so more complex to assess. I'm guessing (hoping) we get new with the results on 28 June.

I presume that if the funds landed at any point, say Wednesday or Thursday they would have issued an RNS straight away. They are unlikely to land in the next few hours. If people are correct and Apec are waiting for the permit (which I don't believe) then it might land before the annual results. If that happened the whole episode would look like sp manipulation. If that doesn't happen, can the company survive? I expect APEC will walk if they can't pony up the &9m. I wonder if they will even issue and RNS Monday? Whatever happens, this looks like amateur hour and is a reminder, if one was needed, of how bad our management are.

I'd say you'd want to drug up your drummer, we won't hear anything until CoB or more likely Monday morning....... I think we're ducked.

The next RNS will have a binary outcome, if Apec pay I think we'll bounce to 14p or even higher but if the next RNS says they have not paid, then I thinkwe will see 4p.... I strongly suspect Apec will not pay so I am more or less ready for that but it's a clusterduck whatever happens....

I think we'll get an RNS after the close on Friday to say there has been no payment. Logically PVR are at the end of their patience with Apec or the previous RNS would not have been issued. It is logically not linked to the site survey permit or no previous RNS would have issued. If PVR thought Apec would pay before 28 June no RNS would have issued. Apec might be waiting for the permit but it is a major breach of contract or no RNS would have issued. That RNS has undermined the credibility of everyone in the project, they didn't do it lightly. I've half exited because logic is not always the governing thing here but I am much more negative than this board appears to be and think the logic of that previous RNS points in only one direction....

The only reason for the BROE update is to mitigate the bod's exposure when Apec don't pay and likely walk away. If they pay I will have lost money by selling a couple of hundred thousand shares. If they don't pay the balance will be worth half what they are today. It's a real mess. I expect they have less cash on hand than thought too.... From here to the 28th is going to be very bumpy...

There is no point extending the deadline to 14June because the permit will not issue unit the end of the month at the earliest. Your line of thought suggests theat Apec will not pay by 14 even if they could. Oil man says the so will bounce if the money arrives by Thursday. What happens if the RNS issued Friday morning announces that the money has not been paid? It kills me to do it but I've taken some off the table. There is a huge governance issue here - there are huge risks ahead and poor management to manage them....

Well if they didn't think the Chinese would honour their contract they'd need to sell about 12m a day between here and there.... it could be them, or Pageant or someone else. Somebody is selling and someone is buying and one of them will be right.

Wonderer, the deadline for submissions was extended by a week to 13 June https://www.dccae.gov.ie/en-ie/natural-resources/consultations/Pages/Application-for-consent-for-a-site-survey-at-Barryroe,-North-Celtic-Sea,-South-West-Coast,-Ireland-proposed-by-Exola-DAC-wh.aspx . It took about a month after the CNOOC consultation ending before a permit was formally granted. If it is granted too quickly then the decision could be challenged on the grounds that due consideration was not given. There will be no decision for at least a fortnight and I see no way that a permit will be given before the end of June.

I'm not holding £1m, that's approx what I've lost - the shares at £4.8 really hurt. I've been averaging down - i just needed a reasonable bounce to about 58p and I'm whole. Back in Jan/Feb at 18p and all going okay, that did not look unreasonable if I held til summer 2020 - my absolute time limit. If there were no taxes and trading was free then I'd probably be more active - right now I'd pay no CGT up to 58p. If I sell and buy back-in then that resets (and I've nothing else to be offset at the moment). It's a bit of a dilemma for me. I'm bashing because I'm angry. I've been here a long time and am really starting to hate this trucking company....

I'm not holding £1m, that's approx what I've lost - the shares at £4.8 really hurt. I've been averaging down - i just needed a reasonable bounce to about 58p and I'm whole. Back in Jan/Feb at 18p and all going okay, that did not look unreasonable if I held til summer 2020 - my absolute time limit. If there were no taxes and trading was free then I'd probably be more active - right now I'd pay no CGT up to 58p. If I sell and buy back-in then that resets (and I've nothing else to be offset at the moment). It's a bit of a dilemma for me. I'm bashing because I'm angry. I've been here a long time and am really starting to hate this trucking company....