Member Info for Mamms

Listen, if the consultation ends on 13 June then there will be no update to anything for at least a couple of weeks. It took one month after the CNOOC consultation ending before a permit was granted. If it is granted so quickly then the decision could be challenged on the grounds that due consideration was not given. I don't know how this will play out but I know that a permit will not be given before the end of June. If the money is contingent of the permit then we are in serious trouble.....

Shibs, I reckon they have already decided to walk away. If it was all going to be fine, that RNS would never have been put out. It reveals that ToR and the board withheld material information from shareholders for 6 months. They only revealed it because they are out of road (they have to publish results before the end of June) and they know nothing will change between here and 30 June. The governance at PVR is a joke. I can't believe how well LOGP is holding up. PVR has no debt (that we know of) has a little cash to keep the lights on and some other, decent prospects (newgrange?) LOGP has nothing else, is in hock, has almost no cash. I think PVR is a million time better off than LOGP.... I guess it's just not widely traded....

The bigger point here is that ToR and co. knew that APEC wasn't paying since January and amended the terms of the agreement multiple times by their own admission and yet never once sought to update the shareholders. They are only telling us now because they have to publish results in a few weeks and someone was bound to ask, where's all the money? Were Pageant aware of this when they bought in April? i don't want a stock market inquiry but FFS. I expect Tony is spending a lot of time fielding calls today. I wouldn't be surprised if he has to fall on his sword....

Hang on, you are saying so that if the department say 'no, you need to redo x,y and z and then resubmit' that APEC are right not to hand over the cash? You ask 'would you hand over money to a company that has failed to follow thru on its side of the bargain.I wouldn't!' If I signed a contract that said I paid in Q4 2018 and that was my obligation then I would pay the amount due in Q4 2018. If the contract said, due in Q4 2018 subject to the award of survey permission, then I would be in my rights not to pay - however, there is nothing to say that those funds are conditional.

You honour the terms of the contract. Apec aren't saying it's conditional either. The RNS states that that have 'agreed a series of amendments to the Updated FOA over recent months which provided for extensions to the date by APEC of the initial loan advance US$ 9 million, with the last extension being set at May 31, 2019.' so APEC keep giving revised dates - the RNS does not say the money is conditional on site survey clearance it only mentions the problem is about the funding mechanism.

Augurs very badly for the next stages. No way to do business.

Hang on, you are saying so that if the department say 'no, you need to redo x,y and z and then resubmit' that APEC are right not to hand over the cash? You ask 'would you hand over money to a company that has failed to follow thru on its side of the bargain.I wouldn't!' If I signed a contract that said I paid in Q4 2018 and that was my obligation then I would pay the amount due in Q4 2018. If the contract said, due in Q4 2018 subject to the award of survey permission, then I would be in my rights not to pay - however, there is nothing to say that those funds are conditional.

You honour the terms of the contract. Apec aren't saying it's conditional either. The RNS states that that have 'agreed a series of amendments to the Updated FOA over recent months which provided for extensions to the date by APEC of the initial loan advance US$ 9 million, with the last extension being set at May 31, 2019.' so APEC keep giving revised dates - the RNS does not say the money is conditional on site survey clearance it only mentions the problem is about the funding mechanism.

Augurs very badly for the next stages. No way to do business.

Brox, APEC were supposed to pay that initial tranche of money Q4 2018. This isn't about the delays to the site survey.

Look Brox, I wish there was something to them, I really do. For a variety of reasons there is no point in quitting before the 14th for me and buying back - my best bet is to hold on and hope they pony up though this is irrational hope against the evidence. The rational thing to do, for a long time now, is to realise that we have a failed management team and walk away and take the losses - I've lost around that £1m that I can't afford. So I really hope this is a blip. The problem is that logic says no, there is no chance they will pay up. Do you not think PVR have been beating down APEC's door knowing that they'd eventually have to come clean that the money is not coming? Of course they have. They have delayed as long as humanly possible and now, within 4 weeks of reporting their numbers they have had to say 'there is a problem'. Again, as I said earlier, cold logic says that if there was a better than 50% chance that Apec would pay by 14 June then PVR would have held off on this announcement and said nothing. No. PVR know APEC can't pay. APEC are walking away and this is the slow realisation for everyone that BROE ain't happening. ENI may have already figured this out and hence the disassociation. Could/would someone farm in to Newgrange now? it's not obvious given the environment. It looks to me like we are Donald Ducked. What a balls.

PS if that guy was in Maersk or ICAP he was very junior. If you google his name and the companies the only hit is his linkedin page. Any prior job that I had plus my name returns me in a variety of contexts. I'm sure these guys exist but they are idiosyncratic but i saw them as simply a vehicle for pulling the different parts together. Now i wonder WTF is going on but it doesn't look like they are real. This is not new when it was announced a lot of people were very concerned (but not PVR)...

THat shows the opposite of what you seem to suggest. Who are those companies? I never heard of them.

Check out his colleague
https://uk.linkedin.com/in/c-mustafa-kirwan-676b3211

Seriously, if anyone can find anything positive on APEC online, please post.

No. There is SFA anywhere on APEC. That is the problem.

If you can find anything please post. Google translate is pretty good.

I know it is hard to see logically but PVR obviously realise APEC will not come up with the readies. It they were confident that APEC would or even could, PVR would simply say nothing and release their report on 30 June since they know this release would gut the sp. No, we are being prepped for disaster. Expect to see some very large trades at ridiculous prices after the close....

I'm all in on this dog so believe me, I wish I were wrong.

You can say I'm stirring but I being negative and suspicious you always end up being right with PVR.

On the plus side, ToR is back on a full salary for the last year and a half....

A number of posters, myself included were seriously concerned about APEC at the start of the farmout discussions - their background looked hairy to say the least and that guy Mustaffa Kirwan or whatever his name is on the board did not look serious. I parked my doubts when the press release was issued. I expected COSL and JLL would not get sullied by someone disreputable and I know the Chinese are super, super co-ordinated. Looks like we should have maintained our skepticism. WTF were PVR doing that they didn't see this coming when so many of us could??? If APEC walk as I suspect they will, I'd say 3p will be a stretch. What do you reckon Phoebus?

Like you I'd quit except I wait on in hope. If it were possible, my preference would be to give ToR and JoS a one year extension on their options (remember the sp has halved since they were awarded) with an understanding that the door beckons....

I completely agree. With the information we have it is a wonder that Newgrange has not been farmed out to date - the site survey has been done, they can go straight to drilling if someone is willing to pony up the cash. Why aren't they if it is such a super prospect?

Phoebus, if Iolar is a hit we will get a significant bounce because it will augur well for Diablo and for the Porcupine more generally. The reverse is also true - if it is water wet as the others in 2017, then it augurs badly. When PVR had its dusters, other unrelated companies such as EOG fell more than 25%. If we see how febrile PVR's sp is today when a simple site survey is delayed, the SP falls 10% I would expect a much more dramatic reaction to an Iolar duster....

You know, I always felt that ToR and JoS had the history and the relationships etc. etc. and that their removal would significantly damage the sp and the chances of value realisation either through a deal or sale. Now I have changed my position. At some point the continued poor performance has to be punished - one or both should go. I only have 2m shares but just 5 holders have more than 50% of the stock and could form a committee to take control of this dog (M&G Investment Management Limited, Pageant Holdings Limited, Goldman Sachs Group, Inc., Merseyside Pension Fund, Kite Lake Capital Management (UK) LLP). I'm sure ToR and JoS are delighted by today's announcement since it puts them in a great position regarding future share options but those 5 investors have a fiduciary obligation to their shareholders and I would be surprised if they do not act sooner rather than later...... Remember ToR is not an employee, there is no big payout required - he is a supplier of services (his choice). They should simply end his contract.

PVR are not in charge of it so it appears to be ENI's commercial decision. I suspect the Green thing is an issue, they don't care whether they survey/drill now or in a couple of years....

Let's hope Iolar hits oil - if not you'll be able to pick PVR up for 5p. I had hoped not to see 10p again but anyone in this share for a while will have learnt to live with perpetual disappointment - just when you think things can't get worse they prove you right. At least all the cries of 'this sp makes no sense' have finally stopped.....

In my experience, when things look strange with PVR it just means that we are working with less information than everybody else. I agree that an outright and immediate ban on the sector is unlikely (unless and until the Greens get it) but I would expect a lot of slow walking on most decisions between here and whenever. The problem is the Irish media is stoking this up to a much greater extent than other parts of the World. If the Gov't had to pay $350m to make PVR and LOGP go away, I'm sure they'd swallow it. I also agree that it would be ecologically better to have our own oil and gas than rely on Saudi for instance but that argument will not get past the headlines. In fairness, if you have to start explaining something in this country, you've already lost the argument..... Speed is the only thing that could save us but PVR are the slowest duckers at the party...... FFS

The green surge will not be good for PVR. The pace they have been working at was bound to catch up in them eventually. It is easy to ban drilling when it hasn't happened yet - if it was in development that would be a different kettle of fish. PVR and their Chinese partners need to massively accelerate their plans or they can forget it. Gas in Newgrange might fly. What a balls.

PVR has virtually ceased trading this week. All the uncertainty is crippling. I expect if anyone wants to sell a large chunk they will have to take a big discount..... Last new was 6 weeks ago....they really need to up the pace.

Shouldn't ENI's application have had a response by now?

Thanks, got it.