Member Info for Mamms

I reckon one of two things happened. Either APEC were working a scam which may or may not have worked or they simply got cold feet. When this deal came out first, the view was it was rubbish but reflected the very high risk nature of BROE. https://www.irishtimes.com/business/energy-and-resources/providence-finally-finds-partner-to-exploit-barryroe-oil-find-1.3443630 So BROE is a non-runner. What do you reckon the chances are of drilling off Dalky? Yeah, not good. That's it for me, I'm out - good luck to those staying. I may put in a complaint with the LSE about ToR but probably not - I wish all longs the very best and suspect you will not suffer too much longer.

I guess we just slide to oblivion. I used to wonder why LoGP held up so well and I have finally understood it, PVR have only one asset (though there is a pretense of something else, the licence cancellations is making it obvious) but the main reason LoGP have held up better is that anyone could buy PVR now for a pittance whereas LoGP can hold out. As noted yesterday, with BROE's history and the political climate, there will not be queue for BROE. All the talk of 'interest' is BS. I think we just slide away around March next year with a company wind up. I wonder if ToR will face an investigation by LSE? The whole thing looks worthy of an investigation.

The report in the Irish Times suggests quite a few attended. Did anyone from here go? Anything worth reporting?

So each of us sold 10% of our holdings to keep PVR afloat until February. There is no Chinese money - that has been clear for some time. Between now and February they will have to either raise enough money to prove up BROE (circa $20m) and then hope someone will buy it and develop it. This seems very unlikely given the history of the project combined with the current political environment. There are two alternatives, sell all or part of PVR or else wind the thing up. Unfortunately, I suspect the last option is the most likely. There will be a lot of effort to sell it as a going concern. THere will be a very low offered if any since its assets would be put in deep freeze for a few years and hopes of the tide turning but this is a 100-1 shot for an investor ..... All this is reflected now in the sp unfortunately.

There is no north sea interest - that's just a thing they say to keep the children, i mean shareholders, quiet.

He could have gathered up the shares in multiple transactions. I'd say it's correct as stated. It's the first vote of confidence from the board almost ever (though at £40k he's not exactly betting the farm).

He could have gathered up the shares in multiple transactions. I'd say it's correct as stated. It's the first vote of confidence from the board almost ever (though at £40k he's not exactly betting the farm).

Shouldn't APEC face some sanction? The initial failure to pay the funds led to a halving of the share price and the consequence of the continued non-payment is that a further 10% of the company is sold at the lowest price ever - diluting shareholders further. As I understand it, right now they don't face any punishment for their failure, not a fine or anything. At a minimum their option to buy 60m shares at 12p post-drill ought to be cancelled - they should also make up the difference of forcing a raise now at 5p (so 7p*60m=£4.2m as a further penalty). That might make them move. It's absurd that there is no consequence for them but then, so much of what happens at this company is absurd.....

I'm looking for people to tell me why i am wrong.

It seems to me that the chances of the money landing before end Sept, end Feb are the same as last Feb (i.e. zilch). People have short memories if they can't remember what happened when Lars walked away. I expect ToR has his tramp pants on and is working on a proper raise to be completed before February (wherein we all get atomised) but the 2 drill wells goes ahead. Seriously, unless you see ToR selling his house and ploughing it into PVR, be very afraid of what's coming....

Since the last extension was given more that half the time has elapsed without payment. That suggests to me that the odds on a payment being made are reducing significantly (since no one understands the reason for the delay, the less days then the less chance). At least we skipped on RNS but what happens when no payment is made? There are six days left - it really is an extraordinary situation.

Yeah, the bid is 6.1c and when the spread is that wide then you should take price movements with a pinch of salt. Note that if they sold their 1000 shares at the offer price it would cost them €16.8.

Maybe the fockers could pay the money so an Irish operation could get going.....

This share is so primed for manipulation it's frightening. If the funds land 20p is not beyond the bounds of reason but if the funds don't arrive then 2p beckons. I see 3 trades at 6p (3, 3 and 5 shares traded) which frankly must be somebody trying to do something other than trades shares..... I expect many false dawns and pumpers suggesting things have happened - my rule is, unless there is an RNS then it's probably a ruse....

Lying might be too strong since he does not actually know that the money won't arrive. However, it is misleading to suggest as he does that it will likely arrive before the end of September or as the fund raise suggests, that they expect it to arrive before the end of February at the latest - the reality is that neither he, PP or NOMAD or anyone else has a clue when or if that money might come through. It should have been delivered last year. It is bit rich to hear him say that we didn't need the funds before approval was given - let everyone stick to the contract - the funding was not conditional on approval. He's very 'misleading'....

I was thinking about the situation we are in. ToR can't have any idea when or if the money will arrive. If there was a logical explanation for the delay then it would have been communicated. This has been dragging on for almost a year now and for 3 months since the assurances and 'proofs' of the funds transfer were given, each extension to the transfer time working with a 7 day extension (i.e. with no knowledge that the funds would not arrive - therefore no knowledge at all). The situation has not changed one iota. Even if the money would arrive there can be no confidence that the funds will arrive before the end of September or before the end of February or before June or whenever. The logical conclusion is ToR is simply lying to shareholders again.

And the share price falls. Says it all really.

Battle, if we had the funds then this would be good for the sp. We're not in a position to benefit from anything. If it drives up the price of oil for a while then Apec might be able to raise the funds....

The report is a lot more nuanced in the independent https://www.independent.ie/business/irish/providence-chief-says-board-must-decide-his-future-38493306.html
I wouldn't bank on ToR leaving early no matter what, no one will touch him if this goes south. Interesting what he says about APEC asking him not to go ahead. Cost of fund raise is high but it's always like that. There will be 2.5m left for normal business dealings.

Yeah, tirnanog, HSBC are shorting the crap out of it because they really need to make 10 or 20 million and if it means they have to break the law etc. Fock it, they'd do it. Seriously, don't be daft there are better theories out there. Imagine if APEC were behind the fund raise for instance.....