Member Info for Mamms

The Newgrange license has been relinquished.

What a focking joke this company is. ToR is inept there's no way he'll get that share placing away.

No money coming from apec

What time is kick off in Dublin?

Someone on adfvn wondering if Christopher Kirwan from Apec might turn up tomorrow. I can see his LinkedIn profile is up to date and there is absolutely no mention or reference to APEC....

I'd be surprised if we don't get some news tomorrow on a forward looking plan.

Please post your views impressions of the day, we'll all be grateful for your views....

So they ran the company for 9 months at an annual run rate of €5.43m so that's about €4m then they ponied up cash for the site survey including latterly the mobilisation fee etc. (I reckon about €3m) so that's the cash. I mean there is zero chance of the APEC cash showing up but if it did, the first €3m would be diverted to PVR's running costs and the redundancies etc. and we'd be fine through the drill etc.

It may be that they are already asking government to reallocate license shares

I don't know why you're being so negative, The new approach should halve the number of RNSs...

This is not good. Could be an admin **** up (ToR fumbling with the fax machine) but if not there should be ominous music playing...

Similar volumes to London. I wonder does someone know what ToR has planned for us tomorrow or Thursday?

Hi BillCn - I think you are right to focus on things that are relevant for the future and let the past go (no matter how bitter it is - I'd seriously like to know how he justifies not telling shareholders that the funds had not arrived for 6 months. I'd like to know who APEC's funders are now and when they learnt that there was a change?). I also agree that the number 1 issue is (as most of us believe, no money is or will be coming from China) how will the deal be unwound and do we expect litigation? I would ask what measures they considering for a long term solution to the problem - will they seek to go it alone (unlikely) is there any chance of any other interest from industry or would they consider a sale of the company? I would ask if BROE is not the asset they make it out to be - why has APEC's funder walked away and why is it so plagued with disinterest? If he had $20m would he have a go at BROE or Newgrange? WHy did he do druid/drombeg first? I'd also call him out if he starts bollic-talking and passing blame to the department and an taisce - the problem here is that he did another deal with focking cowboys....

What do you expect to happen next week? I expect APEC will not pay the money. I think ToR will tell us about some mad outfit who will lend us the money or some really dilutative share offering on Tuesday and we'll be asked to vote for it (or death) on Thursday in a special motion.

As an aside, it's funny how people think payment is more likely as the week goes on - the opposite it true in fact....

be careful - because this could fly we've seen loads of efforts to manipulate in the last weeks. Today we hit 5.8 on 1 share traded and 6p on 33 shares..... who the f trades 33 shares, that's less than £2...

wait for an RNS

I think at this stage it is unlikely but if the money does come, then the price of PVR will go up strongly over the following weeks - $9m will not be invested unless the other $15m are rolling in behind it - if the drills deliver the expected results then the development money will be there. It's just such a pity that ToR is the unluckiest man in Ireland (or Malta)...

1. APEC currently holds 50% of BROE.
2. There is always an arguable case in any contract.
3. No one will invest in PVR with this cloud hanging over it.

No idea what the problem with the transfer from APEC's funder is, but it is the only show in town......

JH77 - they have 50% of the asset.

From the annual report page 7 http://www.providenceresources.com/sites/default/files/2018%20Providence%20Annual%20Report%20with%20Form%20of%20Proxy_1_0.pdf 'In September 2018, following the consent of the Minister to the assignment of a 50 per cent. working interest in SEL 1/11 to APEC. EXOLA, APEC and Lansdowne signed an Updated Farm-out Agreement (“Updated FOA”) leaving EXOLA with 40 per cent. working interest and Lansdowne with a 10 per cent. working interest.'

I then refer you to http://www.providenceresources.com/sites/default/files/CORPORATE%20UPDATE%20RNS%20-%20SEPT%203%202019.pdf where just like every single update on this sorry saga it starts with 'SEL 1/11 is operated by EXOLA DAC ("EXOLA" or the “Operator”, 40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited (“APEC”) and Lansdowne Celtic Sea Limited ("Lansdowne", 10%), collectively the “Barryroe Partners”. The area lies in c. 100-metre water depth in the North Celtic Sea Basin and is located c. 50 km off the south coast of Ireland.'

Clearly the other 50% of BROE is with APEC (as stated in the annual report).

Finally that same RNS states '....should the APEC Loan Amount not be received by the close of business on that date, the Company reserves the right to end exclusivity, while also considering all legal remedies available to it against APEC for contract non-performance, including the re-assignment of equity in SEL 1/11. '

So what reassignment of equity in SEL 1/11 are they talking about if not APEC's 50% share.

Can you tell me the basis of your assertion that 'that's rubbish' cos I think you're seriously wrong. What s your interest in promoting misinformation on this board?
Finally, I'd highlight to everyone that PVR is even misleading when it says we hold 40%, though strictly true PVR are responsible for San Leon's 4.5% net profit interest and since this sits only with PVR so we really only have 35.5%....

Okay - I still say that regardless of whether the payment happens or not, APEC will certainly seek to retain their 50%. If the payment is cancelled APEC will say it is not their fault/due to events beyond their contril and PVR simply need to show patience etc.

This isn't even the point. The point is that no one will throw money into BROE/PVR in any manner while this clusterfock is hanging over its main asset.....

Longwait - you say "I'm not sure PVR would have to go to court in the event that the payment were rejected.
If APEC can't manage to make payments as required by the contract, then they can hardly claim their 50 percentage share."

You clearly have never had any reason to go to court. Of course they will claim their 50% share. Here's one of 100 different possible narratives - 'We paid the money. We demonstrated that the money had been debited, we had our lawyers, our bank etc. furnish proof that we paid. The money was delayed owing to checks regarding money-laundering/terrorism-laws/exchange controls/etc. and PVR were made fully aware of this. Now that they have started procedures to unlawfully break the contract and seize our asset we have now frozen the initial payment pending settlement of this contractual dispute." To this, I believe any reasonable judge might probably say, that the case will have to be decided at a full hearing and schedule that for June 2021..... I'd say there is a 1 in 1000000 chance the money will come through but if it doesn't, PVR is donald ducked.

Yeah, fair enough but who knows. Would you make a big investment in these circumstances? What would you be buying, a 25% stake or would PVR and LOGP give up their 50% to a new investor pending getting the 50% back from APEC? Nah, I can't see anyone touching this.

I agree TirnaNog, it's not the moment when we're hanging by a thread to show him the door. He's made a hell of a mess and he'd better clear it up before he leaves. I can't help feeling we're focked though. Clearly APEC are not real as many people suspected right from the start. The reality now is that we have vested 50% of our main asset with a paper entity that will probably fight like tigers to retain it - never mind all the other nonsense going on, who the fock would walk into that ****storm? Seriously, you'd want to be off your rocker. If you did invest what would you seek in return. I don't have 20 odd million to invest but if I did and I felt compelled to invest in PVR, I'd be taking the proverbial pound of flesh nearest the heart..... I reckon there is no fear of ToR walking away from this - it stinks, he needs to sort it and brilliantly or his name will be mud for ever more...