Member Info for Manyana

Pull the plug and sue the banks if they have screwed up.

If, on the other hand, the money does not pass the money laundering criteria sue APEC for breach of contract and look for another partner.

The APEC deal has been going on for over a year, since March 2018, during which time the oil price has
averaged approximately $65 a barrel and still they cannot come up with $10m.

Surely Pat Plunkett and Angus McCoss who were senior managers must be having a laugh or they know something about Barryroe they are not telling us about and there are technical problems.

Because if you compare Barryroe to all of Tullow you find that Barryroe is estimated to flow at about 70,000 barrels a day. Tullow, with all its wells is estimated to flow at a similar day rate of between 70,000 and 90,000 barrels a day and while Providence has no debt Tullow is in debt to the tune of $3 billion.

So how can this deal with APEC not be a steal and still the Chinese play silly bu**ers?

Drop it I say. There is far better out than this deal even if Providence was to go it alone but O'Reilly has such a poor record in the money market having squandered hundreds of millions over the years that the chances of him being believed once again is probably nil.

Good find.

Perhaps you should email a copy of this to DCCAE and the Minister of State in case they have not heard of it.

It would be a good replacement for Moneypoint, Ireland's only coal fired power station that is due to close by 2025 unless something better can take its place as it cost €700m to build. This system would appear to be ideal and given that Providence has gas, it could be piped around from Barryroe to Moneypoint which is on the shores of the Shannon.

Interesting quote from this year:

In 2019, the government launched its climate action plan which included a commitment to end the burning of coal in Moneypoint by 2025[8], and replace coal-fired generation with "low-carbon and renewable technologies". However to date no details have been provided on what technologies are being explored to replace coal."

This is surely a Technology that could "fit the bill".

DCCAE have finished and given the all clear to EXOLA for the survey and the ancillary work.

Their decision has now been passed back to Petroleum Affairs Division (PAD) who should now be in the process of getting the sign off of the EXOLA work from the minister of state. I suspect he is pressing the hands of his constituents at the Galway Races pending an early general election which seems to loom ever closer.

where is then? I don't believe it takes two months to move$ 10m between any two places in the world. If it does the place has gone mad or something "stinks".

Even if it were "dirty "money it would still have to leave APEC's funder's account before anything would happen. A bit like a bank draft as distinct from a cheque. A cheque is drawn on potential money; a bank draft is drawn on actual money.

As for nobody selling shares, at their current price they are still a good buy even if the APEC deal falls through. With a proper deal they should be up to around 50p. After all, in the good old days of 60m shares when all the oil was still in the groundwe were all led to believe they would hit £20. At today's shareholding of 600m shares that still equates to about £2.

I would expect it has some protections in the contract but it does not specify it.

And remember, if APEC gets the operatorship of Barryroe they call the tune so what could it do with it? Sell it to CNOOC, for example, at a huge price uplift. That is what I would do. Furthermore, they also have the option of 59.2 Providence shares at 12p.

Issuance of Warrants to APEC
- Upon completion of the Drilling Programme, APEC will be able to subscribe for warrants over 59.2 million shares in Providence at a strike price of £0.12 per share (the “Warrants”).
- The Warrants, representing circa 9.9% of the current issued share capital of Providence, are exercisable for a period of 6 months following the completion of the Drilling Programme.

So EXOLA are in control up to the end of the drilling program and then APEC can either take over operatorship and take its warrants, do nothing, and rake in millions.

For example, if the value of Providence increases through "oil in the ground in Barryroe" and the share value goes to say $2 giving a value of $1.2billion which the Indians were one time mooted to have offered for Providence, that means APEC can get $120m value for the price of £7m on the whole of Providence, not just Barryroe. Now why would I not take my profit and then sell it on?

The obvious thing for APEC, who people believe is only a shell, is to sell out their interest in Barryroe and their 10% interest in Providence to CNOOC (Nexen). After all, if IOLAR is a success, Providence owns the block right next to it which is also rumoured to have billions of barrels.

My impression of O'Reilly and Providence is a farmer driving his herd of cattle down the road. One only does a huge sh*** in the middle of the road and sure enough O'Reilly walks straight into it. He seems to have an inexorable habit of putting his foot in it as this caper with the bank loan shows.

Rocklawn,

Going back through your posts I notice you think everybody but you is talking "bulls"

But can you please learn to use proper English. You said in one of your posts "Barnet your talking a load of Bulls". Proper English says "you're" or "you are" so what is "your talking".

May I suggest you are "brain dead".

The question of the money is whether it is legitimate or not.

Given the delay in settling this it would appear that the money is not as clean as it should be and hence the delay.

As I mentioned before, I would gladly see Providence walk away from the APEC deal as I believe once the survey and drilling approval are given that Barryroe is worth far more than APEC are paying.

Not only that, but if it is this hard to clear the money what happens when APEC take over as operator of Barryroe. At least when EXOLA are in control they can progress as quickly as possible. What are the chances that once APEC get control they just sit on it and do not develop it.

From the contract:
"EXOLA will act as Operator for the Drilling Programme with technical assistance being provided by the APEC Consortium; and,-After the completion of the Drilling Programme, APEC will have the right to become Operator for the development/production phase."

what is wrong with Lse. It posted my message twice.

I like that site. I usually use Davy because they are joint broker to Providence but their site is very bad as they want to only concentrate on the top ten Irish shares. You have to dig to get information on the lower orders.

But more to the point, why the sudden nosedive in Providence in Ireland when the shares pretty well kept value in the UK? Did they all take off to the Galway Races or was this an attempt to muddy the waters?

For those hoping for a sign off of the Exola survey they might have to wait until next week because the Minister of State, Sean Canney, TD for Galway, I am sure is at the Galway Races pressing the flesh of his constituents, as they say, and it goes on for seven days so he won't be sober before next Monday at the earliest.

Galway Races is a sporting festival, euphemistically referred to as the Farmer's holiday, held every summer in Ballybrit just outside Galway. It is the easiest place to lose your shirt but is one hell of an experience, thus speaks a man who has indulged a few times. Great fun, great atmosphere, lots of beer tents and plenty of women if you are so inclined.

The brave Tony and Sean Canney are possibly at this point carousing somewhere singing "The Fields of Athenry" when the field of Barryroe would be more appropriate.

I like that site. I usually use Davy because they are joint broker to Providence but their site is very bad as they want to only concentrate on the top ten Irish shares. You have to dig to get information on the lower orders.

But more to the point, why the sudden nosedive in Providence in Ireland when the shares pretty well kept value in the UK? Did they all take off to the Galway Races or was this an attempt to muddy the waters?

For those hoping for a sign off of the Exola survey they might have to wait until next week because the Minister of State, Sean Canney, TD for Galway, I am sure is at the Galway Races pressing the flesh of his constituents, as they say, and it goes on for seven days so he won't be sober before next Monday at the earliest.

Galway Races is a sporting festival, euphemistically referred to as the Farmer's holiday, held every summer in Ballybrit just outside Galway. It is the easiest place to lose your shirt but is one hell of an experience, thus speaks a man who has indulged a few times. Great fun, great atmosphere, lots of beer tents and plenty of women if you are so inclined.

The brave Tony and Sean Canney are possibly at this point carousing somewhere singing "The Fields of Athenry" when the field of Barryroe would be more appropriate.

If you check out this month graph for Providence you will note the share price. If you then go down lower you will see the shares traded on each day.

It says for yesterday share price dropped from 13.8c down to 9.12c and below that you will see 52,452 shares were traded.

https://www.davy.ie/market-and-insights/shares/PZQA.I

Because no shares have been traded and in my opinion somebody is playing silly monkeys.

Share price fell off a cliff yesterday going from 13.8c to 9.1c today on 52.452 shares. Share manipulation if I ever saw it. No wonder nobody is buying in Ireland today with that sort of drop - scaremongering big time.
You could make a fortune if you could buy them for 9.1c (about 8.5p) and sell them today at 11p in London. But what are the chances you could buy them at 9.1c - Impossible. in my mind and only there to confuse the public.

They are all off at the Galway Races and I bet baby O'Reilly is there as well as I would expect mammy, Lady O'Reilly has at least one runner there. Daddy might be bankrupt but that does not stop Mammy keeping her stud, her horses and her money. She had a big winner about two weeks ago at the Curragh with a horse called Soffia.

DCCAE have finished their part and have approved the survey and the drilling. It is now down to Sean Canney, Minister for State at DCCAE responsible for natural resources to sign it off.

The money might be in the system but what if HSBC refuses the transfer to Ireland? What happens then? Until that is approved Providence cannot count its chickens.

If HSBC has given further proof that the money has left APEC's account why have they confirmed that it is stuck in HSBC's clearing?

I wonder if this is being affected by the turmoil going on in Hong Kong at the moment?

I presume because they are a publicly traded company in Hong Kong they would have to reveal the result because it would have a material impact on its share price.

Just as poor old Providence keeps telling us about the loan in case it is guilty of insider trading so too CNOOC would have to tell us the result of the drill for the very same reason.

Will we get a RNS tomorrow saying the money is safely locked away in Providence's bank account? Hopefully.

My assumption is that APEC have paid the money but it is or was going through the money laundering mill to make sure it is clean.

Obviously there is the chance that it is in the mill but is "unclean" at which point the transfer will be rejected even though APEC have "paid" the money. Until it is declared "clean" of course it does not exist as far as Providence is concerned.

Hopefully all will be well tomorrow and Canney signs off the DCCAE approval and the survey and the drilling can get under way. Then if IOLAR announce a big find which must be due by this stage we will all be on the pig's back.

"Chamberlain was an a***hole" Who said that? Hitler. "I have signed a piece of paper that guarantees there will be no war between Britain and Germany so peace is guaranteed in Europe" Who said that? Chamberlain. "The piece of paper is worthless" who said that "Hitler to Ribbentrop". So, was Chamberlain so stupid that he actually believed it or did he lie?

And what did Hitler do after signing the piece of paper? He immediately invaded Czechoslovakia because Chamberlain signed a piece of paper saying if you want Czechoslovakia we won't stop you . And why was the letter written in English and not German? Because Hitler really believed Chamberlain was an "a***hole". If Chamberlain had not signed that agreement with Hitler in 1938, Hitler would not have invaded Czechoslovakia. Chamberlain lied through his teeth because he knew Hitler would immediately invade Czechoslovakia so how could that be peace in Europe as Chamberlain claimed. Because Chamberlain was the biggest fool in Christendom.

Back to Providence. Why the continuous "backstops"? A "backstop" means "p*** or get off the pot" but Providence is like somebody with incontinence and it keeps flowing down its leg.

There is of course the possibility that the Chinese are trying to destabilise Providence with a view to buying it on the cheap. This was a view taken when Providence were scrambling to get the money to pay Transocean and the wolves were circling. But I could see a situation where CNOOC would like to get its hands on Providence and Barryroe as an adjunct to IOLAR which must surely, by now, be well within the potential oil zone given the amount of time, in good weather, it has now been drilling. Providence had reached Drombeg by this stage which was far lower than Druid so what is going on with IOLAR?

The Chinese are not called "inscrutable" for nothing.

The uncertainty has been caused by Providence issuing RNS message like confetti regarding the money from APEC.

You have to ask what confidence Providence has in APEC paying up when they issue so many and everyone is stated to be the "final" one. How can you have 4 "backstop" dates when it is clear you do not mean it.

"Backstop" should mean "last chance" but when it comes to APEC it does not seem to mean that so how can we believe the last "backstop" date of this Friday is actually the last? Will we get another and another?

I wonder if Providence or Providence's pals are being given the chance to invest in this time of uncertainty as there are two possible scenarios.

APEC are the biggest pack of liars since Chamberlain came back from Germany and said he had arranged peace with Hitler or they are the unfortunate victims of the regulations converting yuan renminbi to dollars and then on to euro.

Providence do not seem to be making it any easier for us to decide which it is with its continuous "backstops" hence the buying opportunity if you think APEC are victims but will get scalped if APEC are nothing more than a pack of chancers.

The sign off by PAD and the minister of state is a formality. The procedure is that PAD were the department who requested DCCAE to do the Appropriate Assessment and once DCCAE decides it is passed back to PAD for the minister of state to sign it off. As Sean Canney is very pro exploration and the report was positive you can be sure that is a foregone conclusion that he will approve it.

Once the survey is done and the five well sites are surveyed it should be pretty quick to get the approval to drill as the ultrasound survey is far more pervasive than the drilling. The issue with the survey was using sonar, which can travel long distances, could upset the fauna but drilling is far more localised and given all the pipes and equipment which already covers Barryroe from KEL there is not much reason to refuse.

As someone said, money from APEC next week and the sign off of the survey and we could have oil flowing from Barryroe by next year. As many on here would say - and about time.

This is a report giving the all clear for the sign off of the Barryroe survey and what is important as stated in the assessment is it will be the Minister of State, Sean Canney who will do the sign off.

"the application will then be evaluated by the Petroleum Affairs Division in the Department who will make a recommendation to the Minister of State regarding whether consent should be given for the ‘activities’ applied for."

Sean Canney has been the biggest critic of Brid Smith in the Irish Dail and realises how important indigenous oil is for Ireland so he will be keen to sign off the approval.

Quote:

"Speaking to Irish oil and gas exploration stakeholders at the Atlantic Ireland Conference, the Minister of State for Rural Affairs and Natural Resources Seán Canney dismissed the Climate Emergency Measures Bill, telling the stakeholders at the event that the Irish government “recognises that the realisation of Ireland’s offshore oil and gas resource potential can deliver significant benefits to the people of Ireland”.