Member Info for ps200306

Well knock me down with a feather!!! Kommandor departed Lowestoft at 19:00, destination Waterford. Not due until Monday evening, but hey, what's a day or two compared to seven years of missed deadlines, eh Tony? Is it conceivable the money even changed hands on Friday, RNS Monday? With this share it's always too good to be true, so probably not, and yet ...

Simple answer -- filter the trolls and anyone who encourages them and gives them airtime.

It's more than eight months. The survey is heading for a year overdue. But the farmout with APEC is nearly 20 months old. We were never told what the mysterious "closing conditions" were that delayed things to late 2018. Maybe we should've smelled a rat then. Providence have a great knack for dragging things out.

No budge on Kommandor. That pretty much seals it -- it ain't coming by month end, despite the recent RNS.

Don't listen to the naysayers, Partridge. I feel a tightening in me Bollies too ;-)

No budge out of Kommandor for the last 18 hours.

Nobody even bothered to comment up to an hour after the RNS. They might as well just put out one-word RNSs containing the new date, and save us some false hope as read the opening paragraph.

Kommandor is 300 km from Lowestoft, about a day's sail. Then it's twice that again to Barryroe. Assuming it spends a little time in port, it could be on site by early on the 30th. Fine if it happens, but any delays or change of plan call into question PVR's assertion that the survey will be underway by month end.

mrcautious, why on earth would you be advising people to cash out? You even admit yourself there's a chance of getting more than the current low price. As others have said, the value of the horst is way more than that. Personally I've bought another million at the lower price. My lookout if it doesn't work out but it certainly doesn't seem completely reckless. It's possible to be recklessly cautious too.

jacklevi, I don't filter people for casual banter, or even having the odd rant. (God knows I feel like ranting about SOU myself, like any LTH). Nope, just the perennial trolls.

Bronx, you are right. Kommandor would have to turn around pretty quickly for it to be en route by Monday. It's just done a two-day round trip back to port and out to the middle of the North Sea again. Would seem strange if it's only going to spend less than two days there. Regardless, even without another sojourn in port it's 4-5 days from the Celtic Sea. Which means it needs to be underway by end of Monday or this week's RNS is already shown to be garbage. I notice another ship on the North Sea at the moment is the Norwegian-registered "BB Troll". That sounds more apt for a Providence job :-/

P.S. The Kommandor is steaming back to the same survey site it was at all week, about 300 km due east of Aberdeen. Unless it has a stuck rudder it's not destined for anywhere near us ... although that would be just the sort of jinx we might expect from a Providence drill.

Yes Mamms, it will all come right in the end. It's only taken seven and half years since the last Barryroe appraisal drill to do precisely nothing. That little vial of crude in Tony's tanned hands is the sum total of what we've got so far.

For some reason I'm finding optimism in short supply right now. If, perchance, APEC come up with the goodies I hope we drill the bejesus out of Barryroe and flog the company ASAP. I'd very happily see TO'R get a richly undeserved twenty million shares out of the deal to align him with shareholders and wish him the very best of luck, if only to see the back of this crock o' carp.

Anovas, you and Manyana seems to be operating under the delusion that the institutional investors trust TO'R. What makes you think they're not in the same boat as the rest of us -- stuck with a share price so low it's not worth getting rid of them? What have we got to show for the last time PVR raised $68m back in 2016? We paid off the litigation against TransOcean which the shareholders weren't kept up to date on, we paid our share of one failed drill, and we burned through the rest on god knows what. After the last raise and open offer, the CEO and Technical Director between them held less shares than I did. Is that the sort of thing that fills you full of confidence? I wouldn't trust TO'R as far as I could kick him. I am hanging in here because I trust we have a valuable asset, although even there it took Jimmy24 on one of the bb's to point out that compartmentalisation was a serious risk until higher resolution seismic was collected. So I wouldn't be at all surprised to find out that our flagship asset is tainted in some way.

Anyway, all that said, this topic was started by Manyana who said "it would be foolish to do a placing now rather than borrow". And I say again, if you think a lending institution is going to advance $30m to a company struggling to keep the lights on, you're nuts. Even if it did a raise it would only be enough to do the site survey and drill one well, plus pay for whatever delays and blunders we manage to be jinxed by this time. (The impending global economic downturn springs to mind). An appraisal drill does not come with guaranteed success, so we'd either be back at square one or, best case, have a proven asset and still be looking for a development partner. Nope, I reckon this whole endeavour hinges on APEC coming up with the goodies. Do or die, as Manyana's hero across the water might say.

anovas, "would you trust TO'R with that sort of money?" ... that's a question, not an accusation. My answer to it is no. There have been too many tardy RNSes in the last few years that reveal bad news the shareholders should have been made aware of much earlier. I'd actually prefer someone else to have the control over PVR's destiny, even APEC. Anyway, it's not a matter of choice -- I find it laughable that someone thinks a bank would lend PVR $30m dollars.

As to whether I'm going to the AGM and how many shares I hold, how about quit the macho posturing -- it's none of your business. What, you want me to give you my real name and address and the password to my broker account?

If PVR could've borrowed enough to go it alone, why have we waited all these years to find a second-rate partner? I'd say the chances of it raising a loan of $30m are nil. Also, would you trust TO'R with that sort of money? APEC clearly wouldn't. Look at all the time wasted on the permitting fiasco. You could argue it's not TO'R's fault, but when he's been so "unlucky" for so long, something begins to smell a bit off.

I'd say referring to some posters on here as "vipers" is an insult to vipers. Fortunately, everyone has the facility to filter them. It's your own lookout if you want to give them airtime.

So APEC, who have been promising the cheque is in the post for weeks now, are using some unknown mechanism to prevent their bank from completing the transaction in case their parent company struck oil on a completely separately contracted drill and might fancy a nibble at EXOLA. I've heard of wishful thinking but that takes the Chocolate Kimberly.

I presume the mobilisation fee for the Kommandor is due in advance, as nobody in their right mind would do C.O.D. to a company in PVR's position. As the site survey is dependent on the APEC money, the mobilisation fee will be wasted if the money doesn't arrive. Does this indicate some confidence on PVR's part that the APEC money is in the pipeline? There's a big difference between saying they've been TOLD the money's coming (i.e. enough to legally cover their asses) and that they have some evidence to convince them it's VERY LIKELY the money will drop.

Huh. LSE blocking links to the competition? Let's try this link: http://tiny.cc/kuwbbz