Member Info for ps200306

This got posted over on the SOU bb because of its relevance to monetising assets in Morocco. But also mentions Ireland several times, including the regulatory environment in Ireland and the foolishness of an approach that does not recognise the role of gas in the necessary diversity of supply.

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Providence doesn't have funds even to keep the lights on, let alone pay a share of exploration costs. The only deal they can do is an APEC-style one, where they give away a large part of the asset in return for a loan of the costs and pocket money to rent an office share and pay TOR's inflated wages. If the APEC money falls through they are on a sticky wicket or, rather, we the shareholders are on a sticky wicket. There is no way they can raise tens, let alone hundreds of millions to cover drilling costs except by diluting current shares out of existence. And that's assuming anyone would take them up on a placing. There clearly isn't a queue of generous would-be farminees at the door, otherwise they would not have had to go with APEC in the first place. Nor would they be humouring APEC for this length of time when they are in breach of contract. Nope, I fear it is last chance saloon. Money on Monday or the game's up.

Looks like the lights are on but no yuan's home again :-(

Kommandor en route to survey site, but it ain't ours if the report is correct. Says ETA 11am tomorrow, which is not enough time to cover a quarter of the distance.

Yes. All the other extensions have been followed by an RNS on the business day following the end date. So we haven't missed the latest date ... yet. It also means that no news is not good news ... it's simply no news. And that's actually BAD news.

So far since May 31st we've had a two-week extension, a three-week extension, and then five one-week extensions. (And the June 5th RNS alluded to extensions prior to May 31st). PVR have either given up hope, or they're too embarrassed to inflict more of this BS on the shareholders, or the money is arriving today. Suntan Tony doesn't do embarrassment, so let's hope it's number 3, not number 1.

"Providence doesn't want saving"? APEC were supposed to be spending more than four times PVR's market cap on the survey and upcoming appraisal drills. Their disappearance would, of course, be an existential crisis. If not for the company itself, then for the shareholders who would get diluted out of existence.

partridge, if the share price reflects knowledge about the company, *and* is able to predict the effect of news on the future share price, you must be assuming that somebody knows that news now. In other words, your Bollinger bands are telling you there's been a leak. Is that your belief?

I don't think she is on DP. There's something screwy on the position reporting. Yesterday and up to 4.30am this morning she was moving about, though not going anywhere much. Then suddenly by 6.45am she was fixed in her current position but nearly 5 degrees east of the earlier positions. No survey boat in existence can do 100 knots, let alone one that PVR can afford.

The Kommandor sailed a few miles north, then a few miles back down south. Our hour is not yet nigh.

Right now our survey vessel is steaming away from its home port and up the east coast of Scotland. Should be obvious by tomorrow whether it's on its way to us.

Oh dear. Not the Bollinger Bands again! I guess that means the share price is "coiled like a spring" again too. Along with all the wound-up people on here, something's gotta snap :-/

Share price is on the move anyway.

LOL. Noticed the immediate flurry of *BLAH BLAH BLAH*s. So I read them for once. SG47, those are five of my last twenty-six posts on LSE, spanning nearly two weeks. But don't let the facts get in your way. Even the best of us get bored from time to time. The *frequency* of pointless posts makes a difference. Which is why you're on my filter list. And now, once again, au revoir.

Bids will be in dollars. It doesn't really benefit you any more than those of us who bought in euros. Not unless you're planning to spend it all on Welsh lamb (which would not be an unworthy purchase, if only to save it from the post-Brexit incinerator). If you spend it on a foreign trip or a new Merc, or Dutch potatoes to go with your lamb, or anything made with foreign ingredients or components, then ...

Partridge: "...filtering on a bulletin board is far, far removed from burning books. I would like it to not tuning in to a radio station one doesn't agree with, at best..."

I didn't see the comment you replied to (because it was filtered), but you reminded me I never replied to Jones some time back who weirdly suggested that because I was losing money, I somehow had to suck it up and read every single post. On another share on which I have a paper loss, I do just that. But much of the Sound discussion for some reason is a combination of viper's nest and pointless drivel. I've no problem with contrary views. I only filter the vipers and the drivellers.

Another possibility is that JO'S was only hanging on to see his share options come good. Twenty-six million options granted in 2016 and 2017 under Providence's Long Term Incentive Plan (LTIP) lapse this week. JO'S has nine million of them. Unless the share price exceeds the strike price of 45c by Thursday they are worth diddly squat. The same applies to the twelve million held by TO'R. I presume he will propose giving himself a new tranche if things eventually work out, but it seems the other senior people are not to be so incentivised.

Down 40% since the weekend, and on not insignificant volume. This doesn't have the smell of something waiting patiently on good news. The market no longer believes that PVR are expecting the moolah to arrive.

Share price is down 25% on higher than average volume. Doesn't look good. The one ray of hope is that the slashing of headcount must mean that the company will be up for sale if we survive long enough for Barryroe to come good. I also note that this week marks the expiry of the 2016 LTIP share options -- I would say it's a fairly safe bet they won't reach the 45c needed to exercise them by next Thursday.

Thanks for the info, DreamOn. I hope to stand corrected!