Member Info for ps200306

SOU will be due a payment of $30m immediately on signing the deal. Another $16m is due on the final investment decision. If the purchaser eventually takes the option of an extra 9% of SOU's share then a lot more money is due -- not just the pro rata amounts for the extra 9% but a refund on some of the carry portion of the first deal.

Maldini1, if the deal goes through we'll likely (and tragically) be reduced to just 14% ownership. However, using your own numbers this still represents 34c per share (31c after the shares from the latest placing dilute us). That a > 10-bagger from the current share price.

Minister for Climate Action signals intent to ban sales of new petrol and diesel cars from 2030. It's all virtue signalling ahead of a general election, no doubt. But it won't do anything for the fears of would-be investors who might be nervous about Irish government approval for offshore drilling.

https://www.independent.ie/irish-news/news/drive-to-ban-sales-of-diesel-and-petrol-cars-by-2030-38818986.html

"has been assigned $1billion by Carlile (sic) Investments to invest in oil projects".

You left out "IN SUB-SAHARAN AFRICA". You mentioned it in your first post, but had the bizarre idea that the Irishy name signified something else.

You may want to check this:
https://i.imgur.com/pVjbACX.png

Yes, that must be it. A random company with an Irishy name and no assets is about to find $250m down the back of the sofa to drill Barryroe. It's obvious when you think about it. Has anyone checked if Santa dropped off a semi-submersible on his way past, Christmas eve?

Yes, that is the sort of value the deal represented. There's a reason the share price was up at £7 and more all those years back. Although it never got above 20p at any stage throughout the APEC engagement, which shows the level that market confidence in PVR had reached under TO'R. The top five share holders in PVR hold over 50%. My guess is they had a word with the board and told them that TO'R could either walk or be pushed at an EGM. He gets a chance to find another gig, and he's taken somewhere between €5m and €10m in salary in the last ten years without delivering anything, so he has nothing to complain about. I'm also surprised nobody has asked questions about CFO Simon Brett's role during the APEC disaster. Unfortunately I don't believe TO'R's departure signals someone else waiting in the wings to rescue PVR. I think PVR probably will have to accept dilution down to 10 or 15% to attract a suitor as they are in an extremely weak position.

LW, if a reputable major came along and offered to carry PVR to production with a deal that left them 5%, I'd be over the moon. That's potentially worth $1.50 a share. Heck, I'd happily take 1%.

Irish government policy is the least of Providence shareholders' problems. Providence have spent years not bringing home a drop of oil. They had Barryroe and Spanish point, both of which had actually flowed oil and were ripe for appraisal with modern directional drilling technology. Instead they went off wildcatting at shareholders' expense, while management paid themselves handsomely. I'm seeing a pattern, with my other disaster investment Sound Energy taking exactly the same sort of "high risk, high reward" approach. The risk, of course, is all taken by the shareholders. Now both companies have come to a similar impasse -- they have squandered the money and the trust of shareholders and are no longer in a position to raise the substantial amounts of money needed to develop their proven assets. So they are at the whim of investment financiers who will pay money up front and provide a "carry" to production, but in return will take the lion's share of the asset. The more the companies run down their cash, the more they are over a barrel. Sound Energy will only retain 14% of its prize asset if the current deal goes ahead, and Providence will be lucky to find a "partner" to do the same. Unfortunately even such a lousy deal can only be dreamed of by PVR shareholders.

https://www.youtube.com/watch?v=rW3_NgqE2DU

Hah! Do I recall some silly pessimist predicting the share price might finish this week in the twos? And it actually finished Thursday in the ONEs! This is beyond a joke. Standard procedure at this stage would be to issue an RNS stating the company knows no reason for the current share price collapse, and/or to suspend trading pending negotiations. In fact, that's MY prediction for the week.

When I trot out ridiculous hypotheses you may feel free to challenge them, just like I will feel entirely free to challenge yours. Trying to incite me to engage in the same sort of unfounded speculation as your own is rather pathetic.

"So, APEC as a private company registered in Hong Kong and trading out of Beijing is absolutely a red herring. The most important part is its relationship to CNOOC when it says "APEC is a privately owned Chinese company which has a strategic partnership with China Oilfield Services Co., Ltd (“COSL”)" where COSL is a subsidiary of CNOOC."

They also said they had a relationship with JIC and were basically middlemen for connecting funders with oil field service providers. Does that mean they are owned by a bank? No. It would mean nothing of the sort, EVEN IF they had actually done their middleman job and provided PVR's money. But actually, they came up with diddly squat. In fact, could you point me at ANY successful large scale project that APEC has been involved in? The most reasonable assumption is that they were chancers / scammers. I'm not surprised that they're on your ever-growing wishlist of potential white knights to rescue PVR, but that's just because you are quite disconnected from reality.

"So for a moment I suggest you accept they are only a front for some Chinese oil conglomerate"

And I suggest that if APEC describe themselves as a privately owned company, and Providence (via RNS) described them as a privately owned company, chances are ... they're a privately owned company. And further, since their involvement in Barryroe required sanction by DCCAE, anything else would be fraud -- either by or of -- APEC, Providence and the Irish government.

ericnat, all share issues are conditional on admission to AIM. Check the last (or any other) placing RNS. For once, there is no conspiracy here. However, would love to know what happened to our cash. We burned it down from £10+m to £5m between June and November while mostly twiddling our thumbs, in spite of cost-cutting from August and director pay cuts. That's a million a month. And my guess is the the alleged £5.4m held at the end of November is already earmarked for layoffs/payoffs hence our grubbing around in the dirt for a spare million to keep the lights on. With the absolutely most generous interpretation that can be made, SOU is desperately trying to stay solvent while the deal hobbles over the line. You'll have seen the other rather less generous interpretations on this thread.

Indeep, the short answer is there isn't enough left to be worth taking off the table. I averaged down diligently over the last six months and still have a paper loss of 90%. There are definitely plenty of people down more than 95%. At that rate you might as stick it in the bottom drawer, and be pleasantly surprised in the unlikely event of the deal going through.

"The most logical move would be for CNOOC (Nexen) to take control of the APEC deal as they are both part of CNOOC International "

Manyana, I don't know why you repeat that untruth yet again. APEC is not part of CNOOC. It is a privately owned company.

LW, his initials are PP if we're thinking of the same person.

Levelup, I wish I could afford to be that spiteful. Unfortunately if the SOU ship sinks, so do I.

Indeep71: "The deal definitely needs to get done otherwise a lot a lives will be ruined or changed for the worse foreever....... some legacy JP, some legacy"

Yup. The 9% conundrum and the emergency cash raise are now adding up for me. SOU is over a barrel. There may have been "interest" in the assets but the only one to bite was able to hold SOU to a fairly shoddy deal. And these emergency dilutions are making it worse as time goes on. If the deal doesn't close SOU is Donald Ducked. Let's hope it's not like PVR who had a white knight come in to develop their assets only to string them along for two years and never come up with the money.

And there was me fretting about why we seemed to be giving away an unnecessary 9% of Eastern Morocco for a mere $45m as part of the deal. This morning we've diluted away 7% of the whole company for $1.5m.