Member Info for ps200306

Oil had recovered to today's prices or thereabouts before Providence's wagon got hitched to the APEC donkey. There was no Total knocking on the door, and giving 50% of the farm away to a shady Chinese consortium must have been the option of last resort. If Total weren't knocking then, why would they (or anyone else) come knocking now? Is there something toxic about Providence?

I'm sure some of the bigger investors have TO'R on speed dial. However, he has never felt any obligation to update us mere plebs. He implied he'd be reviewing his own position if APEC didn't come through by end of September. Another half a month on now, and not a peep out of him. His own shareholding is worth less than a year's salary which has to be a concern. We can only hope that the seven IIs who own 60% of Providence are putting a bomb under him. Barryroe still oozes potential but given the history I think it's last chance saloon. Can easily see the lights going out in February or, at least, dilution to oblivion which amounts to the same thing for anyone who cannot countenance yet another roll of the dice. Getting Total on board sounds like a nice idea until you wonder why they weren't knocking at the door instead of Sapinda or APEC when they were already involved with PVR. To me, any success with Barryroe at this stage will be a pleasant surprise rather than an expectation.

You're right SirNige, life's too short. I'd filter Manyana except he actually says some sensible things when he's not riled. From here on I'll neither address him directly nor respond to him.

Manyana: "squirm baby squirm. Stop trying to deflect from the fact that you have not got an answer to my question."

For god sake man, stop being ridiculous and have a bit of self-respect. You are a septuagenarian at the very least. Find someone else to have your ****ing contest with or, better still, let it go.

The "sovereign rights" argument against EU membership is batty. Everyone pools certain rights in a trading arrangement, in a manner that's in their own interest. The day after a crash-out Brexit the UK will be back at the EU negotiating table, this time from a position of weakness as a third country. Same with every other country or bloc it deals with ... see what they think of your rights then.

Manyana: 'Stop trying to distract from the question I asked you or are you really proving you are "empty headed"?.'

Manyana, let me explain something to you in simple terms that even you should be able to understand. This is the internet. Each of us decides what we post and with whom we engage. Get over your tantrum and move on.

Manyana: 'Can criticise but cannot supply. What's new "hurler on the ditch~".'

I pointed out to you that TO'R could not force COSL to start drilling. Correction is not criticism.

It's interesting how people tend to predict a sale price which correlates with their break even price, or the cost of a car or mortgage. We've even had price predictions that allow JP to avoid embarrassment or to not leave anyone in the red. Safe to say that no buyer cares about any of that stuff. I hope to see the notional value of the horst attained. Not that it matters, but it would leave me nursing losses I can tolerate. Though at 50p I am ecstatic, so that must be what it will go for! Yeah, 50p.

I've nothing against Manyana, but he does spout some speculative ****e and whenever he's questioned he turns into a combative old donkey. Witness the last episode where he is asked about his stupid assertion that TO'R could force COSL to start drilling ... we get a flurry of obfuscatory posts demanding answers to unrelated questions, intermixed with childish taunts. I suppose the good news for Manyana is that if "you're only as old as you act", he has a very long life to look forward to.

I've never filtered anyone for disagreeing with me ... only for being a troll or a bore or downright nasty. You'd be surprised how readable the board becomes when you get rid of the top dozen time wasters. I'd like to welcome GekkoJr to the list. Baaahhh Gekko.

"ignores": ["chipandputt, chrisma, crudehope, Gaspunter, GekkoJr, JezTheFez, Jobbinscl, Jones1980, mahatmajacket, Mickeytentoes, n4aPound, Petroleonline, Pontcanna, redmouse2812, Shaungreen47, simonthezealot, Sounder, Tradesmakes, trellis35, wh0sthedaddy"]

Bronx, I was thinking more of an '=' between 'manyana' and 'grumpy old pedant' ;-)

Where in your tiny mind did you get the idea that it's up to me to explain "how that all fits together". Nice try at deflecting from your inane suggestions about COSL or Total or Tullow or whoever else you have mentioned is likely to step in to pick up the pieces at PVR. My aim was merely to stop you trying to mislead anyone into thinking that PVR could *force* COSL to do anything when the latter are not even part of the Barryroe partnership (which consists of Exola, Lansdowne and APEC). You're welcome.

I think I've managed to fine tune my filter list to where the bores and trolls are banished, and the remaining content is really quite entertaining.

"ignores": ["chipandputt, chrisma, crudehope, Gaspunter, JezTheFez, Jobbinscl, Jones1980, mahatmajacket, Mickeytentoes, n4aPound, Petroleonline, Pontcanna, redmouse2812, Shaungreen47, simonthezealot, Sounder, Tradesmakes, trellis35, wh0sthedaddy"]

Manyana: "Of course he [O'Reilly] could insist that COSL starts the drilling even without the $10m and force COSL to run up a debt. "

Manyana (two hours later): "Did I say COSL would do it without some agreement but it is not dependant on the $10m. "

Uh, yes. That's precisely what you said. That TO'R could -- to use your exact words -- *force* COSL to start drilling. Now that would be a bit bizarre seeing as he has no contract with them nor any kind of leverage. The clue is in the name -- China Oilfield Services *sells* oilfield services (surprise surprise). And TO'R, unless he has found $250m down the back of the sofa, ain't buying. That was supposed to be APEC, as the middleman between JIC and COSL. Maybe you're suggesting that some money has changed hands between APEC and COSL, but I doubt you'd find anyone else who believes that. And if you think COSL is going to mobilise and operate a rig which has a day rate of $170k for a company that can no longer afford to operate the office coffee machine ... well you'd have to be even more gullible than TO'R.

More "dribble" from Manyana. Where does it say COSL have to drill independent of anything else? They are not even one of the partners in Barryrow under the farmout, which is between Exola, Lansdowne, and APEC. All of the funding was supposed to be coming through APEC, presumably via their strategic partnership with JIC and/or other funders. There was never any implication that COSL was going to do anything without getting paid.

Money "flowing" toward PVR's account? What nonsense. We are waiting for an event. It may be a regulatory hurdle or something else, who the hell knows at this stage. But it is something that either will happen or it will not, and the odds are that it will not. Nothing is inexorably "flowing" anywhere.

Anovas, all we need to know about TO'R is that he failed at the most basic task of getting the money is as soon as the ink was dry on the contract. As for trusting him ... I've bought more shares myself recently, it doesn't mean I have a scintilla of faith in the CEO.

' My point to anovas is: how long do you hang around before you accept that the money simply isn't coming? ' (ps)

'My own point, which I have made repeatedly, is to put that very question to HSBC.' (LW)

What's the point? HSBC don't lose anything if the money doesn't come through. The buck stops with TO'R.

Manyana, I'm talking about APEC's form on the Barryroe deal. My point to anovas is: how long do you hang around before you accept that the money simply isn't coming? I would have thought -- and I have personally seen CEOs in this situation -- that when you close a deal, there is simply nothing more important or pressing than getting the cash in. Every other priority pales by comparison. How did TO'R miss that basic point?

It's not clear when the deal would have been considered finalised, there's no specific RNS confirmation of it that I can see, but it was certainly supposed to be by late last year. It also wasn't contingent on gaining regulatory consents, that I can see. And by early this year the COSL "partner" was supposed to be fully signed up and on board with a rig allocated.

That you could then end up shafted on the most basic cash transaction almost a year later smacks of gross incompetence. And TO'R clearly knew that judging by his utterances at the AGM. Since then I expect the lure of his ongoing salary has dampened his contrition.

Anovas, your reply makes no sense. My pessimism is based on the fact that the money has not been forthcoming for most of a year when it was due. APEC has form as a non-payer. So how can you say "the grounds of my optimism are exactly the opposite grounds of your pessimism". Are you living in a parallel universe in which APEC have *not* defaulted on the payment? Or are you privy to some information that TO'R did not reveal to all investors?

Anovas, what are the grounds for your optimism?