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Its probably a stupid question but does anyone know a round about figure of what PVR can earn before having to pay tax on revenue due to their sunk costs of exploration? Its probably in as a note in the financial statements somewhwre, in terms of shareholder/company value i was just wondering where and how is that captured?
We haven't had a regular source of income since we sold our interest in an actual producing platform about 6 or 8 years ago in a bid to concentrated on exploration activity and developing Barryroe. That in hand cash position of 1.5m leaves tight margins. It's great to see a reduction in regular expenditure through layoffs of technical staff but we need to have a little more control of our own destiny and indicate to the wider industry that we can hold our own
JH77 - What was the terms of the APEC agreement? Why were they there? And without the buy in of APEC what do we need to offset this shortfall?
Pragmatically we need the negotiated APEC funds from the deal agreed and a buffer due to our recently discovered lack of funds issue. The figure is not too far away when you consider these questions/issues. Optimism is good but realism and safety is needed. Knocks in terms of market confidence (delays, macro issues (climate bill & EU/Taisce hurdles) and unfulfilled agreement), financial position updates and the general feeling of the company's ineptness after prolonged drips of bad RNS's and 'luck' . Let's be realistic here, let's have a level of security and cut out a bit of the uncertainty. When you wake in the morning is the PVR situation a bit unnerving, is the bad news out-weighing the good progress. Let's take control and do it right
I thought it was 10million from APEC before survey and another 10 milkion or so before drilling which is 20million and that was before we got an indication of our financial woes. We need to shore up current activity as well as a bit of future proofing so we are not lambs to the slaughter/ a soft touch for other market players to muscle in
I may be wrong but for the survey costs we are looking at 25 million. Would we be better in raising 30 million and paying for that(and buy ourselves a situation of not being a going concern for a few years). That way we are bringing the barryroe prospect to tapping/production ready (almost sure it's not the correct term). Also the board really has to consider TOR remuneration as an unsustainable function of ongoing expenditure. They probably don't have our/shareholder interests in mind if they don't, if that is the case I would like to see an influential shareholder call an EGM (realistically won't happen due to institutional investors not having interest in such matters)
The money may arrive or it may not, this is outside of PVRs control. What is not is the current liquidity issue. It would be most prudent for the next RNS to be the initiation of a round of funding either through a share issue or through a line of credit. I think if/when we initiate this funding exercise it should go hand in hand with serious consideration of booting APEC. I personally would like current shareholders to be given first dibs on buying the shares. The line is so close at this stage that it may turn out to be a good medium term investment. Although our technical expertise is now lacking. Also I would like to see TOR either take a massive haircut or be ousted as the pile of doo doo we are looking at is both high and steaming
So the permit is granted and APEC have gone past the PVR deadline again and again and again , I wonder is it too late to kick APEC out of the process as they have nt held up their part of the contract. At this stage we may get better value with another partner as we now have a fairly strong hand with regards to the permit and site progression. What do ye think
Well I'm staying in just out of pure stubbornness. It took a lot for me to reinvest after the shambles of the shareprice at the end of the last decade when our 8 euro per share got flushed. I'm not going now when the potential is as close to being realised as it's ever been.
PVR should have just said that it might take 4 weeks or longer for the funds to materialise in PVRs account. That way they wouldn't have to re-adjusting the timeline each week and the share price wouldn't have such a fluctuation from a Monday to a Friday every week. But sure it's PVR, joined up thinking isn't really the norm
It's amazing the quietness of the forum today. It's nice seeing the price sneaking up. It's not the rate of change as I thought it would be ( I suppose nothing is certain till ioil is coming out of the ground). Has anyone seen much in the media about the license update I know Providence/Barryroe has been reported on with an increased frequency over the past few months but it would be nice to read what the media have to say? I'd like to thank Mammas and Manyana for being the grounded and the optimistic voices over the past year. As a source of good knowledge and entertainment they are fairly class. Thanks folks it makes the journey a lot more interesting.
Are the board and TOR golden now? When it comes to the AGM will all that preceded the transfer of the funds and the granting of the survey license be muted? What do people think?
Gracias Manyana
So when and where is the AGM? I don't mind the share price going down the drain as long as I can watch angry investors shout at TOR and co while I enjoy my complementary sandwich and cup of tea (it's a good day out).
You know when you play roulette and you bet on black and red only and you keep double down on one until it comes up so like of you're unlucky you might keep putting on black but red and green comes up 8 times in a row which the chances are astronomical but you have enough of a bank roll to keep powering through it's kinda like that but the price is time based as well as monetary and it feels like pulling teeth
I'd like to put myself forward as a member of the board. It's clear that TOR and co have been over leveraging us and relying on luck for the last decade. Remember when we sold our performing asset for pie in the sky and what ifs in the early 2k10s. See how we are now beyond accountability. JS should have a bit of sense but TOR is just a noose. I know exploration can be speculative but it's time to stop leading with a weak hand. Im not an expert but im not a dunse like our so called leaders. I'm not looking for an income and I'm not
speculative on the future. We know what we have and we know what we need. It's such a black hole at the moment let's not continue with this bs. TOR is a business man TOR j is a huxter and needs to be put out to pasture.
So when and where is the agm
It will probably be in the new year then it would be unusual for therenot to be a hold up
So when will we know whether a complaint has been lodged? Its been a few days! Have PVR heard anything, should they inform us/The market? If so when?
Hi all ive had PVR on and off for the past 10 years it great to see progress to finally getting back into operational income it was the biggest things that worried me for the last 8 years (TOR renumeration as a reflection of the recession the second biggest). I don't want to count chickens but the potential is palpable and the line is so near. I'd like to thank ye all for the in-deptness of this PVR thread the info make a compelling read. Just to clarify the 29th of March is now the shutout date for objections to be lodged all going well then its into drilling/surveying with extraction set for Q3. I am not really versed on hydrocarbon extraction and processes so im just wondering what are the steps and goals with regards to the survey and following the progress for the next few months?