Missing the connection between Providence being up 8% and and Logp being down 2% as a sign that we are getting close to news on Barryroe. I would have thought that if there is news on Barryroe, Logp would also be pulled up on the coat tails of Providence.
Re: Share price You wouldnt want to be out of this over the weekend
Share price Providence up 8% and logp down 2% Looks like finally getting close to news on barryroeJ
Re: When do Logp have to raise? Jimmy, you make it sound like a done deal but in fact it is not certain. The statement from PVR states: "However, given its conditional nature and subjectivity to final contracts, no specific commercial details are being released at this time. Shareholders should note that there is no certainty that this farmin will be concluded and further announcements will be issued in due course and as appropriate." That's a fairly strong caveat. Therefore I don't think LOGP can sit on their hands unless it is a h2 2019 drill which is what I think it must be. My question is, when do LOGP walk the streets and raise their $5m? The CEO said q1 2018 before Christmas and we're half way through now.....
Re: When do Logp have to raise? PVR announced that they had agreed commercial terms for a farm out and given the oil company an exclusive period to conclude legal terms.If this happens then logp would most likely get back costs and a well carry, so no need for equity dilution.Jimmy
When do Logp have to raise? There is a drill planned and LOGP need circa 5million bucks for its share of the costs. A loan extension to keep the lights on while negotiation is continuing is one thing but they will have to raise money for the new drill. When does that need to happen? Given that they have not been seen in the market yet looking for cash, that strongly suggests 2019 at the earliest for a drill....
Re: Cairn I'd bet he made that up. Why ?Because a little later he wrote:''Cad, just flung in their name to spicen the thread. Don't know who is coming to our emotional rescue..... ''Still, if whoever it is says yes this will fly up from here.. no and it crashes.. binary bet.. and outcome will be known in next few months or even weeks.. so place your bets and hope for the best.
Cairn ND over at pvr suggests the barryroe farm in partner is cairn.Any views?J
Re: Jimmy NDRI am pretty certain that the k well is the subject of the farm,out , Pvr have said on completion of the k well it will lead to a final development decision.J
Re: Jimmy Thanks Jimmy.If the K well is not part of the farm-out / in then there's no back costs retrieved.Cat among the pigeons if this happens.
Re: Jimmy NdrIt would be usual practice for both par and Lansdowne to farm out together as otherwise LOGP could block transfer of interests in license and drilling plans.As LOGP are dependent on borrowed money I expects that their lender will keep them afloat till the farm out gets done and they receive back costs.Jimmy
Re: farm yes I see this and thank you for taking the time to explain it ...if this is correct and Broe now represents the best value ... should one be concerned about their financial difficulties about being able to stay in the process long enough .....?If this is not a worry should one leave PVR to concentrate on LOGP and Broealso what is the situation with the other free carry interest which I understand is in some type of near bankruptcy ...I ask most of these questions just from curiosity ... I feel if Broe works I can more or less recuperate my losses here and this would more than satisfy me and if it does not I do not wish to lose more on this .... It has been the most unusual investment of my life and never has my timing been worse ... I may have lost more elsewhere ... but off shore Ireland is what you call an eye opening experience for me... and I thought I knew or understood Ireland a little .... but not at all obviously ....
Re: farm Atlantic.I would usually share your concern about another PVR farm out , the difference this time is the new seismic technology announced by Pvr which I believe is a major major technical breakthrough that address the concerns I had for 5 years about Barry roe.This change in technology would be immediately obvious to so many oil companies that its not surprising that one them agreed commercial terms and asked for exclusively to close the deal. All within weeks of announcing the new seismic processing results.Thats why I think this is real. Jimmy
Re: farm Yes Senn you are correct ..... the expression you have about the fat lady singing or finishing to sing is I believe appropriate too .... it is what you refer to as an agreement in principle .... like a couple talking about the possibility to be married while they wait for the pregnancy test results in the bathroom.... nearly there!
Re: farm I did not understand that it was so advanced ... yes I understand better the optimism ... thank you