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Board does not come up now on ii for AVM i see Lucian Meirs was shorting @ 9p in 2006 . sugg1e posted you could sell @ 20p this time last year in hindsight should of taken that but only about £60 in value so left it. .
Why do the directors get more shares when the share pice has fallen 20%!!!!
Shareholders owning more than 3% of the Company at 7 September 2018 were as follows: Ervington Investments Limited (21.12%) Lansdowne Partners (19.45%) CQS Directional Opportunities Master Fund Ltd (15.37%) Janus Henderson Group (10.04%) Invesco Asset Management (6.05%) Hargreaves Lansdown Asset Management (4.56%) Jarvis Investment Management (3.66%) total holding 80.25% - seems that the big players haven't been scared off. What do they know that we don't, I wonder.'t
Institutional Investors: I see that VLS have updated their AIM Rule 26 page to disclose those IIs with holdings over 3%:
Stuck in this since the dark days of 2015, so many false dawns, could this be the start of something meaningful with PVR, I truly hope so, good luck to all.
BARRYROE FARM OUT FORMALISED Dissemination: 20 September 2018 08:10 BST Providence Resources (PVR LN) has announced the formalisation of its farm out agreement for the appraisal of its Barryroe field, offshore Ireland. The deal, which was originally announced in March this year, will see a Chinese consortium, headed by APEC Energy Enterprises finance a comprehensive appraisal drilling campaign in 2019. The farm-in offer originally constituted three firm wells, plus any required sidetracks, however the deal has subsequently improved from Providence’s perspective, with the programme now comprising four firm vertical wells, one horizontal sidetrack and two optional horizontal wells. On top of this, APEC will now pay PVR US$9m upfront and a further US$10.5m ahead of the campaign, to cover any early costs associated with the project. Importantly, in spite of this expanded work programme Providence is not required to relinquish substantially more than originally expected, with APEC still farming into a 50% stake, halving Providence’s original 80% interest. We see today’s news as significant on a number of counts. Although we considered transaction risk low, sign off was required from multiple parties including both the Irish and Chinese governments, and therefore the fact that the agreement is now binding quells any concerns that the transaction would not complete. Secondly, despite industry cost inflation since announcement of the deal, the committed appraisal programme has grown in size – indeed the committed capital investment by APEC has more than doubled on our numbers to c.US$250m (gross) from c.US$100m, assuming that both horizontal well options are exercised. In our opinion, this is a clear demonstration of APEC’s enthusiasm for the project, and its intent to press ahead as quickly as possible. From Providence’s perspective, it now has a fully funded appraisal campaign, worth some US$100m net to PVR’s residual 40% stake, due to commence within the next 9 months. The campaign will determine Barryroe’s commerciality, and could add to the field’s c.350mmbbls of already discovered resource (gross, 2C recoverable). The company released the news alongside interim results, which bear only limited significance. Cash on the balance sheet at the end of June totalled just over €12m, with zero debt – down from €19.5m at the start of the year. Naturally this does not include the benefit of today’s cash injection, which, after accounting for PVR’s carry on Barryroe, leaves the company in rude financial health. Authors: James Midgley, Energy Research Analyst [email protected] +44 (0)20 3167 7273 Tim Hurst-Brown, Energy Research Analyst [email protected] +44 (0)20 3167 7276
get in below radar BZT - about to heat up with Justin blogging on it and Nic chart next target 1p [link]