Providence Resources - PVR Stream Log

Can't believe someone beat TOR for worst CEO of the year!

@Callasjunkie - do you own any shares in PVR ?

Sorry, only first line of my LSE post uplifted. It should read: Wishing all posters a enjoyable holiday. I guess like Jimmy, I’m seen as a bit of a party-pooper, but like Jimmy I call it as I see it, without angles. What does 2016 hold? I think PVR management has been crass and greedy to the extent that the Barryroe boat has been missed. If it couldn’t be farmed out at over $100/bbl it’s extremely unlikely to happen at $37. Spanish Point looks promising and the operator, who bought in, is a real oil company, with a track record of success. Unfortunately, unless Cairn accelerate a well drill, 2017 or later will be too late for PVR. What’s left? I reckon a fire-sale of the company in the Spring/Summer. I think the Board know this and therefore have no incentive to cut salaries. If that was part of the so-called cost saving measures, I think they would have trumpeted it in the year end RNS. I wonder if there will enough in the kitty next year to see them all off to Brazil for the sailing, expenses paid. One or two posters are getting encouragement from the statement re a roll-over of the Melody facility. When reading anything on an AIM company, and particularly PVR, I pay close attention to the wording, and in TOR’s year end missive, it’s curious. “Melody Loan Facility • Providence has reached agreement with Melody Business Finance LLC, the controlling managing entity of Melody, on the basis for an extension, if required, of the repayment date of the Company's debt facility with Melody for a period of two years from May 22, 2016 with no material changes to the other commercial terms and conditions of the Facility • Such an extension, if sought by Providence, would be subject to internal approvals of both Melody and Providence (including fees, if any, related thereto) and the completion of facility documentation mutually acceptable to the Company and Melody” PVR hasn’t agreed a rollover, but the “basis” for a rollover. I suspect that basis is proof that a farm-in of substance has been achieved, or a placing. Otherwise no rollover. The financing is to be subject to Melody’s”internal approval”. Extraordinary. Has he got a roll-over or not. Blue smoke and mirrors, like the Sequa deal? Folks, I hope I’m wrong in all this. If crude prices took off then things could be very different. It could be a break up of OPEC or a terror incident in Saudi Arabia, but I wouldn’t be betting on it.

Today more buys but still share price didn't move, whereas last month small trades made stock to rise. Recently not many sellers either could anyone throw light what might be happening behind scenes, is someone selling and there trade isn't reflected?

I think the debt extension if needed into the middle of 2018 really is the best news we have had this year. It really gives us room to strike a good deal with a farmout (hopefully) and puts us in a position that many other companies would like to be in. I think we will have a farmout of Barryroe early next year.

Will they make it in new year, is there any timelines?

I would just forget about Sequa at this stage..everyone talking about Sequa and Barryroe except for Sequa

Sequa: Spuddy, as I flagged up on 2 Dec.

Hi Spuddy, trusting sequa is difficult, whats your view on this.

I think the stars might be aligning here