More good news....Dublin-based Providence has been trying to get a partner on board to develop the potentially lucrative field for years. Earlier this year the company said it had reached a tentative deal with a development partner but was still in talks with other interested parties. Completing a deal would be a major boost for the firm, which has seen its share price drop from almost £7 a share to 24.5p in the space of less than three years. However, in its latest set of full year results Providence said the closing conditions for the deal to be completed have yet to be satisfied. Providence boss Tony O'Reilly told the Irish Independent that the firm is still actively looking for partners on the project. "Are they [the tentative partner] the preferred partner for the project? Not necessarily, the preferred partner is someone who can close the next stage of the project and who can ensure that it reaches first production," he said. "It [securing a development partner] is not many months out based on our expectations. We are working to conclude it this year with the caveat that we are one side of the negotiations in the deal and this is a very competitive market." The proposed Barryroe partner is thought to be London-based Sequa Petroleum, which recently closed a $300m bond offering. Mr O'Reilly refused to comment on whether Providence has been in discussions with Sequa.
I think the potential value in the assets deserves the attempts at monetisation by a competent management team before all hope is lost. I find it hard to believe that 7 or 8 institutions were fooled by this crowd so there is obviosly something here that we do not know. Ripe for a buyout or a heave against senior management at the AGM.Let some professionals have a go...
its only one out of a dozen II's involved here...there is no logic to the movement of this share price...lets not panic...
I emailed Michael Graham this morning and he confirmed via email that the FY 2014 results are "expected" to be released on the 27th at 0700 via [email protected]
FY results 2014 expected to be released at 0700 next Wednesday the 27th according to PVR via email
Following the suggestion in the ST that there was a "major" back in discussions re BR. I wonder if its possible that the re entry of the major coincided with the open period commencing on LOGP.Major returns, enters discussions with PVR whilst commencing buyout discussions with LOGP....wishful thinking?!!!
Following the suggestion in the ST that there was a "major" back in discussions re BR. I wonder if its possible that the re entry of the major coincided with the open period commencing on LOGP.Major returns, enters discussions with PVR whilst commencing buyout discussions with LOGP....wishful thinking?!!!
I think its an understatement to say that the market view on this share incorporates a near complete failure of the BR F/O process. That being said, any positive development has to move this significantly as the entire downside has been factored in already...IMO