alphabravo321's Posts

Hi Shadow, was your query for a statement specifically related to Sequa or general PVR/BR? Thanks...

SEQUA PETROLEUM, a publicly listed specialist oil finance company, is poised to take a stake in Providence Resources’ Barryroe field off the south coast — the most advanced oil exploration project in Irish waters. Neither company would comment this weekend on the proposed farm-in deal. Speculation rose last week when a new company, Sequa Petroleum (Barryroe), was registered in the Companies Registration Office. The new company has listed its place of business in Ireland as “c/o Providence Resources”. One source said the company was still talking to “a number of interested parties”. Sequa Petroleum is a subsidiary of Sapinda Holding, an investment company established by German business prodigy Lars Windhorst. Sapinda Holding is reported to have invested €2bn since it was established in 2009, with oil and gas assets taking up a large proportion of those investments. According to the Sequa Petroleum (Barryroe) memorandum of association, the company goal is “to exploit natural resources of every nature including oil and petroleum”. The company’s website states that it specialises in completing farm-in deals of between $100m and $500m (€80m-€400m) to bring assets up to first production. Sequa Petroleum’s participation in Barryroe is likely to help fund the drilling of further appraisal wells that are needed before the Celtic Sea field is taken to production stage. Tony O’Reilly Jr, the Providence chief executive, told investors in September that negotiations “are now at an advanced stage and we are working hard to satisfactorily conclude this with the objective to return cash to the business and obtain capital funding, while also ensuring that Providence retains a material stake in Barryroe”. The negotiations will not have been helped by a plummeting oil price that has dented the stock market valuation of exploration companies. Sequa Petroleum has a market capitalisation of €608m. According to a presentation on its website last month, the company is pursuing significant farm- ins and joint ventures in northwest Europe. It has identified an undervalued asset, built a relationship with a local partner and is qualifying as an operator

SEQUA PETROLEUM, a publicly listed specialist oil finance company, is poised to take a stake in Providence Resources’ Barryroe field off the south coast — the most advanced oil exploration project in Irish waters. Neither company would comment this weekend on the proposed farm-in deal. Speculation rose last week when a new company, Sequa Petroleum (Barryroe), was registered in the Companies Registration Office. The new company has listed its place of business in Ireland as “c/o Providence Resources”. One source said the company was still talking to “a number of interested parties”. Sequa Petroleum is a subsidiary of Sapinda Holding, an investment company established by German business prodigy Lars Windhorst. Sapinda Holding is reported to have invested €2bn since it was established in 2009, with oil and gas assets taking up a large proportion of those investments. According to the Sequa Petroleum (Barryroe) memorandum of association, the company goal is “to exploit natural resources of every nature including oil and petroleum”. The company’s website states that it specialises in completing farm-in deals of between $100m and $500m (€80m-€400m) to bring assets up to first production. Sequa Petroleum’s participation in Barryroe is likely to help fund the drilling of further appraisal wells that are needed before the Celtic Sea field is taken to production stage. Tony O’Reilly Jr, the Providence chief executive, told investors in September that negotiations “are now at an advanced stage and we are working hard to satisfactorily conclude this with the objective to return cash to the business and obtain capital funding, while also ensuring that Providence retains a material stake in Barryroe”. The negotiations will not have been helped by a plummeting oil price that has dented the stock market valuation of exploration companies. Sequa Petroleum has a market capitalisation of €608m. According to a presentation on its website last month, the company is pursuing significant farm- ins and joint ventures in northwest Europe. It has identified an undervalued asset, built a relationship with a local partner and is qualifying as an operator

CRO is company registrations office

I just read the SEQUA Petroleum (Barryroe) company articles from the Irish CRO, in stating the area of activity in the Irish state, SEQUA states c/o Providence Resources...You can get these docs for 7.50 on the Irish CRO website...looks like there maybe something here...

I think the following from the FAST RNS is very telling..."As the industry and markets adjust to the new levels of oil pricing, the Board anticipates the industry focus will move towards profitable shallow water and onshore projects in attractive fiscal regimes with low operating costs. The Board believes Fastnet's portfolio increases in marketability based on the above premise"

Mmmmm, I was actually thinking it was a positive...as in we don't agree the major parts and publish the next day, hopefully this part was done some time ago...and the drag is due legalese etc...

Re:Farmout...I would imagine the "what are we getting and what are you getting" part is long over...

Davy have placed a target of 1.50 on LOGP on Thursday...odd that...

Longwait, it was mentioned a few weeks ago that there was a piece in the UK Sunday Times discussing a private equity deal with PVR for BR...I have the subscription and I still cannot find said article..