Very unfortunate but not unexpected news from Lansdowne. Reading their RNS there is an admirable transparency which sadly lacking in PVR.
Spuddy, as you know I’ve had a jaundiced view of Sequa since the phantom deal was mooted. It was opportunist on Sequa’s part, probably a punt on a rising oil price followed by an offload of their share.....and was rather cynical of TOR probably to convince the faithful that something was happening. One can never say never, but I’d be amazed if Sequa got involved now. They have proved to be a total disaster area. Under the old management, they got taken to the cleaners by Bolz LLP in Khazakhstan. Under the new Sequa management, they pulled out of their deal with Wintershall, costing them, if I recall correctly, $31m in a lost deposit. Their takeover of Tellus Petroleum has proven to be another disaster, as their investment into Total’s Gina Krog was called off, costing this time, a 50m NOK (about $6m) lost deposit. Finally their 4th sally into prospective production, a minor share in an OMV field was abandoned. All this when crude prices were staging a turnaround. Their bonds have fallen 32% on the Frankfurt exchange. I reckon the deals were pulled because a further bond issue would have failed. Against this backdrop, financing a PVR well would be quite miraculous. If you read their 2015 Annual Report, they are on life support from parent Sapinda. In 2 very expensive years and 4 projects, they have zilch to show for it and I don’t think Lars will want to continue to pay for two expensive managements, Sequa and Tellus. Reading between the lines of the Going Concern note, Sapinda could pull the plug at any moment.
Houston. Assume not holding talks in the cafe of a Dublin railway station. o
SeaEnergy shares suspended, probably insolvent. First victim of Transocean decision not helped as it cannot sell its 19% stake in LOGP due to the suspension.
Meant to say...LOGP has to find 20% of settlement or PVR is going to have to find c.$9m.
Notice on the website is pretty clear that there isnt enough dosh to pay the award. Major crisis for the Board as it means the those all expenses-paid junkets to Brazil will have to be called off.........unless of course they were cute and have booked and paid for them in advance. No flies on Tony!
Yes, Sequa showing negative shareholder funds of $36m despite having capitalised $130m of what look like worthless goodwill, deferred tax and intangibles. Deferred tax is interesting, based on future income from Norwegian assets, when the relevant deal isnt even complete, never mind producing income. Congrats KPMG! Maybe TOR was never a believer but puffed the deal to keep the 'besotted' faithful.
Align earns its dosh by promoting companies. Run by Richard Jennings of failed Titan Investments fame. PVR plumbing the depths.
If I had San Leon shares I'd be out tomorrow. The Afren story is shocking even by Nigerian standards. Utterly corrupt country.