Spuddy - If the case had been lost, PVR would have had to hand over cash to Transocean. The impact on the accounts would have been, reduce accrual liability and increase the creditor (Transocean) liability. Cash would have then been required to pay down Transocean as a creditor and clear the liability. In fairness to PVR management, taking the legal route proved to be very much to the benefit of shareholders. Without looking at the accounts, I'm assuming PVR's retained reserves are largely exploration losses. These can be used for offsetting tax liabilities when Barryroe enters production.
Like your way of thinking even more than Markie's, think we'll have to wait until Sequa finish bond issue on 30th, plus it's too soon to fit in with PVR's definition of nearly 
When will news of Barryroe farmout be announced?
Spuddy, the accounting adjustment will be increase retained reserves and decrease accruals, with no impact on cash. The only sources of cash I can see in this, would be if Transocean had to pay for PVR legal costs already paid or if PVR were awarded damages. Cheers JR
If the Oracle of PVR (aka Sully100) has given the Spanish Point news his imprimatur, then it must be GOOD news. Todays price drop on the back of low volumes is probably shorters having to relinquish positions as no bad news.
Think so too Sully but a statement like that will help us find our whose glass is half empty .....
Spanish Point -Does planned to be drilled in H1 2015 mean what I think it means?
Shadow, apologies for snappy response yesterday, was up to my neck in work at the time.
Shadow, they're buying an asset and I expect them to take control from current board of management by acquiring a controlling interest. As outlined in previous post, you only set up local company for holding an asset. If you're acquiring a company outright then no need to set up locally as the existing company suffices.