But positive news for sure, and the long weekend will give time for it to mulled over in the press and online.
Great that they have done the deal on the bond, but I imagine that it will take some time to see any news on the Barryroe front, but I really hope that I am wrong. I am guessing that they will have to go back and have a chat with Providence and cross some T's and dot some I's.
Malcy's Blog has this to say today about the farmout The farm-out of Barryroe has been beset by many problems over recent years and whilst the field is clearly substantial it has not attracted the field of participants that the company or its shareholders had hoped for. The most recent approach was announced by the company but it was unable to identify who it was as the buyer had not yet raised the necessary funds with which to pay. An eagle-eyed reader of the blog, along with my own diligence, is trying to put the pieces of the jig-saw together and have come up with Sequa Petroleum or Sapinda as I thought it was. Sequa, a subsidiary of Sapinda, announced yesterday that it was raising money and should it do so we may find out if it really is the farminee to Barryroe. A bit convoluted but lets wait and see!
The problem is that they may be no more news for a while, and as the story drifts from the headlines so too will the share price.
I think Lansdowne selling up might work out well for Providence as they may end up with a stronger partner in Barryroe. Fastnet Oil and Gas for example.
I think we should make a bid for the company, say twenty million pounds and in return we get three hundred billion pounds worth of oil. Sounds great, oh by the way, you have to take the oil out of the ground, might take you thirty years, but I will be long gone by then.
There is almost a billion shares traded and not all buys of course. How much is that in real money? Not a lot really. If it was this good, surely people would come in will tens of millions?
It is going to take years to get any oil out of the ground, people will lose faith in the meanwhile.