Article goes like This
1: Providence ready to play hardball over Barryroe discussions.
2: landmark Deal with Total Druid/Drombeg/AVALON.
3: Investment significantly strenghtened balance sheet which will improve barganing position re Barryroe.
4: TOR told Business Post that focus now on drilling Druid/Dromberg and Farming out Barryroe. TOR - " gives us options with strong balance sheet" re Barryroe and " people Know we can do things on our own if They do not come up with reasonable opportunty for shareholders and strength of balance sheet does allow for different kinds of conversations. "
5: 20.25m dollars to be paid next week to Providence from Total.
6: Shareholders gave money last year for Druid drill and that created a dynamic of Its own and thus Farmouts occurred as big players Did not want to loose out on cheap opportunity for potential major upside
7: Discussions underway re Barryroe with 2018 earliest drilling window
The icemax is due to start drilling late June or early July. Will probably leave Canary Islands June 20th onwards. All the talk if delay etc is rubbish. At AGM for those who were not there the members of Board said late June or early July start date. Take that as An early July date
A Deal in Barryroe could be signed anytime. Don't think assignment of options means a Deal is Close or not. In any case think Providence Will take over LOGP with share swap prior to Barryroe deal
Seems that some on This Board do not realize that we are getting a free carry on Druid and Drombeg and we keep I Believe 28 percent. That is excellent. The second Farm out is great news as well
Think Total might already Have done 3D seismics. At AGM TOR said another company was carrying out seismic survey on Avalon. Probably Total
Institutions who bought at 12p at placing offloading shsres to another investor at An agreed pre-agreed price eg TOR snr or Maybe PVR looking to buy out LOGP with share issue to help clean up Barryroe dealings
Why is everbody adding fuel to the fire. Talk of a placement is just that. If a placement were to take place it Would be in the interests of the existing Institutional Investors to do it at a much higher price and hence lower capital gains tax if shares rise thereafter on Druid drill or larger tax write offs if shares fall following Druid drill.
Totally agree with You. That is exactly the situation as it stands. The paid basher Will no doubt Have a problem with it though !!!!