In 2008 Oil reached maximum of $134 with dollar worth .625 Euros i.e. cost in Euros of 83.75 Euros. Now we have dollar at .91 Euro with Brent at $60.71 i.e. 55.3 Euros. Thus this means that Price of Barrel in Euros is down from 83.75 to 55.33 Euros - a reduction of 28 Euros a barrel. We were told in August by Landsdowne that Barryroe was Profitable at ~30 dollars i.e. production cost in August below $30. Earlier in the year we were told Production cost of $40 a barrel. This would have given a profit of 58 Euros a Barrel. If we can believe Tullow statements that cost of rigs down 50% and labor down anywhere from 30 - 40 % then Barryroe should not have a cost in Excess of $15-20$ a barrel i.e. circa 13.5-19 Euros a barrel. Thus we still have considerable Profit from Barryroe of anywhere between 35 and 40 Euros a barrel.
Read the Article and from Sapinda´s Point of view seems very reasonable. If they have the money for Providence and Barryroe do not see any reason for concern.
Believe we will see Barryroe deal announced the week after the Rights issue and placement. Think it is highly likely that farminee will take a stake in Providence. It may do this via some front company to keep its hand hidden
TOR says he expects news on Barryroe in a couple of weeks or a month. Can we believe this !!!
Lets just hope a deal is done on Barryroe. We can only believe what we are told in RNS and no announcement yet to say deal is off the table. This could be as Godot states a ploy to force Sequa to do something one way or another
You were right Fencer. This is a disgrace. Sometime ago I told the company my unhappiness with them spending money on salaries and stupid seismic surveys at a time when company had no money. These people have run this company into the ground at our expense. It all sounds very dodgy. This is disgusting. It is hard to believe. We have been tsken for fools. TOR must go and this company and its behaviour needs to be investigated. We have been led up the garden path
Believe Providence are going to issue shares to Farmanee as part of Farm out deal. Thus for the expected cash up front payment for example 40m to Providence we will see shares placement for this amount. The question I believe is what will be the share placement price. As have ssid before price will be well above present market price so as to be agreeable to present shareholders eg 30m shares at 150 pence. Thus recent rumors in press regarding share issues and recent statements from Providence regarding additional fundiing measures plus the announcement of SP chryasor deal in parallel with Barryroe conditional Farm Out of Feb 9th starts to make sense
Still as bemused as everyone. Who benefits from buying at these levels. Either a risk taker or somebody who expects the price to rise. Believe we are going to see this share rise. The wait is not pleasant but my belief is that the drop has been aided. Amazing how it seems to drop then stabilizes. Thereafter large volume trades before next movement. As all have mentioned why Issue the statement on Barryroe (Non RNS) at the same time that you are going to need more funds for SP. Believe that someone is getting cheap shares and that within the next few weeks we will get News on Barryroe. It is amazing how the modd swings from over positive to over negative without any hard facts. Believe this will turn soon
Still waiting for News. Can´t believe the Big Institutions will allow TOR hand over shares for Buttons. Still think a convertible loan would be best option if Barryroe farm Out Closure is delayed