I commented earlier this week my predicted COP26 lack of meaningful outcome would have little relevance to the wider investment world. But that does not mean it has had no impact to my thinking or investment cases I consider. Unfortunately, Provident Resources (PVR) has had its investment case holed below the waterline for me by a COP26 side deal.
I noted late yesterday evening Provident Resources (PVR) updated the market, confirming the receipt of placing share monies from its new partner, SpotOn Energy. Nigel Somerville highlighted the delay, which was a concern given the history of failed deals. I can see some reasons to be hopeful, but its early days.
As regular ShareProphets readers will know, AIM-listed oil explorer Providence Resources (PVR) somewhat blotted its copy book last year when a long promised and re-promised investment failed to materialise, leaving the company in financial dire straits – and CEO Tony O’Reilly eventually walked the plank. Surely it is not happening again?
AIM-listed Providence Resources (PVR) has announced the departure of its CEO, Tony O’Reilly, with immediate effect and by mutual and amicable agreement. This, I suggest, reflects the calamitous farm-out agreement regarding Barryroe with APEC Energy Enterprises (APEC), which never paid up. Amazingly, that saga started in March 2018 and was updated in September 2018 promising bucket-loads of cash and a drilling programme of 5 wells and two option wells to commence in 2019...
