Mean we are .....! But if we agree commercial terms in principle
we rarely withdraw ..... legally we are not allowed unless theee is a radical change
in the conditions of the affaire .... if you hear it is total you should think to invest big
A/S, Remember a tiddler who owned a small % of a prospect with TLW in Africa a few years back who received an opportunistic bid from Total. Low ball price was turned down and an increased bid was hoped for. Them frugal people at HQ did not increase bid and were proved to be spot on as prospect turned out to be as dry as the Arabian desert. Smart people at Total and hope they bring us luck at The Diablo Ridge too.
I am for Total ... who appear to be developing a relationship with PVR....also it would explain why it would be slow ... speed is not what we do ... but if there is an agreement in principe with Total then it is settled as we do not normally want to change our mind after to commit .....
My guess is that it could very well be cairn who farm in.
If they get 50% of barryroe 340 million bbls of certified c2 oil reserves for spending $30 million to drill the next wells and say back costs of say $60 million they have purchased undeveloped oil at $0.52 per bbl and it will then be at a final investment decision to develop.
With oil at nearly $70 per bbl thats a fantastic bargain for cairn or whoever it is buying in.
This kind of deal would be a win win all round. Pvr and LOGP get third party validation and a top class operator to drill the bsrryroe wells. The value of such farm out to pvr is 48 m of past costs and 12 m of carried costs plus the value of 40% of Barry roe reserves .
For LOGP they get $12 m back costs and 3m of well costs carried and net 34 m of reserves to be developed.
Clearly the farm in terms are speculation, but I think they are realistic and they demonstrate the value for all involved.
if the price goes beyond that point we are into the unknown.
Erm, wasnt it $140 a couple of years ago ?
Ive noticed that, already, pump prices are approaching the levels prevalent at that time !
So, the skys the limit apparently. Well be paying £2 a litre before long so be careful what you wish for.
Apparently 69.63 was a major technical price point and that's been crossed now. The next is 71.30, against which a mountain of sell orders sit - if the price goes beyond that point we are into the unknown. The terms were already settled but still, good background noise...
Jimmy, Davy and Cenkos have a line for Institutions in Dublin and London. Mirabaud have been brought in to tap their considerable list of high net worth clients. Must be a 2018 drill to attract the interest of these clients.....
RNS this morning shows Henderson reducing further.
With a bit of luck, Pageant will take the remaining 3.98% off them and normal upward service should resume.
If I were PVR, I would try and get these two players together to agree a price on the stock overhang BEFORE issuing news on Barryroe.
Of course not easy to accommodate all parties involved but if Henderson are hell bent on exiting then why not let them do it before the real fun starts?
For balance, there's always a chance that Henderson have a crystal ball type approach and know that nothing is going to happen with Barryroe. Looking at their past mess ups, I'd just conclude that they are one of the thicker than thick ones in the markets today. The add on of Janus certainly doesn't appear to have added any brains.
e also began various work-scopes for the planned drilling of the 48/24-K Barryroe appraisal well. These work-scopes include well planning and consenting, together with the preparation of the Invitation to Tender ("ITT") for the procurement of a drilling unit, which we plan to issue in early Q1 2018.
it is for sure that they did not set out an exclusivity agreement so as to agree the next week as some of the posters appear to have suggested ...... however this has been so long on offer .. the only issue will be the percentages ..... as the product is 100% known ....
They are dealing exclusively with one party. That exclusivity will be time limited and will determine how quickly the thing moves. I hate to say it, but that time limit is likely to be 3, 6 or even 12 months. I expect it is the former since they are already in a process to tender for rigs etc. so lets say 3 months. Personally, I expect we will get news before the end of March but not much earlier.
Huge volume over at cairn to day. Could they be the undisclosed farm in partner they agreed commercial terms with to farm into Barry roe ? They know each other well as cairn are operator of Spanish point.
Well an interesting day with the sp not knowing what way to turn. However still good consolidation and showing strength at 11p+ ready for the next surge forward. I'm betting for a blue day tomorrow and a RNS would be the icing on the cake.
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