Barryroe update and any news on Total/Cairn options should be included in O'Reilly's end of year statement,that is if we get one this year. They used be an annual event but we will have to wait and see.
By my calculations the options for Total and Cairn expire on 18 December. Will we get an RNA either way or only if they take it up I wonder. I don't expect them to do so but it would be good to get some sort of an update on BROE progress.....
Keith Byrne of Providence giving a talk on Newgrange at Prospex 2018 this afternoon. Nice cheap($22m) and shallow well in 2019. Big Hugh Mackay of Europa waxing lyrical on shallow Slyne Basin yesterday. Bet Newgrange gets drilled first.....
It is not the first time I have heard u say this
but maybe this time it is for real
Everything rockets someday even if it has to go down to 6p
in order to look sufficiently rocket like
This is not the issue for me .....
in this life the main issue is to get the
timing right ...... timing really is everything
yes Oil but in my case I am not betting on anything really happening ...
just that there will be enough future speculation to bring the SP back to 14 at some stage ... so a big bet on a small outcome ........
for anything else ... personally I have no confidence
After all these years the new seismic makes pvr a no brainier as you say.
With four well drilled on the field and 3d seismic the geology and faulting is now known.
The location of the well is 5km from the last well but most importantly it's two Hundred feet up dip from the last well.
If you examine the well location look at the contours like an ordinance survey map except the lower contours are shallower in the field. These look very much like production wells. Indeed pvr state that the well results will lead to a Final Investment Deceision (fid)
Hard to find as low a risk and high impact investment.
Just my views of course, but look at the pvr barryroe presentation and make up your own mind,
I doubted barryroe for a very long time because of the old seismic quality but not after seeing the new seismic and checking out the seismic processing company they used. A game changer.
A/S,Bah humbug to you too! Just bought a nice wedge here with some of proceeds of a property disposal. Now time for Total and Cairn to sign up to AM consortia. Barryroe farmout will be de icing on the cake of course and will be lying in the Spanish sun foir that one.....
So 20p is the new ambition ND ......
this is quite a reduction on your previous posts .... going back through the years ....
a type of new reality!!!
have to admit ... would not mind to throw it all at this "thing" as you feel it should surely make it back to 14p at some stage and so a significant investment would pay well ...
but throwing more money .....????
Believe there was some discussion a few months ago about this subject...
Isn't it around about now that Total has to fully commit to the Druid /Drombeg Licence Option or have they already done so? This sentence from June Commercial Update: -
"The Option can be exercised by TOTAL within 60 business days of the completion (plugging and abandoning) of the upcoming 53/6-A well"
Also Cairn to the Avalon Licence? Again from second June Commercial Update: -
"The Option can be exercised by Capricorn within 60 days of the completion (plugging and abandoning) of the upcoming 53/6-A well on Frontier Exploration Licence 2/14."
Note former states 'business days', latter doesn't. Can anyone help?
There is no information on the potential of the jurrasic.
It's likely the source rock comes from the Jurassic. The new seismic does show a much thicker reservoir section in the Jurassic but you cannot tell its prospect size.
Definitely worth a look when drilling next barryroe well.
Firstly when oil companies enter a data room they usually sign a confidentiality agreement which prevents them from making takeovers of the company based on confidential data not available to all shareholders. As pvr have been farming out for five years that would preclude a lot of companies if there were as many companies looking as we were led to believe,
If companies are in the data room now looking at the new data it usually takes at least three months to do an evaluation and if your lucky 3 months to do the legals, so way too early for industry validation.
However, since pvr have published summary details of the new data it's ok for them to discuss with institutions. Hence that's why it's important to look out for big buyers.
Really surprised CENKOS have not issued a brokers report on barryroe data.
Is old red waiting in the wings to come back on the cheap since he sold at circa30p
Jimmy, even if the average punter is 'missing a trick' here, you suggest Pageant are ahead of the other ii's in spotting the importance of this new seismic imaging..... and yet, would BP or Total or one of these not see it immediately? You say (based on BP activity and with big discounts) that maybe $1.5 per barrel etc. - if someone rocked into LOGP and offered to fund the drill for a 1:1 share dilution they would be buy a barrel at less that 20cents.... it's too big a gap and doesn't make sense.... why are they drilling if they can now see clearly from this seismic imaging?
I am not surprised by pageant increasing their holding once the new seismic identified relatively little faulting in the barryroe reservoir.
Unfortunately after five years of promises good news is overlooked. Brokers seem reluctant to comment on new seismic on barryroe having got it so badly wrong five years ago based on old seismic.
So how do investors judge if the new seismic is as good as pvr say it is.
1. Check out the web site of seismic image processing , particularly it's ability to remove seismic multiples and preserving deeper seismic signals, see Celtic sea example.
2. Look for institutional investors to buy in cheaply, pageant is a start, look for the next big buyer.
3. Look for directors buys, amazing that TOR has not bought in the market when the chairman did a tear ago, if pvr are going to drill without a farm out, which is probably right, then he should buy now. If Angus mc coss buys then quickly load up.
4. Pvr need to get a big broker to comment on the new seismic, amazing they have not done so, I would have thought pat plunkett would have this done by now.
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