Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Common gave higher rate
!
The main reason barryroe was not farmed out was that the seismic was very unclear which did not allow the direct mapping of the reservoir and hence small intra reservoir faults could not be identified and hence a risk of reservoir compartmentalisation. The problem occurs because in the Celtic sea there is a hard layer of chalk rock below the seabed which causes an echo in seismic which makes it difficult to identify the reservoir rock in seismic. This is known as a seismic multiple and conventional techniques to remove by data processing also remove 95% of the reservoir signal. Hence no farm out because investors could not be certain the thin sand reservoirs were not compartmentalised. That's all changed now with seismic processing by U.K. Company seismic image processing which removes the seismic multiple and preserves the original seismic signal. See http://www.seismicimageprocessing.com/assets/pdfs/multiple_removal.pdf This is vey important as it allowed pvr to map the reservoir with confidence. See the pvr barryroe presentation. The consequences of this change are huge. It means that Logp can now farm out barryroe and it's 20% share of the barryroe proven independent c2 reserves are a real asset amounting to 68 million bbls of oil Pvr are to drill next year a well which is 200 feet up dip from an existing discovery that will lead to a final investment decision on barryroe development. Logp have a high chance of farming this out because the data improvement is so substantial. Alternatively , the probability of being taken over at current share price or even a small multiple thereof must be very good indeed. Even if there is equity dilution to fund a share of the logp well this must be the cheapest value company on Aim for a company with 68 million barrels of proven undeveloped oil . This is easily a 20 bagger Jimmy
Executed at 1.62p. Hopefully it does well for me.
I have just let it go to NT and hope to get in asap
for a little over £7M MCAP you are having a larf! LOGP should be valued way above where it is Remember that this is not an exploration punt, Barryroe is a well understood target which already has infrastructure above it for the gas. So many risks have been removed and with Brent oil price sitting around the $66 mark, this make LOGP a VERY cheap company
bad luck, looks like you didn't manage to buy in!
This is an that this transaction will be concluded!!
Providence Resources own 80% and are operator. Lansdowne O&G own 20%. The location of the license is shown here; https://thefundmanager.co.uk/uk-listed-stocks/lansdowne-oil-gas-plc/
Can't hold this back!
Providence Resources and Lansdowne Oil & Gas closer to Barryroe farm-out with signing of exclusivity deal 08:18 28 Dec 2017 The two AIM-quoted explorers intend to drill again at Barryroe in 2018, and landing a long-awaited new partnership would be a significant boon to the plans. oil and gas operations Drilling is slated for Barryroe in 2018 Providence Resources PLC (LON:PVR) and Lansdowne Oil & Gas Plc (LON:LOGP) are now closer to sealing a farm-out deal for the Barryroe field, in the Celtic Sea offshore Ireland, with the signing of an exclusivity agreement with a potential partner. Lansdowne shares jumped 40% in Thursday’s early transactions, while Providence shares gained 7.87%. The two AIM-quoted explorers intend to drill again at Barryroe in 2018, and landing a long-awaited new partnership would be a significant boon to those plans. “The company has continued to engage with interested co-venture partners and earlier this month, having reached provisional agreement on key commercial terms with a potential farminee, we have granted a period of exclusivity to them in order to conclude contractual negotiations which, if successful, would deliver a multi-well programme at Barryroe,” said Tony O’Reilly, Providence chief executive. “However, given its conditional nature and subjectivity to final contracts, no specific commercial details are being released at this time. “Shareholders should note that there is no certainty that this farm-in will be concluded and further announcements will be issued in due course and as appropriate.” At the same time, Providence also confirmed that French oil major has now exercised its option to remain partnered in its Atlantic exploration venture, sealing its acquisition of a 35% stake in Frontier Exploration Licence 2/14 – which contains/contained the Druid, Drombeg, and Diablo assets. http://www.proactiveinvestors.co.uk/companies/news/189307/providence-resources-and-lansdowne-oil-gas-closer-to-barryroe-farm-out-with-signing-of-exclusivity-deal-189307.html
Very difficult to buy
Someone go down to the shop and buy some biscuits, so we can give the Farminee something with their tea. Buy the expensive biscuits. We want to make a good impression here.
How much is a barrel of oil worth, discovered but undeveloped ? Somewhere between 50c and $3 I would reckon. So LOGPs 60m barrels is worth between 4.36p and 26p a share. Also, the field may have more than the 311m barrels recoverable with new extraction techniques. Any thoughts ?
Lansdowne Oil and Gas plc ("Lansdowne" or "the Company") notes the announcement today by Providence Resources P.l.c ("Providence") providing an update on the Barryroe Field (Standard Exploration Licence 1/11), in which Lansdowne holds a 20 per cent interest. Providence's announcement contained information that various work-scopes for the planned drilling of the 48/24-K Barryroe appraisal well have begun. 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 it is planned to issue in early Q1 2018. In parallel, as previously announced, the Barryroe partners have continued to engage with interested co-venture partners. The Company is pleased to confirm the Barryroe partners have now entered into a period of exclusivity with a potential farminee in order to conclude contractual negotiations, having reached provisional agreement on key commercial terms for a multi-well programme at Barryroe. Given there is no certainty that this envisaged transaction will be concluded, no specific commercial details are being released at this time.
Is this the real life? Is this just fantasy? Caught in a landslide, no escape from reality Open your eyes, look up to the skies and see I'm just a poor boy, I need no sympathy Because I'm easy come, easy go, little high, little low The Zoroastrian Bard encapsulates my 7 years of holding this "just out of reach" stock. Will 2018 make any difference?
Merry Christmas & Happy New Year to you all. BW
Hi Ajed. There is a lot of sense in what you are saying. I am tending towards the optimistic side myself. Interesting to see a wee flurry of buys here today whereas at PVR the sell off continues remorselessly. It underlines your point about trust in the management. Let's see what the New Year brings.
I’ve been meaning to reply to this for ages. I thought it was a great post especially in comparison to many others. I too have many many LOGP shares (and zero PVR) and agree that if by some miracle Barryroe happens then there will be an increase in price beyond what PVR’s shares increase by proportionately. Your synopsis is good but I struggle with the seismic image processing results and the PVR presentation as PVR paid for the work and therefore it’s not truly independent. Also how can you claim that they’ve solved the compartmentalisation issue - there’s nothing to show that. In simple terms LOGP have to raise $5m to take part in the next well which I expect PVR have enough cash to drill at present. To me this $5m is a paultry sum in oilfield terms and small change for almost anyone in the game - except LOGP of course. Looking back the data room has been open for ages and all interested parties have had the opportunity to look at the data and make their own minds up. Don’t forget that these interested parties will also have access to the sort of data produced by seismic image processing as well. The publication of the PVR presentation seems to have done nothing to change the lack of enthusiasm so how will LOGP raise this small amount of cash. (To me they’ll come to the shareholders and dilute). It’s not just the compartmentalisation problem that drives this; it’s also the fact that certain people in PVR are, shall we say, not exactly trusted or liked and have lost a lot of punters a lot of money over time. Just look at the comments on ii and here. I still think the latest well was the biggest waste of time ever but, boy, did it get some fantastic and fantastical comments from both this board and the ii one. Unless PVR can persuade others that this next updip well is the crux of an FID then I think it’s all history and LOGP will go to the wall with our shares. You have to remember that the 10z well was drilled only 500 metres from the original discovery so how could it fail. I’m not sure it actually proved anything. A real shame but let’s have a great Christmas and worry about it later.
Happy Christmas all LOGP holders!
Don't normally have much spare time, in the day JH77,....been stuck at desk today, (only use desktop). BW
Unusual to find u about at this hour of the day Wraith! Also quite surprised to see a pretty chunky buy has just popped up on my screen.
Your welcome. BW
Cheers mate
Hi Loz786,..Barryroe drill targeted for, H2 2018 to H1 2019 (subject to consents). http://inpublic.globenewswire.com/releaseDetails.faces?rId=2145913 BW