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Thanks for taking the time to relay all that info JH77. Certainly sounds positive and as good as we can hope for at present. Once this starts falling into place the only was is up from the current share price. I too am happy to continue holding.
Hi Y'all... Here is a brief report of the LOGP AGM which I attended yesterday: 1/ Shareholder attendance was fairly light in line with the trend in recent years. 2/ All resoutions were passed on a show of hands. It is worth noting that 90% of the proxy voters also voted in favour, so I think we can take that as a signal that the institutional investors are still backing the management team and the Barryroe project up to the hilt 3/ There was a very favourable response to the request for quotations for supply of a drilling rig with very low prices being quoted coming forward into 2018 and 2019. 4/ There is a firm intention to drill Barryroe in 2018. 5/ The current plan is to drill one well which will be both an appraisal and a production well. I assume that the optional second well is probably there as a standard contingency or in the event that a farminee with deep pockets may wish to do further exploration drilling, though I did not press SB on this point. 6/ The planned well will target the existing discovered resource with a view to fast tracking production and getting some positive cash flow rather than further exploration of the deeper prospects at this time. 7/ All options are open with regards to project financing including: A joint farmout with PVR A separate farmout of part of LOGP 20% stake An issue of further equity...possibly a rights issue to maintain the 20% stake. 8/ There is no progress to report at present on the MFDEVCO licencing deal re Helvick. 9/ While everyone regretted the lack of success which PVR incurred at Druid / Drombeg, the general feeling was that the silver lining was... an increased focus on getting Barryroe over the line by PVR management. Finally, my general impression was that the board are by no means despondent about the company's future prospects and remain very positive regarding Barryroe. I believe this to be a fair and accurate report of the key poinst. If anybody else has any further comments that would also be most welcome. Obviously this is not at the present time a "get rich quick" share, given the timescales involved, however I was sufficiently satisfied to continue to hold my present shares and will probably add a little further down the line. Good luck all!
Yes....I'll post a brief report a bit later Ichi. Feel pretty positive about things!
Hi JH77. Did you attend the AGM, and wee any hints or snippets of good news discussed? TIA
PRV Should have moved here first Barryroe could potentially be a 100,000 bopd field at its peak .
Wait and see, ----------------- well look all the expert have turned up, how strange no input for months?.
how much require ?..and still could be several months .to wait for this drill
None. Placing may happen, dilution, not good. Other possibility for rise, someone buys the 20% LOGP owns but why now?? Could have done with past 2 years.(Turnover in monetary terms only circa £90,000 not large). Price could collapse again like it did a few weeks back after a similar spurt.
Yes mfdevco......looks promising....huge consortium Inc Abiel and Cosl. 50% owned by NUOG.
MFDevCo perhaps Mike, you know NUOG's main business goal? Take a look into it
Presumably a large placing is on the way then? How else can they pay their share of the drilling costs?
Barryoe next.....awesome news
next drill for PVR is Barryroe
Hi JH, Thankyou. I am not going myself but hopeful that someone else here was. It will be great to have some first hand feedback. News tends to be quite thin on the ground with this one....
Hi Rinkidink. I'm going to attend today. I'll give an update on the board. Are you going yourself?
To the AGM tomorrow?
I wonder will we see some renewed interest here in light of recent uplift in PVR share price and general feelgood factor surrounding Irish O&G sector?
Young T.O.R. is like old T.O..R. I remember the Sedco 704 drilling 49/9 Helvic. Atlantic Resources All BUlLL...Made a lot of people go bust??? J.O.S. is a Geologist Now a Dr thanks to a cushy number Dublin.. All the rest are money men. Very surprised at Pat. That is why Ballyroe is on hold ..Between the lot of them they don't have a clue about Drilling and Production
Hi. Drumbeg Salt Water. uid Oil /Gas. My banker is Ballyroe proven field' What people don't realize Is the total amount used in Ireland is around 175000 Bbls per day. 32 counties.The only method of distribution is road tanker no rail link no pipeline. Bantry as a loading Terminal is an option. Pipeline to Milford Haven? Briexit? Pipeline to France.?Gas is a different story all the infastructure is in place including a Gas plant at Middleton. Ballyroe to develop Would Cost a Shitload of money. Something like Ekofisk in Norway. P.S. I first went to ekofisk in 1975 there for 10 years
You sound like someone who knows the oil business... whats your take on DROMBEG then.... if that's a fair question ?
with regards Icemax and Drilling Mud. If Icemax took a Gas Kick. You shut the well in , as you can Not allow your shut in casing pressure to be greater than M.A.A.S.P. ( Max Allowed Annular Surface pressure, this pressure was why you did a Leak off Test after drilling out the casing shoe.) You increase your Md wt. When you start to circulate new mud you bleed off mud from annulas keeping your casing pressure steady.Below M.A.A.S.P. This is just one way of circulating out a Kick. you do not remove the riser and send to Aberdeen for new B.O.P. All Rigs have Gas Buster, choke manifolds, Desanders, Desilters. shale Shakers. also Weight Material to increase Mud Wt. Bye for now
if Icemax set 13.3/8 casing at drumbeg cap rock, carried out leak off test which gives M.A.S.P. O.K. If set 9.5/8 at drumbeg they now have to run 7 ins casing before drilling cap rock at Druid and establish new M.A A.S.P. I would be very surprised if they had 7ins casing on board or in Cork ,therefor trip to Aberdeen. Regards B.O.P. rating All offshore b.o.p. are rated at least 10000 p.s.i whether Icemax, Platform or Jack Up. 10000 P.s.i.working press is tested @ 15000 p.s.i . M.A.A.S.P is the crucial factor if you have an influx of Gas Boyles Law. P1 V1 = P2 V2 20 Bbl's @ 10000 ft is Massive at surface. That's it for now
You must have missed Yesiamarobot then, he's a very knowledgeable oilman...it's a very exciting drill for us...so why not boat watch, we've had no action for 5 years. We've moved from the cuttings theory now...could be milk and papers but the boats are real they're not hallucinations :-) PS Thanks for the post about rocks.
Your welcome JH77,..did not realize the LOGP AGM link was down, until you brought it to my attention. BW
Cheers Wraith....Will email Steve Boldy for confirmation anyway.. could be a glitch with my mobile phone so will check on my desktop machine as well. BW