Well HUR are valued at £670m with a circa 1bn barrel find. I don't know whether the Barryroe find is comparable, but Malcy is suggesting it could go 4 times higher. So a £100m+ valuation for LOGP is quite possible.
Value ??? 20% of the following . Fri 19:17 ABOUT BARRYROE Barryroe, located in the North Celtic Sea Basin, off the south coast of Ireland, has had six wells successfully drilled on the structure. Hydrocarbons have been logged in all six wells, with flow test results from four wells. Four wells were drilled in the 1970’s by Esso with a further appraisal well drilled in 1990 by Marathon Oil. The sixth well was drilled by Providence in 2011/12. The oil is light (43o API) with a wax content of c. 17-20%. The successfully tested reservoir sands are of Cretaceous Middle and Lower Wealden age located between c. 4,500’ TVDSS and 7,550’ TVDSS. The field is covered by both 2D and 3D seismic, the latter which was acquired in 2011. Audited (NSAI/RPS) on block resources amount to 1.048 billion barrels in place, with an estimated P50 recoverable resources of 311 MMBO (plus associated gas). A further 778 MMBO barrels in place have been identified in incremental sands, though these sands have yet to be tested.. ....
They may not of course keep 20% but even 10% offers very substantial reward in this share.
03/12/2015 Cantor Fitzgerald reiterates its "buy" rating but cut its price target to 33p from 37p. 11/20/2014 20.11.14 :-0.37, (12.13) Cantor Fitzgerald reiterates its "buy" rating but cut its price target to 83p from 86p. 10/14/2014 14.10.14 :-0.13, (12) Cantor Fitzgerald initiates coverage with a "buy" rating and 86p target price.
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