The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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I made the same point yesterday, PS, at 20:49:
'He says the 340 (actually346) mmboe is definite and that the total could be four times that.
He said 'in place' although I thought it was a 'recoverable' figure.'
I don't know why he said that, but at least he can't be accused of exaggerating the recoverable figure.
"18 MONTHS IS NOT 2 YEARS?" Back in 2011 we were told to expect the field to be pumping oil and gas in about 2014.
Totally agree with that assessment PS. Essentially we have outsourced the farmout to Spoton. Be interesting to see the colour of their promised money ....not putting a penny more into this until that happens and the EGM has taken place.
Jackspade you must be new on Aim market even 3 months is a very long time on aim, investors do not invest for that long lol 18 months which could be 2 years or more on a possible drill that may happen, OK you stay here for a year and a half and if it doesn't happen don't blame anyone apart form your stupidity,
Aims a gamble but no need to be stupid at the same time.
Linn sounded as confident as you would expect. His job is to get shareholders enthused. I see we are back to an "oil, or oil and gas" play. No longer pretending or implying that Barryroe could be a gas field. He also mentioned that the reservoir is unlikely to flow for long under a natural pressure drive, and will need water injection. On the plus side, I think Linn misspoke when he mentioned 350 mboe "in place". That is the assessed recoverable resource. However, the plan to drill only two appraisal wells must be a worry: it's a lot of eggs in two baskets. He did mention a possible third well in case of going for early production. Good to see he has his thinking cap on about early monetisation. That could pay for further development and keep initial costs down -- which might prevent PVR from having to give away most of the farm in the initial deal.
It's great that we are in talks, but we are talking to an entity with no money of its own. That is not a farmout, nor even a discussion about a farmout. It is effectively outsourcing the search for a farmout to SpotOn Energy who are a mere facilitator. The idea that Equinor or some such is hovering in the background pulling the strings is farfetched.
Longwait... My view is Big Boys will be better as they bring more stability and stick to the terms far better than small players. Last few years seen few deals fell off ... due to lack of good leadership and previous team consumed most of the opportunities and brought company to the brink. I assume current team is far more professional, we don't get further respite if they drop the ball again.
Still a very long time, 18 months away and that's if things go to plan,
That brings me back to my previous comment, BullsEye.
People have been saying for years that there must be something wrong with Barryroe because the majors aren't interested.
Major oil firms such as Petronas are understood to be primarily interested in Providence Resources because of its stake in the Barryroe field, Ireland's biggest ever oil find.
https://www.independent.ie/business/irish/giant-petronas-eyes-a-600m-bid-for-providence-resources-29090499.html
Someone is going to point out, if I don't, that that report is from seven years ago.
Petronas wasn't the only major company interested at that time, either:
Indian State-owned energy company Oil and Natural Gas Corporation (ONGC) last year eyed a full takeover of Providence Resources at a value of up to $1.5bn (€1.1bn).
https://www.independent.ie/business/irish/providence-1bn-sale-would-have-saved-oreilly-30391508.html
You remind me of posters who say that if a company's shares offer such good value, 'why aren't any institutions buying them?'
Well, if you're interested only in what the big boys want to invest in, what are you doing on AIM??
If it's worldclass why Alan didn't attract a Major.
As I've said before, JS, contrary to allegations made by some posters, TOR never lied about Barryroe.
He said 'there's nothing wrong with Barryroe!' and Linn obviously thinks likewise.
We actually had posters calling Barryroe a load of rubbish, but Linn calls it 'first class.'
In due course, we will see who is talking rubbish, and I don't think it's Linn.
Thanks, Jupiter.
I'm sure I would have found that recording before long, as with the last Linn interview, but I'm glad you provided the link today.
Linn looks as though he knows what he's talking about.
He says the 340 (actually346) mmboe is definite and that the total could be four times that.
He said 'in place' although I thought it was a 'recoverable' figure.
He also said that there is a refinery nearby capable of processing 75,000 bopd.
He reckons the break-even price would be around $26 p.b.
He also said that he hopes shortly to be able to provide information about SpotOn's partners.
It doesn't look like a project intended 'to lure mug punters'.
Late 2021 for the appraisal commencement.
Buy and easy hold.
Should see easy x3 returns min imo