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I think some here see this forum mainly as a vehicle for abusing others.
I think some here have severe cases of Stockholm Syndrome.
Estimates for the project envisage Barryroe is worth US$560mln (net present value) to Providence based on the recovery of some 48mln barrels of crude and assuming an oil price of around US$60 per barrel. For context, though, the 48mln barrels represents only 16% of the whole Barryroe oil resource.
https://www.proactiveinvestors.co.uk/companies/news/947344/providence-resources-shares-fall-as-latest-farm-out-falls-by-wayside-947344.html
Even Alan Linn, in an interview, couldn't get the figure right.
It's 311m barrels plus gas equivalent to 35m.
Ps has pointed out that the gas is worth less.
It seems Ashcroft is assuming there are only 300 m barrels and the gas is not extracted.
It doesn't really matter; what matters is that Alan Linn's Plan B - the existence of which had been doubted by some posters - doesn't run into problems, such as a member of the consortium withdrawing due to other commitments.
Once the project is producing, the finance to develop the rest of the oil might appear, especially if oil prices are higher by then, and possibly also to drill deeper and find more oil.
Even with further dilution, the potential rewards are staggering.
We can only hope that the project goes ahead.
In spite of SpotOn's failure, they appear to have produced a usable model to achieve that.
I agree with comments questioning why this could not have been done years ago - when Petronas was considering bidding 600 million euros for PVR and Brent was about $98,
Estimates for the project envisage Barryroe is worth US$560mln (net present value) to Providence based on the recovery of some 48mln barrels of crude and assuming an oil price of around US$60 per barrel. For context, though, the 48mln barrels represents only 16% of the whole Barryroe oil resource.https://www.proactiveinvestors.co.uk/companies/news/947344/providence-resources-shares-fall-as-latest-farm-out-falls-by-wayside-947344.htmlEven Alan Linn, in an interview, couldn't get the figure right.It's 311m barrels plus gas equivalent to 35m.Ps has pointed out that the gas is worth less.It seems Ashcroft is assuming there are only 300 m barrels and the gas is not extracted.It doesn't really matter; what matters is that Alan Linn's Plan B - the existence of which had been doubted by some posters - doesn't run into problems, such as a member of the consortium withdrawing due to other commitments. Once the project is producing, the finance to develop the rest of the oil might appear, especially if oil prices are higher by then, and possibly also to drill deeper and find more oil.Even with further dilution, the potential rewards are staggering.We can only hope that the project goes ahead.In spite of SpotOn's failure, they appear to have produced a usable model to achieve that.I agree with comments questioning why this could not have been done years ago - when Petronas was considering bidding 600 million euros, and ONGC 1.1 billion euros, for PVR.At the time Petronas were reported to be considering making a bid, PVR shares were about £6 each and Brent about $98.Imagine how much easier it would have been at that time for PVR to have have attempted something along the lines of what they are trying to do now.