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ha ha - at last a laugh
Why do you, and many others, waste space by copying and pasting stuff which is already on record ??
??
Why do you, and many others, waste space by copying and pasting stuff which is already on record ??
Tidd I know that is why I said a major barrier has been removed. This has been battered down due to that.
In-depth details of Barryroe.
Production peak from the field is expected to be in the region of 30,000bopd. The upside of exploration beyond existing identified targets is huge.
https://www.offshore-technology.com/projects/barryroe-oil-field-north-celtic-sea-basin/
Jarvy the bill that was tabled has already been killed as of last Friday.
https://www.maritime-executive.com/article/irish-cabinet-blocks-offshore-drilling-ban
Following the recently completed Farm-out, the Barryroe Licence is held by Lansdowne (10 per cent), APEC (50 per cent) and EXOLA (40 per cent).
Part of the Barryroe acreage lies beneath the Seven Heads Gas Field, with the boundary between the two concessions lying at 4,000 ft (approximately 1,250m) sub-sea.
The reservoir sands in the Barryroe Field lie in the Lower Cretaceous Wealden sequence.
The original discovery well on Barryroe was drilled by Esso in 1973 – 48/24-1 and this tested oil at an aggregate rate of 1300 barrels per day from the Middle Wealden.
An appraisal well drilled by Esso in 1974, 48/28-1, tested oil from a Middle Wealden sand at a rate of 1527 barrels per day.
A third well, 48/24-3, drilled by Marathon in 1990, tested oil from the Basal Wealden sand at an aggregate rate of 1619 barrels per day.
Lansdowne participated in the successful appraisal well 48/24-10z drilled in 2011/2012, which tested at a much better rate of 3514 barrels per day from the Basal Wealden sand. The oil is light, 43 degree API, with a wax content of c 17%.
Just had two major barriers removed just waiting for the funding to land tomorrow and the licence and its all systems are go. Buy the dips.
Outlook
We had thought that 2018 was the year that Lansdowne finally turned the corner with the signing of the Farm-Out Agreement for Barryroe which was expected would lead to a comprehensive appraisal programme on this substantial oil and gas accumulation (346 MMBOE 2C Resources).
Unfortunately, however, regulatory delays in the permitting of the site survey operations and delay to the delivery of funding to EXOLA as called for under the Farm-Out Agreement, have delayed the Drilling Programme.
A wider threat to all oil and gas activity offshore Ireland is posed by the Bill put forward in the Irish Parliament that effectively seeks to block the award of any new hydrocarbon licence arrangements. The debate on this Bill is continuing. The concept behind this measure is to address carbon dioxide emissions and thus Climate Change.
Whilst recognising that we are in a transition from dependence on fossil fuels to a future where renewables will become the dominant energy source, all projections indicate that we will continue to require fossil fuels, especially gas, for many years to come.
The Bill that has been tabled would, if passed, not result in any reduction in emissions and would leave Ireland entirely reliant on imports for its hydrocarbon requirements.
8 July 2019
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Standard Exploration Licence 1/11
Barryroe, North Celtic Sea Basin
Operational Update
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea focused, oil and gas company, notes the announcement today by Providence Resources P.l.c. regarding Barryroe, which reads as follows:
Update on Barryroe Farm-Out Transaction
Dublin and London - July 8, 2019 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Energy Company ("Providence" or the "Company"), today provides a commercial and operational update in relation to Standard Exploration Licence ("SEL") 1/11 which contains the Barryroe oil accumulation (the "Barryroe Project"). SEL 1/11 is operated by EXOLA DAC ("EXOLA" or the "Operator", 40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited ("APEC") and Lansdowne Celtic Sea Limited ("Lansdowne", 10%). The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is located c. 50 km off the south coast of Ireland.
Background
On June 5, 2019, the Company announced that it had agreed certain amendments to the Farm-Out Agreement (the "Updated FOA") for the Barryroe Project with APEC Energy Enterprises Limited ("APEC") and, together with EXOLA and Lansdowne, the "Barryroe Partners", including a revised backstop date with APEC for receipt of the US$ 9 million loan advance to June 14, 2019. On June 17, 2019, the Barryroe Partners agreed to a further extension of the backstop date to no later than July 5, 2019. Pursuant to the terms of the Updated FOA, this US$ 9 million loan is to cover the costs associated with front-end well-site survey operations and pre-drill well consenting.
Receipt of Remittance Notification
Providence has received a HSBC remittance notification dated July 5, 2019 from APEC's funder for the transfer of US$ 10 million in favour of Providence's bank account in Dublin with a payment date of July 9, 2019. Of the US$ 10 million, US$ 9 million is to cover EXOLA front-end and pre-drill costs with US$ 1 million to cover APEC costs. Therefore, a backstop extension to July 10, 2019 has been agreed with APEC to allow for the receipt of funds. A further update will be provided in due course.
14m mcap looks cheap
Things all look to be falling into place for a very healthy rise leading up to drilling here. Must be easy money to be made from these levels. Surely a steady rise up to 3p+ on the cards here very soon.
5p and 10p when we start drilling, not many shares about mate,
Moving on now. Where do we think this will go with funding in place??
Appropriate assessment determination from DCCAE
Confirmation that APEC funding has landed
Site survey approval from DCCAE
Each one should produce a further bounce up in the sp.
And as an added bonus, probably some tweets of teenage tantrums from our Brid
3p easy on funding tomorrow
You won't, expect 5p on permit news,
Had to pay 1.94p hopefully won't regret that as I full expect this to be over 3p prior to the funds being confirmed
It traded higher prior to the funding, with the bill also cancelled current valuation for the fully funded multi well program and already discovered oil is rather conservative.
2.5p finish maybe end of day, permit next and off to 5p
Excellent news. Should see another good correction today - not sure how easy it is going to be add in size given the lack of float.
Receipt of Remittance Notification
Providence has received a HSBC remittance notification dated July 5, 2019 from APEC’s funder for the transfer of US$ 10 million in favour of Providence’s bank account in Dublin with a payment date of July 9, 2019. Of the US$ 10 million, US$ 9 million is to cover EXOLA front-end and pre-drill costs with US$ 1 million to cover APEC costs. Therefore, a backstop extension to July 10, 2019 has been agreed with APEC to allow for the receipt of funds. A further update will be provided in due course.
http://www.globenewswire.com/news-release/2019/07/08/1879234/0/en/Providence-Resources-P-l-c-Update-on-Barryroe-Farm-Out.html
Totally agree. Understand one day traders selling to tie in any gains made during the day or long term holders top slicing. However, big upside coming soon.
When today's news sinks in over the weekend I expect another good day on Monday unless we get an rns with permit or funds news which could go crazy here, hold on.
buys coming back and 1.75paid
Permit approvals next week! then boom