The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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highlander what are you on about there has been no insider trading at all Logp are not a leaky ship
get the traders out of the way first
Afternoon rally? Are the buyers waiting for sellers to go as usual here?
Funds will appear in some format, regardless - with permits in place there will be far bigger entities now watching how this plays out.
Shows more that insider trading is the norm and that you have to be in it well before any news is out in the public domain.
Quite shocking IMO.
Strange reaction today - given the SP was almost 3p earlier this year on no permit. I admit that until the funds are received the market is pricing in failure, but I'd have thought there's far more likelihood of funds now we have the permit.
Should of put my glasses on.... its Flaring! ;-0
Why show a rig in flames!
Phoebus great post thanks
7) Further prospectivity from the Jurassic
No resource estimates have been made as yet for this interval, but it is to be drilled by three wells in the upcoming campaign.
8) Additional upside from licence extensions
The licence area has been extended by 180km2 since the last CPR to include areas that appear to contain field extensions to the south and south-east with potentially significant volumetric upside.
CONCLUSION
This gives a total recoverable potential of 1001 MMBOE gross or 100 MMBOE net to LOGP excluding additional upside from the Jurassic and licence extensions. No wonder APEC want to undertake such a large appraisal campaign. While I don’t expect to see final figures reach the upper levels indicated here I would think a figure of 500-600 MMBOE recoverable is quite possible, which would have a material impact on LOGP and its SP.
EXCELLENT ECONOMICS FACTORS
Additionally Barryroe benefits from some excellent economic factors.
1) VERY LOW TAX REGIME – Ireland has one of the world's lowest tax regimes for oil and gas exploration meaning more profit.
2) SHALLOW OFFSHORE – The field is in shallow water meaning less expensive rigs.
3) UNDER AN EXISTING FIELD AND ASSOCIATED INFRASTRUCTURE – The field is directly underneath the Seven Heads Gas Field, which is producing. As a result, there is already some infrastructure in place both at the field and onshore, meaning development costs will be mitigated.
4) NEAR TO SHORE – At only 30 miles offshore the field is relatively close to land compared with many North Sea fields, which again means lower development costs.
5) HIGHLY PRODUCTIVE WELLS – The field is highly productive. Following on from drill results, it was forecast that a 1,000 ft horizontal well could deliver 12,500 BOPD plus 11 MMSCF/D totalling 14,300 BOE/D, and that 41 such wells could be used. Obviously they will come on stream in batches, but this does indicate a very high aggregate peak production rate for the field. Read huge revenues.
For newcomers here is a repost of what's on offer at Barryroe :
Given the significant upside already highlighted at Barryroe and the scale of the upcoming drilling campaign, it’s quite possible that we will see a dramatic increase in 2C figures.
1) 345 MMBOE 2C in the Middle and Basal Wealden
At present the Barryroe Field is estimated to contain 2C 345.5 MMBOE recoverable gross, consisting of 266 MMB in the Basal Wealden, 45 MMB in the Middle Wealden and 34.5 MMBOE (266 BCF) in the two intervals combined. Four of the upcoming wells including one sidetrack will target the Basal Wealden.
https://www.investegate.co.uk/providence-res---pvr-/gnw/barryroe-oil-field-technical-update/20130405070026H0462/
2) 124.8 MMBOE P50 in the Lower Wealden
The Lower Wealden has already been drilled more than once. Well 48/23-1 logged about 120 ft of stacked hydrocarbon bearing sands with average porosities of 16% and hydrocarbon saturations of 70%. A failed well test in 1976 appears to be due to mechanical failure. The probability of this interval being converted to 2C looks very good. The interval is estimated to contain 416 MMB STOIIP, which at a 30% recovery factor would equate to 124.8 MMBOE.
https://www.investegate.co.uk/providence-res---pvr-/gnw/providence-resources-plc---barryroe-oil-field-----/20120905070207H8739/
3) 108.6 MMBOE P50 in the Purbeckian
Well 48/23-1 encountered a 70 ft hydrocarbon bearing sand in the Purbeckian, but did not test it. The interval is estimated to contain 362 MMB STOIIP, which at a 30% recovery factor would equate to 108.6 MMBOE. This interval is to be drilled by three wells in the upcoming campaign.
https://www.investegate.co.uk/providence-res---pvr-/gnw/providence-resources-plc---barryroe-oil-field-----/20120905070207H8739/
4) 27 MMBOE P50 in C-Sand
The 48/24-10z well tested gas from this sand. It is estimated to contain 216 BCF GIIP, which at a 75% recovery factor would equate to 27.0 MMBOE. This is the highest interval in the well so should be intersected in the upcoming program.
http://lansdowneoilandgas.com/wp-content/uploads/2018/05/Investor-Presentation.pdf
5) 41.1 MMBOE from increase in Middle Wealden RF to 30%
The current RF estimate for this interval is 15.7%, which seems rather low and is in contrast to the Basal Wealden RF of 35%.
6) 313 MMBOE 3C upside in Middle and Basal Wealden
Given the scale of the upcoming drilling campaign there is a good chance that at least some of the current 3C resources (624 – 311 MMBOE) will be converted to 2C or better. The planned four vertical wells are located across the geographic extent of the Barryroe structure and are designed to test the full potential of the Basal Wealden.
https://www.investegate.co.uk/providence-res---pvr-/gnw/barryroe-oil-field-technical-update/20130405070026H0462/
Watch the APEC funds mysteriously pass all AML and DD checks in the next 24 hours.
I'm also holding both, ivans,....got more Funds invested, in PVR than LOGP (split between the two, about 67% PVR & 33% LOGP, approx Funds invested),.....hopefully, there is nothing holding Funds up now.
BW
i am in both and PVR and LOGP can rerate big time next week. hopefully LOGP will be 4p min and PVR will be 20p min.
lets see how tomorrow takes us
Would not be surprised, to see around s/p@7p level, on run up, to Barryroe drill spud.
BW
Well 4p plus is on its way once funding is sorted too, which I assume will be done next week.
Well tomorrow is going to be interesting
Mibo or Bimbo .... i take it you mean 3p .....
If funding now hits....what is a REALISTIC pre spud price on this?
The significance of today’s news should not go unnoticed, or shows the Irish government are fully behind O&G exploration, with the killing of the bill it really is game on.
Personally surprised to see we are still around 2p but this will correct, should certainly be much higher.
3p hopefully by 11am then intraday RNS regarding cash landing and then push 4p!
3p plus tmrw?
https://www.dccae.gov.ie/en-ie/natural-resources/topics/Oil-Gas-Exploration-Production/environment/statutory-consents/ministerial-decisions/application-by-exola-barryroe/Pages/Decision-on-application-for-site-survey-by-Exola-DAC-Barryroe.aspx
Permit issued. Took long enough ffs. Anyway, done now. Been a bit of a roller coaster.
Can you post the new link please ALGU - I can see they have changed the application page now so something is going on.