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Seems spot on has stumped up the 200k after all which should give nice little shorterm bounce for shareholders tomorrow and god knows they deserve some possitive news for a change.
The picture is starting to become a bit clearer now, Alan has done a fantastic job engaging with these Norwegians, a really impressive team now forged. Hard not to feel excited about the next stages of this development. And with Spoton now invested in PVR you’d think the terms of any agreement will be mutually beneficial.
What's all this Norwegian bs? As far as In can tell all the directors live in a hick town i Scotland
JH “ SpotOn Energy is a Norwegian company, registered in the UK, which takes a progressive approach to cost effective offshore oil and gas field development, working with a consortium of world leading services providers to deliver development projects. The SpotOn Energy team has extensive experience designing and constructing semi-submersible drilling rigs for North Sea deployment and also in the design, development and asset integrity management of offshore facilities.”
Obviously, it would be interesting if part of the consortium was Statoil - Equinor as it is known now - but if DelBoi is correct SpotOn has a closer links to AkerBP which is a combination of Aker with 40%, BP with 30% and 30% traded on the stock market.
AkerBP has numerous wells in the North Sea but none of them is a "gusher". A deal with Barryroe would be well within their bailiwick.
Now that Providence has the money perhaps SpotOn will be more forthcoming with the names of the consortium and of course in that vein Aker with BP is a consortium.
Where’s the expression ‘a little cracker’ gone JH ?
You ran this down last week in terms of can’t even raise 200k but now it’s happened.
I think what 99% of people on here are missing is the relevance of this small beer money. It’s a mega move forward that hasn’t happened since they drilled 10z in 20?? So long ago I can’t remember. It’ll make people sit up.
All the useless lot have gone and anyone with a brain will realise that this is now real. I thought it would double the share price but I may be wrong. DelBoi mentioned something about companies in his bit about his talk with Spoton CEO. Bet that’s not far off the consortium.
8am tomorrow will be very interesting. This could be the game changer and I feel really sorry for the guys who sold a few minutes before the RNS. Why would anyone in the last week sell?? Incredible.
Interesting that Spot On now hold a part of the whole company rather than specifically Barryroe through Exola like APEC deal.
Well done Dell Boi 'This time next year, Rodders, we WILL be millionaires!'
The make up of the Spot on energy group will be the thing that drives this share forward. Some big name backers will convince people that Barryroe will be drilled.
SpotOn hold shares which can be sold at a moment's notice and they are really a gesture of good will with the injection of a sum of money going to the company as capital rather than a loan as the APEC money was.
Furthermore, as a "facilitator" SpotOn not own an equity share in EXOLA. The actual ownership of Barryroe oil and gas will be the consortium as they will obviously be putting up the money for the development and for that they will have an equity stake in Exola for that purpose.
That is what the deal, which is to be hammered out, is all about. SpotOn might act as facilities manager of the development of Barryroe but they will not be the final owners of a share.
Think of SpotOn as an Estate Agent employed to sell your house. They get a fee which is probably the shares as the indications are that the consortium put up the money for them to purchase them and, obviously, if the deal comes good the shares will be worth a lot of money.
They have now until the end of October, 5 months, to complete a deal and carry out the survey. If the survey is a success I can see a deal but I don't know how dependent on the survey the actual deal is.
For all our sakes, I hope the survey proves once and for all that Barryroe is not compartmentalised. That has always been the bugbear in the Barryroe saga.
Article from The Currency.
So, who are SpotOn? “SpotOn Energy is a vehicle. Part of their business model involves taking advantage of the Norwegian export credit facility which they can do as Norwegians. But they have got to have an overseas company which is buying Norwegian goods for export in order to avail of that facility. SpotOn is sort of a vehicle that has been set up to allow them to do that,” Linn says.
I ask Linn how close they are to being ready to go. “They’ve got most of it already in place actually. But what they will do now is customise it for Barryroe, they will bring in a consortium of service companies that they have worked with before and do work with now in many cases.”
“They will contract into this consortium so there will be a full contractual relationship. They will then work together with us to appraise and develop the Barryroe fields. Assuming that we get to final terms and come up with an agreement then fundamentally we will be doing a farm out of the Barryroe equity. SpotOn will farm in. It will be conventional in that respect. And SpotOn will eventually be – a large proportion – owned by the consortium.”
Manyana: "They have now until the end of October, 5 months, to complete a deal and carry out the survey. If the survey is a success I can see a deal but I don't know how dependent on the survey the actual deal is. For all our sakes, I hope the survey proves once and for all that Barryroe is not compartmentalised. "
You have your wires crossed. The survey is only a seabed survey. It reveals nothing at all about the subsurface. Only appraisal drilling can confirm reservoir continuity, and that's what they're planning. The SpotOn farmout isn't dependent on any survey.
Barryroe is compartmentalized. Full stop. Steve Boldy said this a couple of years ago. About 5 or 6 compartments in his estimation. And he knows this area well. This is not a problem provided that the compartments are a reasonable size and can be developed in phases. It was only the bull****ter O Reilly who put it about that it wasn't compartmentalized.
'SpotOn hold shares which can be sold at a moment's notice and they are really a gesture of good will...'
I disagree.
SpotOn has no intention of selling its stake.
My recollection is that the latest seismic data indicated no problem with compartmentalisation.
ps200306,
You are an *******.
PS200306,
If I said black you would say white. The previous set of asterisks was put there by lse but just take it from me a "nice" way of saying it is "you are brain dead". Learn to read before you comment.
Exola request for survey:
"? Provide information on seabed and sub seabed conditions to ensure the safe
emplacement and operation of a semi-submersible drilling rig at the well location; "
So get your facts - dumbo.
Nobody said they were actually going to drill during the survey. They want to see if it can be drilled subsequently and the drilling is to confirm if it is compartmentalised.
The shares SpotOn are just ordinary shares and rank pari passu with all the other shares. As such they can be sold in the market. I did not say SpotOn was going to sell them but if they pull out of the deal they can.
O'Reilly said and Boldy agreed that "The subsurface mapping and geological modeling results have confirmed that the Barryroe structure covers a very large area, and comprises four distinct hydrocarbon bearing reservoir zones." But that is not compartmentalisation.
Far be it from me to intervene in your long-running feud with ps, Manyana, but isn't there an asterisk missing from your last post?
No Longwait,
The first three letters relate to a donkey and the second part relates to a pit. I was using phonetics in the hope it would get through but even LSE did not like that. In normal terms it is called an "oronym".
How he thought they could even contemplate any drilling when the survey is scheduled to last three days beats me. Brains where my description of him applied.
I thought he said in the past he was not going to read my posts but he can't resist. That is the inconsistent this "please place description here" is.
Manyana, how about a bit more humility and a bit less frothing at the mouth when you're called out for talking through your back orifice? I said I would always intervene when you're talking misleading nonsense and this is such an occurrence.
Manyana, Friday 10am: "They have now until the end of October, 5 months, to complete a deal and carry out the survey. If the survey is a success I can see a deal but I don't know how dependent on the survey the actual deal is. For all our sakes, I hope the survey proves once and for all that Barryroe is not compartmentalised. "
Manyana, Friday 3pm: "Nobody said they were actually going to drill during the survey. They want to see if it can be drilled subsequently and the drilling is to confirm if it is compartmentalised."
Those two statements are mutually contradictory. If it is the DRILLING (and not the survey as you first suggested) which confirms if it is compartmentalised then clearly the SpotOn deal cannot be contingent on that, as PVR don't have anything like the money to do even appraisal drilling without a farminee.
You can back pedal all you want, but you stated: "If the survey is a success I can see a deal ". What sort of potential failure were you envisaging? Here's some light reading on seabed surveys for you: https://www.hartenergy.com/exclusives/back-basics-seabed-surveys-176850 . The survey is a routine part of preparation for drilling .
Twice as many sells over buys on Friday-sell on good news?
ps200306,
Found a few inconsistencies in your statements on this BB but I notice you are just as big an a'hole on the SOU board. Here are a few of your inconsistencies here.
Reason for survey according to Providence :-
"Provide information on seabed and sub seabed conditions to ensure the safe
emplacement and operation of a semi-submersible drilling rig at the well location; "
Your opinion:
"What is the point of another survey? Survey's are sonar scans of the seabed preparatory to drilling. They reveal nothing about the subsurface. The last survey was a complete waste of money."
How do you know? Crystal ball perhaps, probably the one between your legs.
So you know more than the oil/gas experts in Providence who have spent a combined more years than even your geriatric body can possibly hold. Brain addled, I am afraid.
Just one more inconsistencies for the moment.
You said "I said I would always intervene when you're talking misleading nonsense ." Memory loss, probably through Alzheimer's there I am afraid.
Quote;
"I've never filtered anyone for disagreeing with me ... " and "You're on my filter list as soon as I get round to it." and "From here on I'll neither address him directly nor respond to him."
You talk of "inconsistencies". Do you actually understand what the word means?
Plenty more from whence those "erudite" quotes came and I see you are just as obnoxious on the SOU board. Plenty of material there too.
Have a nice day.
Manyana: "So you know more than the oil/gas experts in Providence who have spent a combined more years than even your geriatric body can possibly hold. Brain addled, I am afraid."
Those same experts chose a different set of survey sites last time. As for the rest of your potty-mouthed diatribe, you're back on ignore until your next inanity that needs correction.
The "potty-mouthed diatribe" this morning consisted of a number of inconsistencies in your posts - a criticism you have made about others. Thanks to Notepad I have plenty more of your inconsistencies for when and if you raise your head above the parapet.
As for the previous survey, when did you get an evaluation of it to say it was "useless"? Where is the analysis of the result that obviously you claim to have but nobody else has seen? How do you know that it did not reveal information that pointed to a much better location for a well which is now the subject of another survey? Answer. You don't know but you have the audacity to think you do.
That is your problem You are a "hurler on the ditch" who thinks he knows more than the people at the coalface. Give me the miners every time. They are the ones doing the real work.
LOL. I'm quaking. You must be saving the best "inconsistencies" till last as your latest attempt was rather pathetic.
Anyway, I only respond to serious points. And to that end -- how do I know that the latest survey didn't point to a better location? Because imaging the seabed surface in one location doesn't point you to a better location that you haven't even looked at. That doesn't need complex analysis, just a bit of plain old common sense.
I posted a comment last night, but it has disappeared.