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Well that is what it said on the RNS. That and no more. And it ain't even been consummated yet.
What it actually says in the RNS is:
'the Company has granted SpotOn Energy a period of exclusivity until October 31, 2020 during which time SpotOn Energy will, working in collaboration with Providence, seek to agree an appraisal work programme for the Barryroe field and develop commercial terms with the aim of concluding a binding farm out agreement within that period.'
I therefore suggest respectfully, JH, that both you and PS are wrong on that point.
Sorry Longwait I was speaking to Pheobus, I think this a fantastic opportunity. I used to work with a Norwegian O&G service company called Aker Solutions who adopted this strategy in the 2014 -2015 oil downturn successfully. I wouldn’t be surprised if they were in the mix.
These services companies are coming under increasing pressure now to retain skilled staff and manage capacity. BR being one of the last remaining elephants to be developed provides full lifecycle development opportunity.
Early days but very encouraging!
I'm the one who should apologise, Delboi!
I should have checked with you first whom you were replying to.
I think the main thing is that they are Norwegian, not Chinese, but I suppose I had better be careful about what I say.
LW >>> "You think the proposed farm-out is nothing more than an appraisal programme for Barryroe?"
No, that would be pointless. But we know nothing about the appraisal program, let alone the development farmout. APEC's grand plan was for five appraisal wells and two sidetracks. Will SpotOn be so ambitious? Afaik, the survey permit on the two sites that PVR failed to survey last October will have expired by the time any agreement is reached. Linn has applied for two others, including the new eastern edge of Barryroe. How many appraisal wells do they plan to drill? It sounds like the previous two sites are out of favour. So will it be two wells, or just one? That's a lot of eggs in one basket. Even with the great potential of Barryroe it's possible to come up empty with just one or two wells. But there's a lot of hurdles to jump before we even get there, chief among them being whether yet another brassplate operation with no staff or assets can raise any money.