Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
She is still going straight for Waterford... let's see if we get a nice RNS.... for a change!
I do hope it was money in on Friday, RNS this morning. It has been a long long wait to get Barryroe developed, another day or two is not going to matter much either way. However, as speculated on this board many times before perhaps the lack of a survey consent was the real delay, now removed. You can string out a compliance check for quite some time if you are so minded before the bank may decide to reject the payment. Documents inexplicably missing, authorised people on holidays etc... I wish you all the best of luck today and in the coming week. We may be off to the races today, or scrambling around for "alternative funding" by the end of the month. Such is the way with a very high risk investment that is PVR. May the Tanned Gods be with us.
ps200306... that gave me a laugh... here's hoping that our nag does not collide anything in the English Channel or any other body of water for that matter! :)
Why Mamms, I do believe that it will be a balls! :) In any event, thank you very much Jean Clarke for your approval, she only got the final Ramboll report at some point after the 19th of July (as it's dated that date) so a one working day turn around is not a bad turn around at all.
Indeed, all 3 RNSs are consistent. For my sins I am quite familiar with compliance operations of international banks. Such things are to be expected from time to time, unfortunately for us shareholders it happened to precisely the wrong payment. As other posters have said, it could have been worse (i.e. no deal). I for one will rest much easier once the money is in PVR's account. This equity is a magnificent example of Murphy's Law, I do hope all parties will take "admin delays" into account when the real money needs to be paid later.
Yes, it is a rubbish report. I assume they mean Diablo and Avalon, but they should not be making such a howler, they are the "professionals" after all
As Mamms would say.... what a balls
That's my reading too Mamms.
Considering the little we know about APEC, one thing seems clear ... they love a good cliff hanger! It would be helpful if PVR clarified what "remittance advice" they recieved from HSBC... but anyway it is better than a big fat zero!!
Well it is a very important day today, good luck all. I suspect, given past performance, that we will need it
Ah Cagney, if only that was not true.
Bid is 11 cent.... ask is 19 cent!
@Cagney welcome to the world of a PVR shareholder! A few years ago they issued an RNS saying they had no clue why their share price was dropping like a stone. Perhaps they could issue one saying they have no clue why their share price is not rising / shooting up! I certainly don't get it
I bought a few thousand more right before this latest drop. Does not make any sense to me, you have a drilling programme in a few months, a nearby drill (Iolar) an active farmout process for Newgrange, a huge investment bank significantly increasing its stake (Goldman Sachs) , Pagent Holdings have also increased their shareholding and PVR has a few other projects ticking along nicely (Avalon, Dunquinn South). We had a hail mary two years ago (Druid and Drombeg) and the SP was higher than it is now!! We also are the owners of a fine cauldron of boiling water in Druid. I will hold until the scheduled Barryroe drilling programme is over before offloading any, unless of course we are in option territory then it is only sensible to take some money off the table. You never can quite call the bottom of the market but it is annoying when you just miss it. Good luck everyone may we finally meet Godot in 2019!
That's a nice position. Best of luck with it in the coming months!
Off the shelf survey... should speed things up. Interesting development.. How about Newgrange?
https://www.irishtimes.com/business/energy-and-resources/committee-fails-to-move-bill-banning-oil-and-gas-exploration-off-the-coast-1.3736114
Legislation to ban oil and gas exploration off the Republic’s coast stalled on Tuesday after an Oireachtas committee failed to vote in favour of moving it to the next stage.
The Committee on Communications, Climate Action and Environment was expected to back moving a Bill banning offshore exploration to the Oireachtas when it met on Tuesday. However, members split 50/50 on the proposal, meaning that the move failed and the committee will have to reconsider the issue in the new year.
Minister of State for Communications, Climate Action and the Environment Séan Canney and Senator Michael McDowell both tabled amendments opposing the Bill.
Mr Canney said the legislation clashed with the key aims of Government energy policy – sustainability, security of supply and affordability.
“The proposed ban on exploration would not reduce Ireland’s greenhouse gas emissions,” he said.
Mr McDowell described the legislation as “ill-conceived”, and said the Republic was likely to depend to some degree on fossil fuels for some time to come.
Solidarity-People Before Profit TD Bríd Smith proposed the Petroleum and Other Minerals Development (Amendment) (Climate Emergency Measures) Bill, 2018.
Various national and international bodies criticised the legislation during earlier committee debates.
Denis O’Sullivan, managing director of the State company Gas Networks Ireland, warned that if the Bill were passed Ireland would have to import 100 per cent of its gas supplies.
Mr O’Sullivan, whose company operates the country’s natural gas supply network, told the committee that the Corrib field off the Mayo coast supplied 50 per cent of the country’s needs, but that would be exhausted in 2025.
He warned that the Bill could “reduce our security of energy supply, and will not contribute in any meaningful way to emission reduction”.
nothing new on Barryroe, however re Porcupine Exploration Portfolio.. "Objective to drill ALL TARGETS within the next 3 years" (emphasis added). A very interesting few years awaits us.
..... production wells can be optimally located . The horizontal well needs a highly accurate prognosis to drill sideways through a thin reservoir and this drilling program will validate this. I expect a horizontal well to produce circa 6,000 bopd. In addition this will demonstrate the use of vacuumed tube technology for use in horizontal wells. This will be important for detailed planning for development. Pvr previously estimated that there would be circa 30 production wells and peek production would be at 100,000 bbls per day. So the production flow rates needed are approx 3000 bopd. What could prevent a Final Investment Decision. Since the oil reserves are independently certified the major issue is to decide what will be the development plan. This new drilling program provides the data to finalize the plan. With six wells drilled on the field to date I believe it’s highly unlikely there will be a major change in the field that would prevent development. However, if the deep Barry roe prospect proves commercial oil then there will need to be a full appraisal of the deep field which has already found oil but not appraised. I feel the risks of the field not being developed are very small, and hence why the value opportunity is now so exciting. The Chinese are spending $250 million so serious money being put on the table. Jimmy
Jimmy2308 Oct 2018
Barry roe news? Fernan Over LSE has asked me a few questions which I will try to answer. Firstly let’s put the barryroe field and it’s development into perspective. The field was discovered by ESSO early 1970 s and five wells were drilled which established the presence of the major faults, the oil water contacts and established a flow test. There were two major issues which prevented the field being developed. The oil was great quality but it had a high wax content. The wax would percipate out of the hot oil as it’s being produced up the drill pipe and restrict the oil flow. The oil sand reservoirs were very thin, circa 20feet. Which because of seismic multiples (a type of echo) the sand reservoir was below seismic resolution. To determine major field features the geophysicists would map the rock below to determine the location of major faults. The problem is that small faults which could not be identified can restrict oil flow from one part of the reservoir to another. These faults need to be identified in order to locate production wells. In my view this problem prevented a farm out for a very long time. The first major issue was resolved in 2012 when PVR used a technology called vacuume tube technology to bring waxy oil to the surface without waxing up the tubing. The second issue was to map the reservoirs directly so that small faults in the reservoir could be identified which would allow production wells to be placed to optimally drain the field. A uk company called seismic image processors used a special computer algorithm to remove the seismic multiple and the reservoirs could be mapped directly for the first time. Within three months of announcing this Pvr had agreed farm out terms with the Chinese. APEC will spend circa $250 million to drill three wells and two side tracks and one horizontal well. So what will this achieve. The new seismic is interpreted by taking the actual well data from six previous wells to fix the seismic features to actual well data, well ties. The new seismic needs to be correlated to actual well results and by having an additional six data points the seismic can be used with accuracy to predict the exact location of the reservoir , hence any minor faults and hence where to optimally place production wells. Two of the wells will be flow tested, but we do not know for how long. The longer the flow test the wider area around the well bore that is measured to determine the oil flow performance. This would include identification of small faults by analysis of oil flow rates and pressures and then cross checking the location of such faults to those identified on the new seismic. Thus validating the seismic interpretation. However, a long flow test may not be necessary if the new seismic highly accurately predicts the precise depth of the reservoir before each well is drilled. After the drilling program is completed there will be twelve drilled data points to calibrate the seismic so that .....