RE: Hilarious disconnect29 Dec 2017 13:28
MB, I hear you, but Total stumping up more cash is a big positive for me, plus possibly leverage on a BR deal. Good post from Jimmy on the other site.
"We know there are oil source rocks at dunnquinn north, but the top seal was breached.
We know there were traces of oil at drumbeg and no oil at Druid. Both Druid and Drumbeg were stratigraphic traps so it was really important that the top seal at Druid and drombeg work if there was to be a successful well. Hence why schlumberger were brought in to assess the risk and they got it wrong as we now know.
The area went through a basin inversion after the oil was generated so for any oil to stay in a reservoir it would greatly help if the prospect was a structural trap instead of a stratigraphic trap. Perhaps diablo ridge provides the structure, not sure about the reservoir as more information is needed.
In the short term the best value for providence is at Barryroe now that the new seismic can map the reservoir and this being validated by the current farm out negotiations. The last barryroe technical update stated that the next wells will be drilled 1.5km from last well and 200 feet up dip on the structure, these look to me like production well locations at the top of the structure. Indeed, PVr stated that the next wells will lead to a final development decision. So still incredible value here.
I cannot emphasize enough the importance of the new seismic processing techniques. What has not been realized by the markets is the implications of this technology elsewhere in the Celtic sea. Remember Hook Head,
J
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